Recent Articles
RENX Top Real Estate Stories of 2021
1. Canderel-led group acquires Cominar for $5.7B
• RENX
Cominar REIT (CUF-UN-T) agreed to be acquired by a Canderel-led consortium in a transaction which valued the trust at $5.7 billion. The arrangement, involving the sale of various parts of Cominar’s portfolio to different purchasers, was approved by unitholders on Dec. 21.
2. H&R REIT sells Calgary’s Bow tower, reorganizes
H&R REIT (HR-UN-T) sold Calgary’s Bow office tower and Mississauga’s Bell office campus to Chicago-based Oak Street Real Estate Capital for $1.67 billion, two months before announcing a repositioning plan to transform it from a diversified REIT into a growth-oriented entity.
3. Tricon partners on billions in U.S., Canadian rentals
Tricon Residential (TCN-T) created partnerships to acquire/develop billions in rental housing, committing capital to partnerships which will: acquire up to 18,000 U.S. resale homes worth $6.4 billion; acquire $1.8 billion in new Sun Belt homes; and construct $500 million of GTA multresidential.
4. Blackstone acquires WPT Industrial in US$3.2B deal
Blackstone Real Estate Income Trust acquired Toronto-based WPT Industrial REIT (WIR-U-T) in an all-cash transaction for $3.2 billion US. WPT earlier sold a minority interest in a $370-million US industrial portfolio in a JV with Investment Management Corporation of Ontario.
5. CF buys GTA’s Buttonville Airport property for $193M
• RENX
Cadillac Fairview paid nearly $193 million to become the sole owner of the Toronto Buttonville Municipal Airport, a 169-acre property in Markham which for years has been considered a prime site for a major redevelopment.
6. Panattoni builds 2.9M-sq.-ft. Amazon Edm. facility
• RENX
Panattoni Development Co. is building a massive robotic fulfillment centre for Amazon in Parkland County, just outside Edmonton, which will be one of the largest such distribution facilities in Canada when it opens in 2022.
7. SmartCentres acquires 53 acres at VMC for $513M
• RENX
SmartCentres REIT (SRU-UN-T) paid $513 million to acquire a two-thirds interest in 53 acres of property at the massive Vaughan Metropolitan Centre, becoming the largest landowner at the development just north of Toronto. The transaction closed on Dec. 22.
8. Milton land, bought for $15.8M, sells for $165M
• RENX
A tract of future industrial development land across from the planned new CN intermodal terminal in Milton was sold for $165 million – more than 10 times what it was acquired for six years ago.
9. Oxford sells huge U.S. assets, acquires industrial
Oxford Properties transacted billions in U.S. properties: selling St. John’s Terminal (with CPP Investments) to Google for $2.6B; and One Memorial Drive. It was a U.S. industrial buyer; a $2.8B portfolio from KKR, and a $1.3B venture with EverWest.
10. Brookfield Asset Mgmt. ups offer for BPY to US$6.5B
• RENX
Brookfield Asset Management (BAM-A-T) increased its original offer to secure an agreement to take its Brookfield Property Partners (BPY-UN-T) subsidiary private. BAM paid shareholders $6.5 billion for the shares it didn’t already control.
Petra, MACH buy iconic 51-storey Montreal office tower
• RENX
Groupe Petra and MACH have finally completed a four-year odyssey, announcing they have acquired one of Montreal’s most iconic office buildings, the 51-storey, 673-foot 1000 de la Gauchetière.
Allied buys Montreal Gare Viger offices for $250M
• RENX
Allied Properties REIT (AP-UN-T) acquired the office component of Jesta Group’s million-square-foot Montreal Place Gare Viger redevelopment. The acquisition includes the 123-year-old Gare Viger, a tract of development land, and the forward purchase of a new office tower.
$350M Ottawa office deal ends active year for Crestpoint
Crestpoint Real Estate Management wrapped up 2021 in partnership with Crown Realty Partners on a $350-million deal for Ottawa’s Place de Ville. Crestpoint also acquired Edmonton’s Northport Business Park; a Vancouver apartment portfolio; Surrey industrial and Hamilton retail assets.
Mass timber office to be built at Van.’s Bentall Centre
Hudson Pacific Properties is expanding the Bentall Centre in downtown Vancouver by nearly a third with a fifth, 16-storey mass timber tower. The building will add about 450,000 square feet, bringing the complex to nearly two million square feet.
Oak Street buys Calgary’s Western Canadian Place
Western Canadian Place, a major Calgary downtown office complex comprising two towers and over one million square feet, has been sold for $475 million. BCI/QuadReal sold the property to Oak Street Real Estate Capital, which earlier also acquired The Bow.
Teachers’ JV buying Brookfield’s Enwave for $4.1B
Brookfield Infrastructure (BIP-UN-T) signed deals totalling US$4.1 billion to sell Enwave, its North American district energy business. Ontario Teachers’ Pension Plan and Australian firm IFM Investors were the purchasers of Enwave’s Canadian business.
Artis REIT sells GTA industrial portfolio for $750M
• RENX
Artis REIT (AX-UN-T) announced a “milestone” transaction, an unconditional agreement to sell its 28-property, 2.5-million square-foot Greater Toronto Area industrial portfolio for $750 million.
Dream Industrial sells 75% stake in $602M U.S. portfolio
• RENX
Dream Industrial REIT (DIR-UN-T) sold a 75 per cent interest in 20 U.S. industrial properties to a U.S. industrial fund in a transaction which valued the portfolio at $602 million. Dream retained a 25 per cent interest in the properties.
