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The RENX Top-20 CRE stories of 2024
RENX's Top-20 CRE stories of 2024
After a year that, for many, was like no other, RENX would like to offer a salute in the annual list of our Top-20 CRE articles for 2024. This year, we tip our cap to the bold.
1. Blackstone acquires Tricon Residential in US$3.5B deal
Blackstone kicked off 2024 by announcing plans to acquire Toronto's Tricon Residential and take the firm private in a US$3.5B transaction. Little did we know then, it would be one of very few large acquisitions in 2024.
2. Allied buys majority stake in T.O., Van. office towers
Among few marquee office trades, Allied Properties REIT completed two: buying a 90 per cent interest in 400 West Georgia in Vancouver ($395M valuation); and increasing its ownership stake in Toronto's 19 Duncan to 95 per cent ($525.7M valuation).
3. Big demand continues for Canada's shopping centres
Demand continues to be strong for retail centres across Canada, a trend featured in this article from June. In fact, the retail sector was hot all year with companies such as Westcliff, Primaris, Leyad and others all making major acquisitions.
4. Bank of Canada axes 1.75% from rates; prime at 3.25%
December's fifth consecutive rate cut by the Bank of Canada, 50 BPS to an overnight interest rate of 3.25 per cent, should continue stimulating homebuying into 2025. The hard-hit condo sector, however, is expected to recover slowly.
5. Insolvencies in Canada's condo sector likely to continue
The Greater Toronto Area condominium market languished despite interest rate cuts and initiatives by some municipalities to hasten approvals and lower development costs. This means a recent spate of insolvencies in the sector might not have reached its nadir yet.
6. Bad news for some REITs: Slate Office battles debt woes
2024 was also a year of financial challenges, including: Slate Office REIT struggling with debt; a frosty reception for Melcor's offer to take Melcor REIT private; and Moody's downgrading Allied Properties REIT’s senior unsecured debt rating to junk status.
7. Fengate invests $1.8B in eStruxture Data Centers
The data centre sector is suddenly getting a lot of attention. Never more so than from Fengate Asset Management, which made a “ground-breaking” $1.8B investment into eStruxture Data Centers to provide the company with capacity to expand.
8. G2S2, Armco make big bet on Calgary office
G2S2 Capital and its Armco Alberta subsidiary just kept making headlines in Calgary, acquiring three office properties including the trophy 1.4-million-square-foot, four-tower Bow Valley Square. For good measure, Enright Capital also made its own big bet on the city.
9. Mattamy, Quadreal launch Phase 1 at TO's Cloverdale
Mattamy Homes and QuadReal scheduled a fall launch for Phase 1 of their condo project The Clove, part of the $6B Cloverdale Mall redevelopment. It was one of very few new GTA condo projects to launch in 2024.
10. CAPREIT bulks up liquidity with $740M portfolio sale
It was a busy year for CAPREIT and its ERES subsidiary, which traded billions worth of properties in 2024. Included was the sale of 75 manufactured homes communities for $740M as it moved toward becoming a pure-play apartment REIT.
Hines 'bullish' on Canada, raises new $2B development fund
Equity was not always easy to raise during the year, but Hines went to market and managed to compile an additional $2 billion for its high-performing Canadian real estate portfolio to deploy.
Bottom nigh for CRE valuations, office still a struggle: Altus
The bottom is in sight for commercial real estate valuations, with the exception of some office properties. Calling the low point of the cycle was one of the insights provided by Altus Group's Robert Santilli during a presentation in July.
Morguard divests 14-hotel E. Canadian portfolio for $410M
As 2024 kicked off with several major portfolio transactions, Morguard Corp. anounced an unconditional agreement to sell a portfolio of 14 hotels in Halifax, Ottawa, the Greater Toronto Area and Sudbury, Ont., for $410 million.
Sahi promoted at Morguard, McKenna, Iacoucci rise up ranks
Women continued moving into more roles as CEOs, presidents and other senior C-suite positions during 2024. Among them, Angela Sahi president/COO at Morguard Corp.; Jamie McKenna president at Fengate Real Estate; and Christina Iacoucci head of Canada at BGO.
3,300-unit Conestogo rental development coming to Waterloo
Amid a wave of major development proposals in smaller cities, Solowave Investments got approval in Waterloo, Ont., for Conestogo Park Square - 12 purpose-built rental apartments containing more than 3,300 units. It represents an unprecedented trend toward multi-tower developments in secondary markets.
Broccolini to develop 1.3M-sq.-ft. Ontario dist. centre for DSV
The industrial sector is normalizing, but still growing with significant development and investment: Broccolini building a 1.3M-square-foot warehouse north of Toronto, and selling a warehouse in Cornwall, Ont.; plus Canadian Tire selling a 1.5M-square-foot Brampton facility.
Forum becomes biggest player in Canadian student housing
Forum Asset Management’s $1.7B acquisition of Alignvest Student Housing REIT's nationwide, 17-property portfolio is just one pillar in efforts to consolidate its position as Canada’s largest supplier of purpose-built student accommodations.
Hennick gets extension at Colliers, ties pay to big growth
Jay Hennick signed an extension to 2029 as Colliers International Group's chairman and CEO, with reports noting “a significant proportion” of his total compensation is tied to an incentive plan based on growth. The goal? Double Colliers' market cap.
RBC Canadian Core fund completes $1.035B in transactions with QuadReal
The RBC Canadian Core Real Estate Fund completed its fifth portfolio transaction with QuadReal Property Group, a two-part deal involving interest acquisitions in 40 assets for $860M and the divestment of interests in five assets for $175M.
Is pickleball about to gobble up 2.6M sq. ft. of CRE space?
Just too much fun to omit. A major U.S. pickleball facility operator sets its sights on major expansion into Canada. If fully realized, the plan will result in leasing and development of several million square feet of facilities.
Industry Events
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Canada Real Estate Auctions
Jan 01 2025
to Dec 31 2025
Canada
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Quebec Apartment Investment Conference
Feb 19 2025
Palais des congrès de Montréal
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RealCapital
Feb 25 2025
Metro Toronto Convention Centre, North Building
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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