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Regus parent files for creditor protection in Canada
Regus parent files for creditor protection in Canada
• Globe and Mail (Sub. required) • RENX
The world’s largest co-working office space provider has filed for creditor protection for many of its offices in Canada, exposing a weakness in the shared office business model. Swiss-based IWG PLC operates under the Regus and Spaces brands.
Phantom building T.O.’s 8 Cumberland, JAC Condos
Phantom Developments might not have a high profile, but the family-owned Toronto company is doing its part to redraw portions of the city’s skyline with its high-rise condo developments.
Deloitte moves into Espace Montmorency
• Canada Newswire • RENX
Partners MONTONI, Groupe Sélection and the Fonds immobilier de solidarité FTQ announced professional services firm Deloitte will be a tenant in Espace Montmorency, the largest mixed-use development project ever built in Laval. Deloitte’s 90 Laval employees will begin moving in early 2023.
Alta. developers can ante up bonds rather than cash
• Western Investor • St. Albert Today
The City of Calgary was the first large municipality in Canada to provide developer surety bonds last year. This year, Edmonton began accepting development bonds for select servicing agreements. The concept is now migrating to smaller Alberta municipalities.
B.C. campus, 55 acres for sale
• CTV
Colliers International is selling a 55-acre property in Squamish, B.C., that includes the Quest University campus. The school and sports centre take up about 21 acres. The school, which opened in 2007, was forced to seek court protection in February.
Airbnb rebuffs merger offer from Bill Ackman’s SPAC
Bill Ackman approached Airbnb Inc. about a merger with his blank-cheque company Pershing Square Tontine Holdings Ltd., but the home-rental site rebuffed the billionaire investor and said it prefers a traditional IPO. However, Airbnb hasn’t completely ruled out a merger.
Caisse, DP World expand investment platform to $8.2B
• Canada Newswire • IPE Real Assets • Reuters
Caisse de dépôt et placement du Québec (CDPQ) and DP World announced the expansion of their ports and terminals investment through a new commitment of US$4.5 billion, that will increase the total size of the platform to US$8.2 billion.
Couche-Tard forecasts uptick in takeovers
• Globe and Mail (Sub. required) • Winnipeg Free Press
Alimentation Couche-Tard Inc. (ATD-B-T) sees merger-and-acquisition activity picking up in the weeks ahead among convenience store players but the Canadian retail giant appears to be cooling to the idea of taking over Australian fuel supplier Ampol.
Loblaw, local restaurants to deliver meal kits in GTA
Loblaw Companies Limited (L-T) has expanded its PC Chef meal kit direct-to-home delivery service in the GTA to include ready-to-make meals from Burger’s Priest, La Carnita, Fresh Restaurants, Fat Lamb Kouzina, General Assembly Pizza, Kinton Ramen and Sala Modern.
Will online grocery shopping habit stick?
• Globe and Mail (Sub. required)
Shutdowns during the COVID-19 pandemic led to a surge in online buying. Nearly 80 per cent of people reported buying something from Amazon in the past six months, according to a July survey of 1,350 Canadians by Solutions Research Group.
Robson Street landlord applies for rent relief
Businesses in a Robson Street building who had been frustrated their landlord wouldn’t apply for the federal rent relief program say they were surprised by a sudden change of heart the morning of the application deadline.
B.C. CRE index at second-lowest level since 2009
The commercial leading indicator (CLI) from the B.C. Real Estate Association (BCREA) plunged in the second quarter of 2020 to the second-lowest level since the financial crisis of 2009. The CLI fell to 121.9 from 127.6 in Q1, representing the fourth consecutive quarterly decline.
First Capital completes $200M debentures offering
• Canada Newswire • RENX
First Capital REIT (FCR-UN-T), a leading developer, owner and manager of mixed-use real estate in Canada, announced it has closed its offering, on a private placement basis, of $200 million aggregate principal amount of Series A senior unsecured debentures.
Westbank JVs on two San Jose tower projects
Two major downtown San Jose projects, a new office and retail tower and the renovation and revamp of the Bank of Italy historic high-rise, are moving forward with construction efforts by Vancouver-based mega-developer Westbank and South Bay developer Gary Dillabough.
Remote work killing trillion-dollar office economy
• Marker
Economists have mostly overlooked a looming COVID-19 threat to a large and consequential galaxy of businesses, one worth trillions of dollars a year in GDP and revolving around a single, much underappreciated economic actor — the white-collar office worker.
Zell forms $300M IPO to snap up distribution tech
• Bisnow
Inveterate investor Sam Zell is orchestrating another major investment hunt with the formation of Equity Distribution Acquisition Corp., which has the sole purpose of acquiring companies that specialize in distribution technology.
Consumer debt climbs as mortgage balances weigh heavily
• Bloomberg • Globe Newswire • Globe and Mail (Sub. required)
Canadian consumer debt pushed higher in the most recent quarter amid a strong recovery in the housing market and a slower payoff of existing mortgages. Total consumer debt climbed to $1.991 trillion in the second quarter, up 2.8 per cent year-over-year.
Toronto home prices soar to record highs in August
• Financial Post • Globe Newswire • Toronto Star
Toronto’s housing market hit new record highs in August, with sales and prices spiking, as low mortgage rates fuelled competition for homes despite economic uncertainty brought on by the coronavirus pandemic, according to the Toronto Regional Real Estate Board (TRREB).
Toronto’s 10 most expensive homes on the market
• blogTO
71 The Bridle Path – at $32 million – is the most expensive home for sale in Toronto. It has been on the market for years. At more than 35,000 square feet, the nine-bedroom, 13-bathroom palace is nearly 50 times bigger than the average Toronto condo.
Fraser Valley sales, new listings continue to set records
The Fraser Valley Real Estate Board’s Multiple Listing Service (MLS) saw the second highest number of property sales and the highest number of new listings in August within the last two decades, when 2,298 sales were recorded in August 2005.
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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