RBC fund acquires 50% of $1B QuadReal portfolio
• RENX
The RBC Canadian Core Real Estate Fund expanded its partnership with British Columbia Investment Management Corp., and its subsidiary QuadReal, acquiring a 50 per cent interest in a portfolio of Canadian industrial and multifamily assets valued at over $1 billion.
Ottawa Island Park Towers sell for city record $267M
• RENX
One of Ottawa’s most prestigious multiresidential rental complexes has been sold, making it the largest such transaction in Ottawa’s history. Island Park Towers was acquired by Homestead Land Holdings for $267 million.
Avenue Living buys 1,500 Edmonton rentals for $275M
• RENX
Calgary-based Avenue Living Asset Management Ltd. acquired three Edmonton-area apartment and rental portfolios, comprising more than 1,500 units, for about $275 million. The investments more than doubled the company’s presence in the Alberta capital.
Dozens of Mtl. apartment buildings sold in $300M deal
Les Immeubles Banvest Inc., a subsidiary of Banvest Development, acquired about 70 multiresidential properties, representing 2,242 units in 10 suburban Montreal locations, from New Jersey-based RAAMCO for $300 million. The deal marked RAAMCO’s exit from the Quebec market after three decades.
Centurion to make record Quebec apartment acquisition
• RENX
Centurion Asset Management, the asset manager of Centurion Apartment REIT, announced the largest apartment transaction ever in Quebec, buying 30 newly constructed multifamily properties in the Greater Montreal Area. The portfolio comprises 3,678 rental units.
Starlight to sell $760M in US multifamily, wrap up fund
• RENX
Properties owned by Starlight’s U.S. Multi-Family No. 1 Core Plus Fund (SCPO-V) were sold for about $760 million, with proceeds paid to unitholders and the fund delisted. Sherrin U.S. Multi-Family No. 1 Holding LP was the buyer.
CPP, Greystar to invest $1B in U.S. single-family rentals
• RENX
CPP Investments is expanding its multi-billion-dollar partnerships with U.S.-based Greystar Real Estate Partners LLC, announcing a $1.06 billion Cdn joint venture in the single-family rental community sector.
B.C. floods caused at least $450M in insured damage
• CP 24
The Insurance Bureau of Canada estimates the insured damage caused by flooding in British Columbia in November at $450 million, calling it the “most costly severe weather event in the province’s history.”
First Capital executes $400M in sales, development JVs
• RENX
First Capital REIT (FCR-UN-T) executed agreements to sell two of its Western Canadian shopping centres, and entered partnerships on two major Toronto development properties. In total, the four transactions amount to approximately $400 million.
Empire to buy 51% of Longo’s grocery chain for $357M
• RENX
Empire Company Ltd., (EMP-A-T) returned to a tried-and-true strategy to make a major expansion in the GTA. This time, it spent $357 million to acquire 51 per cent of Longo’s stores and Grocery Gateway. The deal closed in May.
JLL to take over Ivanhoé’s Canadian retail portfolio
• RENX
Ivanhoé Cambridge found a new partner for its Canadian retail operations, announcing JLL would take over operation of the retail portfolio in what the firms called an “agreement to operate retail assets through a unified approach.”
Slate acquires $2.93B portfolio from Annaly Capital
• RENX • Business Wire
Slate Asset Management spent $2.93 billion to acquire the U.S. real estate assets of Annaly Capital Management (ACREG) in what its top executive calls an “opportune time in the market cycle.” The deal closed in late July.
An era ends: Sonshine’s final results call as RioCan CEO
• RENX
Ed Sonshine took part in his final quarterly results conference call as chief executive officer of RioCan REIT (REI-UN-T) on Feb. 11. On April 1, he passed that title to Jonathan Gitlin, with Sonshine becoming non-executive board chairman.
After 30 years of RE forums, Przybylowski set to retire
• RENX
George Przybylowski, one of the most well-known people in the Canadian development industry, will retire from his Informa Canada position as head of the country’s largest series of commercial real estate forums and conferences.
CT REIT’s Ken Silver announces plan to retire
• RENX
Ken Silver announced he will retire as CEO of CT Real Estate Investment Trust (CRT-UN-T) on May 31, to be succeeded by Kevin Salsberg. Melcor REIT (MR-UN-T) also announced Andrew Melton is returning as its interim CEO.
Gates buys controlling interest in Four Seasons
Bill Gates’ private investment company Cascade Investment LLC will pay Saudi billionaire Prince Alwaleed bin Talal US$2.2 billion in cash for a 23.75 per cent stake in Four Seasons Hotels and Resorts. Cascade’s stake will increase to 71.25 per cent.
Montreal Sheraton Centre in $520M hotel portfolio sale
• RENX
The 825-room Montreal Sheraton Centre is among a portfolio of five North American properties to be acquired in a $520-million Cdn transaction by special purpose acquisition company VM Hotel Acquisition Corp. (VMH-U-T).
Industry Events
-
RealREIT
Sep 10 2024
Toronto
-
Canadian Apartment Investment Conference
Sep 11 2024
Toronto
-
BOMEX - BOMA Canada's National Building Summit
Sep 23 2024
to Sep 25 2024
Vancouver, B.C.
-
Winnipeg Real Estate Forum
Sep 24 2024
Winnipeg
-
2024 CREW Network Convention
Sep 25 2024
to Sep 27 2024
Vancouver Convention Centre
-
Ottawa Real Estate Forum
Oct 02 2024
Ottawa Conference & Event Centre
-
Quebec City Real Estate Forum
Oct 16 2024
Quebec City Convention Centre
-
Canada Real Estate Auction
Oct 22 2024
-
Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
-
MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France