Montreal’s MTRPL to redevelop 1620 NDO office, retail site

RENX  Commercial  •  Office, Apartments, Retail  •  Greater Montreal

Montreal boutique developer MTRPL’s most expensive acquisition will lead to redevelopment of a century-old site 1620 Notre Dame Ouest. The brick structure was built by Northern Electric in 1915, sold to The Salvation Army, then acquired in March for $15M by MTRPL.

Couche-Tard makes $7.7B bid for Australia’s Caltex

Commercial  •  Globe and Mail  •  Financial Post  •  Canada Newswire

Canadian convenience store giant Alimentation Couche-Tard (ATD-A-T) is trying to take its biggest bite yet, making a $7.7-billion Cdn play for Caltex Australia as it pursues its global expansion. Laval, Que.-based Couche-Tard offered to pay $31.10 in cash per share.

Ivanhoe’s Metrotown mall redevelopment unveiled

Residential, Commercial  •  Vancouver Province  •  RENX

A vision of a new Metropolis at Metrotown was unveiled Monday, showcasing Ivanhoe Cambridge‘s ambitious plan to transform the sprawling single-purpose retail facility in to an urban, mixed-use community with retail and office spaces, residential units and green spaces.

Denciti sells out first phase of Kelowna industrial park

RENX  Commercial  •  Industrial  •  British Columbia

Phase 1 of the West Kelowna Industrial Park, which will soon be built in the British Columbia city, has sold out before construction begins on the building. Denciti Development Corp. is building its first project on 10 acres at 2648 Kyle Rd.

Ottawa spent $63M to acquire property for Stage 1 LRT

Residential, Commercial  •  Ottawa Citizen  •  CBC

The City of Ottawa spent more than $63 million to acquire 62 properties needed for Stage 1 of the city’s light rail transit system. The findings are listed in a report prepared for the Finance and Economic Development Committee.

P3s boast ‘mixed record,’ expert warns

Residential, Commercial  •  CBC  •  Daily Commercial News  •  Daily Commercial News

As the aftermath of Ottawa’s light rail launch plays out, some are wondering if public-private partnerships are the answer. “There’s been a really mixed record with (P3s) in Canada, and globally,” said Matti Siemiatycki, of the University of Toronto.

Sponsored by Yardi Renters expect tech: Can you deliver?

Today’s renters want modern conveniences that go beyond updated appliances and new carpeting. Increasingly, renters expect property management companies to use technology that adds convenience and speeds up communication.

In Winnipeg, Wall Street’s stock is rising

Commercial  •  Winnipeg Free Press

When Joanne Toupin and Beau Burton opened up Sleepy Owl Bread, the block of Wall Street was mostly industrial, with most of the spaces in the bakery’s building serving as storefronts and offices for a motley crew of tradespeople.

Retirement home/complex proposed for Ottawa

Residential  •  Ottawa Business Journal

Huntington Properties is proposing to build a six-storey retirement home and seniors’ apartment complex on an East Ottawa site currently occupied by industrial buildings. The buildings will be connected by a two-storey podium.

Richmond private school proposal on ALR rebuffed

Commercial  •  Business In Vancouver

Construction of a private school on 10 acres in the Agricultural Land Reserve (ALR) was rejected by Richmond council’s planning committee but will still be debated at council. The proposal would revert part of the property back to farming.

HBC shares fall to lowest point in five months

Commercial  •  Globe and Mail (Sub. required)

Hudson’s Bay Co. (HBC-T) shares fell Monday to their lowest in more than five months, a sign some investors are betting a $1.1-billion bid by the executive chairman to take the retailer private could fail to win over minority shareholders.

Lowe’s store closures becoming an annual tradition

Commercial  •  Toronto Star

OPINION: Closing stores and laying off employees has traditionally been a last-resort measure, but on the same day Lowe’s (LOW-N) announced it was shutting down 34 Canadian stores, it also reported $1 billion US in profits.

Main IKEA owner’s full-year operating profit falls 10%

Commercial  •  Reuters

Full-year operating profit at Ingka Group, which owns most IKEA stores, fell 10 per cent as savings and increased sales failed to make up for higher purchasing costs and large investments as it adapts to digitalization and fast-changing shopper habits.

OMERS JVs on $1.46B fibre infrastructure platform

Commercial  •  IPE Real Assets  •  IPE Real Assets

SFR FttH, a newly formed venture owned by Altice Europe, OMERS Infrastructure, Allianz Capital Partners and AXA Investment Managers – Real Assets, is buying a fibre infrastructure platform in France for $1.46 billion Cdn.

Norges Bank, Prologis JV on $2B portfolio

Commercial  •  Reuters  •  IPE Real Assets

Norway’s sovereign wealth fund and property investment group Prologis Inc. (PLD-N) have agreed to jointly buy a $1.99-billion logistics real estate portfolio consisting of 127 properties across multiple U.S. markets, Norges Bank Investment Management (NBIM) said in a statement.

CRE execs report solid Q4 fundamentals

Commercial  •  PR Newswire

Commercial real estate executives report solid fundamentals are countering concerns about economic uncertainty and geopolitics, maintaining an optimistic outlook for market conditions in 2020, according to The Real Estate Roundtable’s 2019 Q4 Economic Sentiment Index.

Montreal tenants could be hardest hit by tax increases

Residential  •  Montreal Gazette  •  CBC  •  Montreal Gazette

Montreal property owners will see taxes rise by an average of 2.1 per cent in 2020 while CRE taxes will go up by 1.5%. However, those hardest hit could be tenants, with taxes on six-unit-or-more apartment buildings increasing by an average of 4.5%.

Van. considering biggest tax increase in over a decade

Residential  •  CBC  •  Vancouver Sun

The City of Vancouver released its draft budget on Monday with a proposed 8.2 per cent property tax increase for 2020, by far the largest increase in more than a decade.

190 Fort Mac wildfire insurance claims unresolved

Residential  •  CBC

More than three years after a wildfire tore through Fort McMurray, hundreds of people whose homes were reduced to ashes or damaged beyond repair are still waiting on insurance settlements.

Halifax’s vacancy rate makes it harder to find affordable housing

Residential  •  CBC

For those renting in Halifax, an affordable place to live is increasingly hard to find. With the city’s vacancy rate having dropped to 1.6 per cent, many renters are feeling the squeeze.