Capital Developments heavily invested in GTA mixed-use

RENX  Residential, Commercial  •  Condominiums, Apartments, Retail  •  Greater Montreal, Toronto / GTA

Capital Developments co-founders Todd Cowan and Jordan Dermer’s experience in Canada and Europe has served them well. They set out to create a leading development company, and today Capital is involved in building a half-dozen of Toronto’s largest projects.

Bentall Kennedy nears Montreal tower deal: Source

Commercial  •  Bloomberg

Bentall Kennedy LP, the real estate unit of Canadian insurer Sun Life Financial Inc. (SLF-T), is close to a deal to buy 1000 De La Gauchetière – the tallest office tower in Montreal – from Ivanhoe Cambridge Inc., according to a source.

Toronto’s office vacancy rate hits new low

Commercial  •  Globe and Mail (Subscription required)  •  Winnipeg Free Press

Toronto’s office vacancy rate fell to a new low, as businesses relocated to the downtown core and tech companies sought space in the city. The office vacancy rate hit 2.7 per cent in Q4 2018, according to data from CBRE.

Mission Group to build eighth UBCO housing project

RENX  Residential  •  Condominiums  •  British Columbia

Fourteen years ago, the University of British Columbia Okanagan had 3,000 students and a dozen buildings. Now, it has 9,000 students and 35 buildings. Developer Mission Group  has grown alongside, gaining recent approval for its eighth nearby housing project, U-Eight condos.

Kanata, downtown Ottawa office availability tightens

Commercial  •  Ottawa Business Journal

Companies continue to struggle finding class-A space in the capital as availability rates fell in Ottawa’s largest office markets in the final quarter of 2018, according to real estate services firm Colliers.

Slate Office sells GTA property for $27.3M

Commercial  •  Business Wire  •  RENX

Slate Office REIT (SOT.UN-T) announced today it has entered into an agreement to sell 225 Duncan Mill Road in the GTA for a sale price of $27.3 million. The REIT expects to use the net proceeds to reduce outstanding debt.

Plans unveiled for Winnipeg apartment complex

Residential  •  CBC

The University of Winnipeg is expanding its housing footprint downtown with a new 119-suite apartment complex to be built next door to the Winnipeg Art Gallery and forthcoming Inuit Art Centre.

Vancouver multi-family market booms

Residential  •  Business In Vancouver  •  Vancouver Sun

Close to $3 billion worth of purpose-built rental properties changed hands in Greater Vancouver last year, according to the numbers crunched by the Goodman team at HQ Commercial. The sum represents a 37 per cent increase from last year.

SmartCentres closes $230M bought deal offering

Commercial  •  Globe Newswire  •  RENX

SmartCentres REIT (SRU-UN-T) announced it has closed its previously announced equity offering of 7,360,000 variable voting units at a price of $31.25 per trust unit for gross proceeds of $230 million.

Morguard announces $225M offering of debentures

Commercial  •  Canada Newswire

Morguard Corporation (MRC-T) announced today  it has agreed to issue $225 million aggregate principal amount of series E senior unsecured debentures. These debentures will bear interest at a rate of 4.715% per annum and will mature on Jan. 25, 2024.

CPPIB raises red flag over private asset boom

Commercial  •  Bloomberg

Hydro One to pay $103M US after failed merger plan

Commercial  •  CBC  •  Canada Newswire  •  Globe and Mail (Subscription required)

Hydro One and Avista Corp. say they have agreed to cancel their merger after regulators in Washington state and Idaho shot down the deal. Hydro One must now pay Avista US $103 million in termination fees.

Brookfield Properties No. 3 Manhattan office owner

Commercial  •  CP Executive

Manhattan’s largest office landlords continue to control a large part of the market and ink the largest deals. Their portfolio comprises trophy assets largely concentrated in high-profile areas with matching prices. No. 3 on the list is Brookfield Properties (BPY-UN-T).

AY expands presence in North Florida

Commercial  •  PR Newswire

Avison Young, the world’s fastest-growing commercial real estate services firm, announced today it has acquired Gainesville, Fla.-based Front Street Commercial Real Estate Group, a full-service commercial real estate brokerage and property management company with operations throughout North Florida.

U.K. REITs to merge to create $4B healthcare business

Commercial  •  IPE Real Assets

British-based Primary Healthcare Properties (PHP) is merging with MedicX Fund to create a $4-billion Cdn healthcare infrastructure business. PHP said it is acquiring all shares of the smaller REIT. PHP currently holds $2.4 billion worth of investments.

Aussie CRE sales set Q4 record

Commercial  •  The Urban Developer

Australia’s weakening residential market continues to make the commercial sector an attractive alternative with a record total of $16.6 billion invested in commercial real estate in 2018’s fourth quarter alone, according to the latest Cushman and Wakefield report.

A Montreal condo for $15 million

Residential  •  Montreal Gazette

The most expensive condos for sale in Montreal do not appear in a Centris search. There is a showroom downtown, but it is tucked away behind a nondescript cedar hedge screening it from Crescent St. barflies and passersby.

U.S. multi-family sector remains on the upswing: Yardi

Residential  •  PR Newswire  •  Globe Newswire

The U.S. multi-family cycle hasn’t run out of steam despite signs of a slowdown in the economy, according to a market analysis by Yardi Matrix that projects “cracks in the economic armor will likely begin to show” this year.

U.S. home sales plummeted 6.4 per cent in December

Residential  •  Ottawa Citizen  •  Bloomberg

U.S. home sales cratered in December, causing price growth to slip to the lowest level in more than six years as the housing sector ended 2018 on a decidedly weak note.

Billionaire closes on record U.S. home sale: $238M

Residential  •  Forbes  •  Crain’s Chicago Business

A Manhattan penthouse is now the most expensive home ever sold in the U.S. Hedge fund billionaire Ken Griffin closed on an apartment under construction at 220 Central Park South this week for around $238 million.