Bell to sell 13 data centre sites to Equinix for $1B

RENX  Commercial  •  Industrial, Technology  •  National, International

Global centre owner/operator Equinix Inc. (EQIX-Q) has an agreement to spend $1.04 billion (all figures Cdn) to acquire a portfolio of 13 data centres across Canada from BCE Inc. (BCE-T). The all-cash transaction remains subject to regulatory and other approvals.

Toronto’s underground city faces bleak future

Residential, Commercial  •  Toronto Star

The food court under the Brookfield Place complex is a ghost town. Single chairs sit at empty tables, passenger-less escalators climb upward and the click of a woman’s heels is all that is heard in what is normally a cacophony.

Developers vow to keep building skyscrapers

Commercial  •  Globe and Mail (Sub. required)

Canada’s biggest office tower developers are pressing ahead with their multibillion-dollar skyscrapers even as a growing number of tech companies are pulling back and putting their office space on the market.

The People Space › Dream Equity names execs; moves at BTB, Tricon, MCAN …

Don Wilcox: Managing Editor

Fourth tower proposed for Mississauga’s M City

Residential  •  Urban Toronto  •  RENX

M City’s 60-storey M1 and M2 towers and the 77-storey M3 are all set to overtake Mississauga’s current tallest building and a new planning submission from Rogers Real Estate Development and Urban Capital Property Group is proposing a fourth tower.

The Saskatchewan Edge › Estoppels are critical in a CRE investment purchase

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Quebec open to downtown Montreal funding

Commercial  •  Montreal Gazette

Quebec will study any funding request aimed at revitalizing downtown Montreal following two months of COVID-19-induced lockdown, Finance Minister Éric Girard said. Mayor Valérie Plante last week set up an advisory committee designed “to reflect on the revival of Montreal.”

Webinar: COVID-19’s effects on Alberta CRE market

Residential, Commercial  •  Lexology

COVID-19 has and will continue to affect all aspects and sectors of the Canadian commercial real estate industry. Michael Witt and Robert Homersham, real estate lawyers from Stikeman Elliott’s Calgary office, recently sat down to discuss the market impacts.

Party City seeks to cut debt with bond deal

Residential  •  Toronto Star

Party City Holdco Inc. (PRTY-N), a retailer that has been working to cut its approximately $2 billion debt load, is seeking approvals from creditors on a proposed deal that would trim its borrowings and inject fresh cash into the company.

Reitmans closing Addition Elle, Thyme Maternity stores

Commercial  •  CTV  •  Canada Newswire

Reitmans (Canada) Limited will be laying off 1,400 employees – 300 of whom work in Montreal – as the brand repositions itself “for long-term success” by closing its Addition Elle and Thyme Maternity stores, it was announced on Monday.

Plaza CEO acquires units worth over $232,000

Commercial  •  Globe and Mail (Sub. required)

From May 20-29, Plaza Retail REIT (PLZ-UN-T) CEO Michael Zakuta acquired a total of 80,000 units for an account in which he has indirect ownership (Plaza Z-Corp Properties Inc.). The cost of these purchases totaled over $232,000, increasing this account’s holdings to 8,374,349 units.

REIT first-quarter financial results

Commercial  • 

Lanesborough REIT, (LRT-UN-X), Canada Newswire

Slate Retail closes on 7 U.S. properties

Commercial  •  Business Wire  •  RENX

Slate Retail REIT (SRT-U-T) announced today the completion of the acquisition of seven grocery-anchored assets for US$90 million (US$144 per square foot). This transaction was initially announced on March 10, 2020 for a purchase price of US$106.5 million.

Triple-5’s Mall Of America reopens amid challenges

Commercial  •  Forbes

As Edmonton-headquartered Triple Five’s 5.6-million-square-foot Mall of America prepares to reopen, it is contending with challenges that correspond to its vast scale. “It’s not like we can just flip the switch and the doors open . . .,” said executive vice-president Jill Renslow.

Cineplex takeover by Cineworld review extended

Commercial  •  Globe and Mail

Cineplex Inc. (CGX-T) says the Investment Canada Act review of its deal to be acquired by Cineworld Group has been extended to June 15. The deadline to complete the $2.8-billion sale of the company to Cineworld is June 30.

Starwood to invest up to $325M in TPG RE Finance Trust

Commercial  •  IPE Real Assets

Starwood Capital Group is investing up to $325 million in a U.S. property finance company owned by TPG Real Estate. TPG RE Finance Trust (TRTX-N) said it will provide “additional liquidity and flexibility to navigate the current economic environment.”

Big Six banks offered $180B in mortgage deferrals

Residential  •  Financial Post

Canada’s biggest banks have authorized customers to put off payments on $180 billion-plus in mortgages and home equity lines of credit because of COVID-19, suggesting a large chunk of household debt is hanging in the balance of an economic recovery.

Calgary resale housing sales down 41.3% Y-O-Y

Residential  •  Calgary’s Business

According to the Calgary Real Estate Board, sales as of Sunday for the month were 1,063 which have dropped by 41.3 per cent year-over-year. Pending sales are also down 22.86 per cent year-over-year to 81.

Price of real estate may depend on the sellers

Residential  •  Financial Post  •  Canada Newswire

The economic uncertainty surrounding COVID-19 has contributed to contradictory estimates of future housing prices and sales. Leading the bears is the Canada Mortgage Housing Corporation (CMHC), projecting average housing prices to fall by nine to 18 per cent.

Pending U.S. home sales plunged 21.8% in April

Residential  •  Winnipeg Free Press

The National Association of Realtors said Thursday that its pending home sales index plunged 21.8% from the prior month to a level of 69, the largest decline registered in data going back to 2001.