Pension funds cashing out of Vancouver properties

Pension funds cashing out of Vancouver properties

Two of Canada’s largest pension funds are cashing out of some of their office properties in Vancouver as prices for work space soar amid an influx of offshore capital.  Healthcare of Ontario Pension Plan (HOOPP) is selling Willingdon Park, an almost 1-million-square-foot (92,903 square meter), nine office-tower business park in Burnaby and Ivanhoe Cambridge last week brought Metrotower 1 and 2 to market.

Bloomberg

Walmart on a quest to be Canada’s No. 1 grocer

Lucy Martins’ shopping cart is full of food and a few toiletries. She’s loading up for a family road trip and chose to do it at Walmart (WMT-N).  “Easier for me, one shot deal,” she explains. Martins says she’s at Walmart almost every week and always picks up some type of food item — from snacks to spicy Thai-flavoured tuna.

CBC

Multi-res prez sees growth ahead for Timbercreek

Considering the fact that Timbercreek Asset Management has built up a $3.5 billion multi-residential portfolio in the past 15-plus years, it should be no surprise to hear its new multi-residential division president promising more growth in the future. Over the first half of this year, Timbercreek has already closed on a “few hundred units,” he said.

Property Biz Canada

Westfield World Trade Center ready for shoppers

Westfield World Trade Center, with 365,000 square feet of new shopping and dining options in Lower Manhattan, will hold its grand opening Aug. 16, when Australian-based retail giant Westfield Corp. will debut its $1.4 billion mall. The opening of the retail center with more than 100 brands comes several months after the $3.7 billion World Trade Center Transportation Hub opened.

CP Executive

Smart REIT makes smart move with two-part offering

About 14 months back the market farewelled an old friend when Calloway REIT acquired the so-called Smart Centre Platform from Mitch Goldhar. With that $1.16 billion transaction Calloway, which converted to a REIT in 2002 and which made frequent trips to raise debt and equity, became a “fully integrated” REIT.” Calloway changed its name to Smart REIT (SRU.UN-T).

Financial Post – SmartREIT reveals plans for new VMC office building

Pacific Centre redev sparks calls to save public plazas

Cadillac Fairview’s controversial proposal to redevelop Pacific Centre and remove a public plaza has drawn criticism and sparked concern that too many public spaces in downtown Vancouver are being removed.  The mall owner wants to build a 25,614-square-foot, three-storey addition to its shopping centre, at the northeast corner of Howe and West Georgia streets.

Business in Vancouver

Brock Commons shows tall wood construction potential

The final wood panel was installed in the University of British Columbia’s Brock Commons, which will be the world’s tallest timber structure, this week.  The student residence is scheduled to open in mid-2017 and could usher in a new era in wood construction as it has attracted international attention.

Property Biz Canada

Target Canada’s reestructuring

Confrontation to collaboration to unanimity. Bitter public backlash to creditor consensus. Reputational risk to effective damage control. These are the hallmarks of Target Canada Co.’s restructuring, representing a 16-month-long swing of the pendulum in a proceeding that could otherwise have culminated in years of litigation and uncertainty for small and large creditors alike.

Lexpert — Business of Law

Lululemon’s CEO sees lots of room to grow

Lululemon Athletica (LULU-Q) is having a Zen moment. After two tough years, the company known for yoga wear is enjoying a rebound in sales and CEO Laurent Potdevin is optimistic that Lululemon can keep the momentum going. The company has benefited from the shift in athletic wear becoming everyday fashion. But lots of other brands want part of those sales.

Vancouver Sun – Financial Post

Winnipeg’s Exchange District continues to create a buzz

The city’s historic Exchange District in Winnipeg continues to act as a magnet for professional- and creative-services companies. The Exchange District Business Improvement Zone doesn’t keep a running tally of how many of these types of companies — concerns such as architect and engineering firms, software-development companies, design studios and advertising and marketing agencies — there are in area.

Winnipeg Free Press

Digby Pines, Liscombe sales back on the table

The sale of Nova Scotia’s last two signature resorts in rural areas of the province is on the table again. The Waterfront Development Corporation issued new requests Friday for proposals for the Digby Pines Golf Resort and Spa and the Liscombe Lodge and Conference Centre.

The Chronicle Herald

Ontario hospital executive overseeing hospital project dismissed

A high-ranking hospital executive, Suman Bahl who was overseeing the massive Markham Stouffville Hospital dedevelopment project enlisted five of the hospital’s contractors to help renovate and decorate her custom-built home, doled out work to her friends and family, and became a paid consultant to one of the vendors, a forensic audit found.

Globe and Mail

Mid-America Apartment Communities to buy Post Properties

Memphis-based Mid-America Apartment Communities Inc. announced it is buying Atlanta-based Post Properties Inc. to form the largest publicly traded multifamily apartment real estate investment trust by units. The combination, which values Post at just under $4 billion, will result in a Sunbelt-focused, publicly traded, multifamily REIT with a total market capitalization of approximately $17 billion.

CoStar Group – REIT.com

Video: Chaplin on U.K. Property Funds Post Brexit Vote

Aberdeen Asset Management CIO for Property Russell Chaplin discusses the impact of the Brexit vote on U.K. real estate. He speaks on “Bloomberg Surveillance.” 

