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Presenting: The RENX Top-20 CRE stories of 2023
1) Interest rates are coming down ... soon: Benjamin Tal
The economy tops our 2023 Top-20 list for the second straight year. No Canadian expert has a higher profile within the industry than CIBC's Benjamin Tal. So, his address at the Real Estate Forum in Toronto was eagerly awaited...
2) Kumer to succeed Love as CEO at KingSett Capital
In a year of major transition in CRE C-suites, this is one of the biggest, and is included to represent all the CEO/president changes. KingSett Capital founder/CEO Jon Love becomes executive chair; Rob Kumer becomes CEO Jan. 1.
3) Mach, Sarees buy 922K-sq.-ft. Atria office complex
Groupe Mach and president Vincent Chiara spent 2023 executing a counter-cyclical strategy, acquiring office and other major properties across the country. This acquisition in Toronto's North York district, with Sarees Investments, was one of the biggest.
4) Ford JV to build $1.2B Quebec battery materials facility
The announcement Ford Motor Company (F-N) and South Korean battery companies SK On and EcoProBM will invest $1.2B to build a battery materials facility in Bécancour, Que., was one of several huge investments in the electric vehicles sector.
5) Allied sells $1.35B Toronto data centre portfolio to KDDI
Allied Properties REIT (AP-UN-T) announced an all-cash agreement to sell its Toronto-based data centre portfolio – a major Canadian internet hub – to Japanese telecom firm KDDI Corporation for $1.35 billion.
6) Oxford sells 75% stake in GTA ind. parks to TPG for $1B
In a late-December deal Oxford Properties Group announced the sale of a 75% stake in two Toronto-area industrial parks to San Francisco-based TPG for approximately $1B. While industrial growth slowed somewhat, the sale reflects continuing strength in the sector.
7) Primaris wants more after two large retail 2023 acquisitions
Primaris REIT (PMZ-UN-T) remains in acquisition mode after making two of Canada's largest shopping centre acquisitions of 2023; $370 million for the Halifax Shopping Centre and Annex, and $220 million for Conestoga Mall in Waterloo, Ont.
8) W.P. Carey pays $468M US to acquire Apotex GTA assets
W.P. Carey (WPC-N) invested $468M US to acquire a “critical portfolio of four pharmaceutical R&D and manufacturing campuses” in the GTA from drug giant Apotex, reflecting a year of significant drug/pharma/life sciences activity.
9) Ontario Teachers' splits CF into 2 entities, CEO retires
In perhaps the largest CRE restructuring of the year, Cadillac Fairview is being split into two entities by owner Ontario Teachers’ Pension Plan, which is bringing real estate management in-house. President/CEO John Sullivan also announced his retirement.
10) Slate Office REIT unveils major Portfolio Alignment Plan
Slate Office REIT (SOT-UN-T) responded to rising debt commitments by announcing plans to sell assets comprising 40 per cent of its leasable space, among other measures. It was just one company forced to respond to changing economics during 2023.
11) Northview converts to REIT, acquires $742M in apartments
The Northview Canadian High-Yield Residential Fund (NHF-UN-T) underwent a complex recapitalization plan involving conversion back to a REIT, the acquisition of three multiresidential portfolios for $742M and increased investment from Starlight Investments and KingSett Capital.
12) ICE District tower shelved, CWB moves to Manulife Place
CWB Financial Group (CWB-T) decided to move its headquarters to the soon-to-be renovated 36-storey Manulife Place in downtown Edmonton in the wake of a decision by ICE District Properties to delay building a 16-storey office tower.
13) Smartstop makes $300M GTA self-storage acquisition
In a major alternatives sector investment, SmartStop Self Storage REIT became the fifth-largest self-storage operator in Canada with the $300-million acquisition of eight properties in the Greater Toronto and Hamilton areas.
14) Oxford, partner buy Banff's Rimrock Hotel for $170M
Oxford Properties Group and a capital partner acquired The Rimrock Resort Hotel in Banff National Park for $170 million. It was one of the marquee hotel/resort transactions in a bounce-back year for the sector after the COVID years.
15) GST waiver allows Dream to build 5,000 rentals: Cooper
Dream Unlimited’s (DRM-T) Michael Cooper called legislation to remove GST on rental housing development a “game changer” allowing his firm to build 5,000 more rentals. While not a panacea for the housing crisis, it unlocks more development in the sector.
16) Starlight acquires 1,500 apts. in GTA, Ontario, Montreal
Starlight Investments announced the acquisitions of two major apartment portfolios, totalling 1,529 housing units in the Greater Toronto, Southern Ontario and Montreal areas. In a year of slower transaction activity in most sectors, multifamily investment remained robust.
17) Ontario gov’t flip-flops on greenbelt
Ontario Premier Doug Ford announced a reversal of his government’s decision to open up some Greenbelt land to developers, calling the controversial move a “mistake.” Ford made the announcement after weeks of criticism, allegations and a police investigation.
18) Huot assets sold to Mach in $415M bankruptcy deal
2023 saw several bankruptcy and restructuring proceedings. In one high-profile case, a package of Groupe Huot assets comprising almost 2,000 housing units was sold to Groupe Mach in a deal that sees it take over $415M of mortgages.
19) Toronto luxury condo The One enters receivership
The One, a luxury condo development billed as Canada’s tallest commercial condo building, was placed into receivership by a court order because of unpaid debts to senior secured lenders.
20) Beedie launches 16-tower Coquitlam waterfront dev.
The number of multi-tower, master-planned communities announced across Canada in 2023 is, quite likely, unprecedented. Beedie got in on the action, preparing to launch its 16-tower mixed-use Fraser Mills proposal in Coquitlam.
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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