Montreal developer RoseFellow and its financial partners will invest about $160 million to acquire and develop three industrial sites in Pointe-Claire in Montreal’s West Island, Montréal-Est in the city’s east end and Casselman, Ont., near Ottawa.
Brookfield Asset Management (BAM-A-T) has renegotiated a $6.4 billion credit facility for retail-heavy Brookfield Property REIT. The deal imposes restrictions on dividends and requires other Brookfield Asset Management-owned entities to lend at least $250 million to the REIT, the Financial Times reported.
Juniper Square, provider of the market-leading investment management software for commercial real estate, announced it has surpassed $1 trillion in managed assets spanning more than 21,000 investments and 800 General Partner (GP) clients, and appointed three new executive leaders to support its growth.
Calgary’s ongoing economic challenges haven’t deterred plans for the $2.5B Alpine Park development by Dream Unlimited. “We started assembling this development in 1997 and today, 23 years later, we are proud to commence development of this exceptional project,” said Dream’s Michael Cooper.
TO OUR READERS: The staff at RENX is taking a one-week holiday from August 3 to 7 so we can have a well-deserved break and recharge our batteries for what promises to be a busy, and interesting conclusion to 2020.
VIDEO: Allied Properties REIT (AP-UN-T) CEO Michael Emory said “Every data point we’ve seen suggests the work from home theme is overblown” in a wide-reaching interview with BNN Bloomberg. Emory specifically referenced Ottawa-based Shopify Inc.
AACI, FRICS | Vice President, The Regional Group of Companies Inc.
The federal government will extend the Canadian Emergency Commercial Rent Assistance program through August. Under CECRA, small businesses that have lost 70 per cent or more of their revenue due to COVID-19 only have to pay 25 per cent of their rent.
BSR REIT (HOM-U-T) announced it has acquired Broadstone Park West, a 370-suite, garden-style residential community in Houston for US$51 million from Starlight Investments. The property includes a clubhouse, fitness centre, resort-style swimming pool garages and a dog park.
Developer Quartier One West is going to court to render inoperative the bylaw on the royalty of the Réseau express métropolitain (REM) against the land it owns in Pointe-Claire and on which it plans to erect townhouses.
Vernon Reservoir Developments is suing the City of Vernon over what it claims are multiple agreement breaches that caused the 20-acre, 173-unit Highlands of East Hill development to fail. The company said in 2019 it already had 46 pre-sale deals worth $24 million.
REIT second-quarter financial results
Reitmans Canada Ltd. says its future remains uncertain as the insolvent women’s apparel retailer negotiates for interim financing. The Montreal-based company had $206.6 million in liabilities and $42.7 million of assets as of May 2, the end of its first quarter.
Instacart, the North American leader in online grocery, and Costco (COST-Q) announced the companies have partnered to launch same-day delivery from 76 Costco warehouses across Canada. The launch follows a successful two-month pilot in select Ontario warehouses.
Amazon.com Inc. (AMZN-Q) posted the largest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the pandemic. Shares of Amazon, the world’s largest online retailer, rose five per cent in after-hours trade.
Dunkin’ Brands Group Inc. (DNKN-Q) said it expects to close about 800 stores in the U.S. permanently this year, as well as about 350 internationally. The closures are part of a “real estate portfolio rationalization,” and will mostly involve low-volume sales locations.
Toronto Regional Real Estate Board president Lisa Patel announced Greater Toronto Area realtors reported 7,320 condominium apartment rentals through TRREB’s MLS System in the second quarter of 2020. This result was down by 24.8 per cent compared to the second quarter of 2019.
The Ontario government recently chose to leave the way municipalities fund new parks essentially unchanged. Yet the Building Industry and Land Development Association will continue to advocate at the municipal level for caps on parkland fees.
The City of Sarnia is starting a deep-dive look at future urban growth. That investigation includes updating the official plan, making its zoning bylaw more focused and user-friendly, and looking at potentially expanding urban boundaries to allow more residential development.