Bloomberg

Brookfield’s U.K. assets could see boost from Brexit

Brookfield Asset Management Inc. (BAM.A-T) may get a boost to some of its US$25 billion of U.K. assets following the country’s June vote to leave the European Union. While the fallout from the Brexit vote is still uncertain, Brookfield chief executive officer Bruce Flatt said such situations “often present opportunities to earn greater returns than might otherwise be possible.”

Financial Post

Featured Column

Salesman, saleswoman or salesperson?

A few weeks ago, I was searching for a photo to accompany an earlier blog post. It didn’t surprise me, but it was a little disheartening to find that images of female real estate agents were hard to come by.

Read more

Market Trends and Research

Quebec’s Caisse sees weak global growth, return falls

Caisse de depot et Placement du Quebec, Canada’s second-biggest public pension fund, warned of weak global growth in the years ahead after market volatility led to a sharp fall in its investment return in the first half. The Caisse said on Friday its average return fell to 2 per cent from 5.9 per cent in the same period the year before.

Financial Post – Globe and Mail – Canada Newswire

Wynne urges cities to consult about new local taxes

Premier Kathleen Wynne is advising Ontario municipalities to consult their constituents before they ask the province for increased taxation powers. Wynne is attending the annual meeting of the Association of Ontario Municipalities in Windsor, where some cities are urging the province to give them so-called revenue tools in addition to property taxes.

Winnipeg Free Press

Hydro One quarterly profit rises 16%, revenue flat

Hydro One Ltd. is reporting a higher second-quarter profit and flat revenue. The Toronto-based company – which was wholly owned by the Ontario government until last year – says its net income was $152-million, up 16 per cent from the second quarter of 2015. Revenue barely changed, slipping to $1.55-billion from $1.56-billion.

Globe and Mail

Montreal businesses on the move as low-rent neighbourhoods go upscale

For six years, Nic Delisle made guitars at a small workshop in an old industrial building in Montreal’s Mile End neighbourhood. The co-operatively run space, shared with several other guitar makers, was where Mr. Delisle turned a hobby into Island Instrument Manufacture, a full-time business. Several other people in the co-op also launched businesses.

Globe and Mail

Real Estate Companies

Firm Capital Property Trust second quarter 2016 results

Firm Capital Property Trust, (FCD.UN-T)

Firm Capital Property Trust News Release

Firm Capital Property Trust closes private placement, increases offering

Firm Capital Property Trust, (FCD.UN-T)

Firm Capital Property Trust news release

Firm Capital Mortgage Corporation second quarter 2016 results

Firm Capital Property Trust, (FC-T)

Firm Capital Mortgage Corporation news release

Holloway bounces back after oil slump

The Halifax-based hotelier who bought and then renovated the Travelodge in Sydney last year made a comeback in the second quarter of this year with a strong uptick in both revenues and profits. Holloway Lodging Corporation (HLC-T) owns 36 hotels across Canada.

The Chronicle Herald

Real Estate Investment Trusts

Inovalis REIT second quarter 2016 report

Inovalis REIT (INO.UN-T)

Canada Newswire

Retail

Nordstrom Rack to open at South Edmonton Common

Seattle-based Nordstrom, Inc. announced plans to open a Nordstrom Rack at South Edmonton Common in Edmonton, Alberta. The approximately 35,000-square-foot store is scheduled to open in fall 2018. The property is owned and managed by Cameron Corporation and CREIT (REF.UN-T).

Canada Newswire

Metro Vancouver’s night markets fight to keep visitors

For a while, it seemed like night markets, the popular East Asian concept that made landfall in Metro Vancouver more than a decade ago, were sprouting up all across the region.  But while some night markets continue to operate and even thrive in the Lower Mainland, others have come and gone.

Vancouver Sun

Phil & Sebastian land their ideal downtown location

Phil Robertson and Sebastian Sztabzyb, the roasters and purveyors of fine coffee under the name of Phil and Sebastian, have long been asked about opening a downtown store. They’ve wanted to, and there’s lots of space available, but finding a location that met their needs has been difficult.

Calgary Herald

New Development

Bike lane controversy poised to hit Edmonton’s 109 Street

Commuters and locals both favoured bike lanes for 109 Street at an open house recently, causing butterflies at City Hall. City staff hesitated two months before releasing results, and still don’t seem sure what to make of it.

Edmonton Journal

Infrastructure

Federal infrastructure money yet to flow to five provinces

The federal government has yet to sign infrastructure funding agreements with five provinces and two territories — agreements that are a key step before any federal cash can flow to projects underway across the country. Ontario, Saskatchewan, Alberta, Nova Scotia, New Brunswick, Nunavut and Northwest Territories have yet to sign funding deals.

Financial Post

Sustainability

Alternative energy investments are transforming Sault Ste. Marie

For a city that uses the slogan “Naturally Gifted,” the Soo’s downtown is a dispiriting place, notable for cracked parking lots and empty storefronts, which stand out like missing teeth. Even tattoo parlours have gone under. The Sault Star brims with bad news. The town’s main employer, Essar Steel Algoma Inc., is in bankruptcy protection for the third time since 1990.

Financial Post

Technology

CMLS buys software company Delta 360

CMLS Financial Ltd., one of Canada’s largest independent mortgage services companies, announced the successful acquisition of Delta 360 Inc. effective August 1, 2016. Founded in 2005, Delta 360 is a Canadian-based technology provider focused on delivering superior mortgage and lending software solutions to the Canadian financial industry.

CMLS News Release

Other

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