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Allied Properties' debt downgraded to 'junk' by Moody's
Allied Properties' debt downgraded to 'junk' by Moody's
Moody's Ratings downgraded office owner and operator Allied Properties REIT’s (AP-UN-T) senior unsecured debt rating to junk status Tuesday, dropping it one level to Ba1 with a negative outlook due to what the agency considers ongoing high debt levels.
An opportunity 'you simply must grab': New Savills president
When Ruth Fischer recently announced her new job on social media, she called the move “bittersweet.” While she’s thrilled to be the new president of Savills Canada, it meant leaving CBRE after a 14-year run.
Investing in Edmonton industrial real estate 101
GUEST SUBMISSION: Edmonton is seen as many things: a land of roughnecks and public servants, tradies and tech geeks. It is also a region of opportunity and in this article we'll address Edmonton's industrial landscape, major industries and expected returns.
TD’s role probed in collapse of developer Stateview
As Ontario courts continue to sift through the wreckage of insolvent developer Stateview Homes some lawsuits have honed in on the question of how a $37-million cheque kiting scheme was allowed to run for more than a year.
National Bank to buy Canadian Western Bank for $5B
National Bank of Canada (NA-T) is buying Canadian Western Bank (CWB-T) in a pending deal that extends the reach of the country’s sixth-largest lender into Alberta and B.C. The stock-swap deal values Canadian Western Bank at $5 billion.
Chow meeting bank CEOs about increasing office days
Since the fall, Mayor Olivia Chow has been meeting with the CEOs of some of Canada’s largest banks to discuss, among other issues, how to get Torontonians back in the office at least four days a week, if not five.
$100,000 per home needed to fund infrastructure: Report
As Canada aims to build homes faster, both the public and private sectors will need to boost spending on municipal infrastructure by $100,000 for each newly built home, according to a new report by the Canadian Urban Institute.
Caisse proposes $15.5B plan for transportation
After consulting thousands of pages of studies and meeting dozens of stakeholders, the Caisse de dépôt et placement du Québec has proposed a $15.5-billion transportation plan in the capital, including a tram line from Québec City to Levis.
Colliers sustainability report shows green strategy progress
Colliers is making progress in its commitment to building a more sustainable future, according to its 2023 Global Sustainability Report which identifies several key areas of improvement across the ESG spectrum.
Saanich approves 24-storey mixed-use tower
Saanich council has cleared the path for what will be the district’s tallest building, a 24-storey mixed-use tower at Uptown. The project, planned for the last vacant lot at Uptown, will include 318 rental-housing units and six commercial spaces.
Some businesses remain open during a building renovation
The decision to keep a business running rather than closing down while a building undergoes a major capital improvement is a strategic choice. Sometimes a retrofit is so invasive it’s more efficient and cost-effective to work in an unoccupied building.
Ottawa property owners unhappy with Rideau Street plans
Heritage officials have given notice the City of Ottawa wants to preserve the “historic main street feel” of part of Rideau Street by designating some buildings as heritage. Building owner Schuyleur Seccaspina says the city has much more significant issues.
Former Ottawa bookstore to be Live Nation music venue
Live Nation Canada has reached a deal with the National Capital Commission to develop a 65,000-square-foot live-music venue in the heart of downtown Ottawa. The new venue will occupy the commercial space that formerly housed a major Chapters bookstore.
Nike flagship to open at CF Toronto Eaton Centre
Cadillac Fairview has fully leased the former Nordstrom space at CF Toronto Eaton Centre. Nike will open a flagship in part of the former Nordstrom space, joining La Maison Simons and Eataly.
Brookfield sells Seoul hotel for $571M
Brookfield Asset Management has agreed to sell the Conrad hotel in Seoul to ARA Korea REF, a real estate fund, for $571 million Cdn. Brookfield acquired the five-star hotel in 2016 for $413 million.
WeWork emerges from Chapter 11; names new CEO
Global flexible space provider WeWork announced it has emerged from Chapter 11 and completed its global operational and financial restructuring. It also announced its new board and the appointment of John Santora as CEO.
Dollarama boosts stake in Latin America’s Dollarcity
Dollarama Inc.’s (DOL-T) profits jumped by 20 per cent in its first quarter. The company is also seeing demand for discount stores in other markets, announcing on Wednesday that it has increased its stake in Latin American retailer Dollarcity.
Whitestone REIT rejects $700M acquisition bid from MCB
A week after Whitestone REIT was offered a $700M buyout, the Houston-based shopping center owner has politely declined. Baltimore-based MCB Real Estate put an all-cash acquisition offer on the table, but Whitestone said it has a strategy to generate more value than what MCB offered.
CRE pain still confined to office: Bank executives
Commercial real estate risks remain manageable across most sectors, though office buildings will continue to plague lenders, according to executives at Wells Fargo & Co. and PNC Financial Services Group Inc.
Vornado Lands $400M Refi for Manhattan Mixed-Use Tower
Vornado Realty Trust has secured a $400 million refinancing for 640 Fifth Ave., a mixed-use Manhattan office and retail property spanning 315,000 square feet. The interest-only, non-recourse note has a rate of 7.47 per cent, and matures in 2029.
Industry Events
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RealREIT
Sep 10 2024
Toronto
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Canadian Apartment Investment Conference
Sep 11 2024
Toronto
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BOMEX - BOMA Canada's National Building Summit
Sep 23 2024
to Sep 25 2024
Vancouver, B.C.
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Winnipeg Real Estate Forum
Sep 24 2024
Winnipeg
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2024 CREW Network Convention
Sep 25 2024
to Sep 27 2024
Vancouver Convention Centre
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Ottawa Real Estate Forum
Oct 02 2024
Ottawa Conference & Event Centre
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Quebec City Real Estate Forum
Oct 16 2024
Quebec City Convention Centre
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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