Sutter Hill Developments’ recent 50 per cent acquisition of a downtown Toronto office building is the latest in the $1.2 billion of transactions it has very quietly completed since 1992.
Demand for better utilization of public land is growing, and representatives from four bodies responsible for such portfolios talked about their strategies during a recent webinar presented by the Urban Land Institute’s Toronto chapter.
Class-action lawsuits have been launched against insurers in Canada and abroad, mainly to seek business interruption payouts. Those factors, more than COVID-19, are likely to affect insurance products and pricing available to commercial real estate companies, industry stakeholders say.
Adding more rental properties has become a popular mantra for some developers. The latest is Bosa Properties CEO Colin Bosa, who is looking to create hundreds of new rental units across various sites in Vancouver, Burnaby, Squamish and Surrey.
Timbertrin, a partnership between Trinity Development Group Inc. and Timbercreek, has proposed rental buildings of 10, 12, 25, and 35 storeys at 4121 Kingston Rd., at the entrance to Guildwood GO/VIA rail station. The IBI Group-designed development would include 996 rental units including 107 three-bedrooms.
First National is differentiated as a commercial property mortgage lender not just because of its size – with over $35 billion under management – but because of its ability to provide both insured and conventional financings . . .
In order to build its presence in Toronto and increase its pan-Canadian development in temperature-controlled food storage and distribution, Congebec Inc. is expanding its Mississauga facility from 170,000 to 232,600 square feet increasing its storage capacity by 12,000 pallets.
Lessons learned from COVID-19 will be imprinted onto Ottawa’s newest hospital, with infection control and flexibility for the next pandemic built into the design of the new Civic campus when the long-awaited $2.8-billion development opens near Dow’s Lake in 2028.
Results from CMLS Institutional Services’ annual commercial real estate lender survey indicate the Canadian CRE term debt market continued its upward trend in 2020. Total outstanding debt ended the year north of $349 billion, a seven per cent increase year-over-year.
Fronsac REIT’s (FRO-UN-X) market cap is only about three per cent of H&R REIT’s. Because of Fronsac’s small size, it’s in the sweet spot to make acquisitions not large enough for bigger firms but too big for individual investors.
REIT first-quarter financial results
Cadillac Fairview, the real estate investment arm of the Ontario Teachers’ Pension Plan, is backing Hines with $400 million in search of Asia-Pacific region deals. The fund, Hines Asia Property Partners, will have an initial investment capacity of roughly $900 million.
CPP Investments, through its Real Assets Credit (RAC) investment group, and Acofi Gestion have confirmed a business partnership to invest in middle-market real estate credit opportunities across France. CPP Investments has committed $274 million Cdn to the strategy.
Leasing of commercial office space in New York City’s Manhattan borough dropped 46.4 per cent in April month-over-month, as some businesses folded due to the coronavirus pandemic while other companies went to long-term remote work, Colliers data showed Monday.
CI Financial’s Congress Wealth Management has acquired Pinnacle Advisory Group. The acquisition brings $2.4 billion in assets under management to Boston-based Congress, raising its AUM by 70 per cent to $5.8 billion. Toronto-headquartered parent company CI Financial (CIX-T) has $58 billion in AUM.
Will the flight from cities, and the corresponding real estate boom in newly favoured precincts, last? As vaccination brings Canada closer to the end of the pandemic, despite a crushing third wave, some economists and urbanists are skeptical.
The 5,593 new condominiums sold in the Toronto area in the first quarter put sales only four per cent below pre-pandemic levels and surpassed the 10-year average, a sign the market has shaken off last spring’s malaise, according to Urbanation.
The Calgary Real Estate Board said 3,209 homes were sold in April, up 462 per cent over April 2020, when economic shutdowns led to a massive sales decline. CREB’s latest figures show new listings soared 227 per cent year-over-year to reach 4,670 in April.
The average national price stands at $716,828, according to the Canadian Real Estate Association‘s MLS system. So what do you get for nearly three-quarters of a million dollars in Canada?