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Hines 'bullish' on Canada, raises new $2B development fund
Hines 'bullish' on Canada, raises new $2B development fund
Hines' Canadian real estate portfolio has "significantly" outperformed its holdings in other western markets, so the company has amassed an additional $2 billion in funds to deploy according to one of its top Canadian executives.
Feds look to offload office space faster
The federal government is committing $1.1 billion over the next 10 years to offload its office holdings more quickly, as part of a plan it hopes will spur housing conversions in Ottawa and beyond.
Luxury boutique hotel in Richmond on market for $98M
The Versante, a boutique hotel with 100 rooms near the Vancouver International Airport, is on the market, asking a hefty $98 million following a court-ordered sale process.
Live/Work concept II: The Vancouver experience
GUEST SUBMISSION: With new forms of work and creative housing designs, is there an opportunity to mix or combine them, be it within a unit, a building, a complex, or a district?
Kitchener approves three-tower mixed-use project
Kitchener City Council has greenlighted a three-tower mixed-use project at at 236 and 264 Victoria St. N. The 18-, 35- and 40-storey towers would include 1,076 residential units, and more than 11,840 square feet of commercial space.
Concord Adex proposes 36-, 46-storey mixed-use towers
Concord Adex has proposed 36- and 46-storey mixed-use towers at 1001 Sheppard Ave. E. in North York. The DIALOG-designed towers would include 860 condo units, 5,167 square feet of retail space and an elementary school in its base.
Claridge proposes 27-storey Ottawa residential tower
Ottawa-based Claridge Homes seeks to raze several buildings in favour of an Ottawa market condominium or rental tower of up to 27 storeys. The tower would include a mix of studio, one-, two- and three-bedroom units, a portion being affordable.
Second shareholder urges Parkland to consider sale
Another shareholder, New York-based hedge fund Engine Capital LP, is urging Calgary-based fuel retailer Parkland Corp. (PKI-T) to put itself up for sale. Parkland rejected largest shareholder Simpson Oil’s call for a potential sale in a statement earlier this week.
Institutional investor demand for data centres rising
The data centre asset class was valued at an estimated US$301.8 billion as of 2023, says P&S Intelligence, which also noted the value is expected to increase to US$622.4 billion by the end of 2030.
Launch Coworking preps largest Winnipeg location
Mark Hrabchak's Seira Software startup is anxiously awaiting Launch Coworking's newest Winnipeg addition — its biggest co-working space yet, opening at 200-185 Carlton St. near True North Square in the coming months. The new space comprises 14,600 square feet.
Red Lobster considers bankruptcy
Seafood restaurant chain Red Lobster is mulling a Chapter 11 bankruptcy filing as it looks to restructure its debt, according to sources. The dining chain is considering filing to shed some long-term contracts and renegotiate a swath of leases.
A look at Peter Mammas, Foodtastic president and CEO
Today, Peter Mammas runs a food empire that includes 23 brands with over 1,100 restaurants and $1.1 billion in sales. However, the president and CEO of Foodtastic since 2016 initially wanted to be a pilot when he grew up.
Aecon, Concordia partner to decarbonize concrete
Aecon Group Inc. (ARE-T) is partnering with Concordia University as part of a dedicated effort to decarbonize the construction process through the research and development of low-carbon concrete. The partnership will comprise of two separate pilot projects.
Alberta's proposed legislation could stifle building
Public sector facilities managers in Alberta could be forced to snub available funds for building and infrastructure improvements under proposed legislation that will constrain agreements between provincially controlled entities and the federal government.
B.C. construction sector seeks government support
British Columbia's construction industry says its workforce numbers have improved, but persistent labour shortages are putting "extreme pressures" on employers. The B.C. Construction Association says the average wage in the sector is just short of $75,000.
Ontario regulator freezes assets of unlicensed builder
The Home Construction Regulatory Authority has frozen Albion Building Consultant's assets. Court documents said an investigation found evidence the company took money for as many as 53 Toronto homes it did not have the proper licences to build or sell.
Alterra raises nearly $1B for industrial acquisitions
Philadelphia-based Alterra Property Group has raised nearly $1 billion for industrial outdoor storage acquisitions as the firm continues to snap up the hard-to-source properties to add to its growing portfolio.
Global Net Lease disposing of $462M in assets
Global Net Lease, Inc. (GNL-N) today announced its strategic disposition efforts have resulted in over $462 million of transactions that are either closed or under agreement and expected to close by the end of Q3 2024.
Big banks skirt CRE calamity for now
The anticipated impact of commercial property loans on the books of American banks has been the cause of much hand-wringing. But the first of the largest banks to report their first-quarter earnings have taken a smaller-than-expected hit. So far, anyway.
VINCI to acquire majority share in Edinburgh Airport
VINCI Airports, a VINCI Concessions subsidiary, signed an agreement to acquire an effective 50.01% stake in Edinburgh Airport Limited – the company that owns Edinburgh Airport – for $2.18 billion Cdn.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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