Apartment buildings caught under new B.C. tax

Apartment buildings caught under new B.C. tax

Commercial property owners in Metro Vancouver were probably more surprised than their residential counterparts to learn about a new tax on foreign buyers that also applies to apartment buildings according to Edmond Luke, a Vancouver-based partner at the law firm Fasken Martineau and the head of the firm’s China practice.

Financial Post

Tallest building west of Toronto reaches milestone

A 66-storey building set to make Edmonton’s skyline the highest in Western Canada reached a construction milestone Thursday. “This is a massive gesture of confidence on the part of Edmontonians to have the audacity to build a building like this,” Mayor Don Iveson said while on site to celebrate the last concrete pour to complete the foundation.

Edmonton Journal

Change at the top for LaSalle Canada

While John McKinlay will become LaSalle Canada’s chief executive officer on Aug. 9, predecessor Zelick Altman will remain active in the financial and professional services firm that specializes in commercial real estate services and investment management.

Property Biz Canada

Allied announces three strategic Toronto acquisitions

Allied Properties REIT (AP.UN-T) announced today that it has entered into agreements to acquire the following properties in Toronto for $101 million: 461 King Street West, 642 King Street West (undivided 50% with RioCan) and 47 Front Street East.

Marketwired

Darrell Jones oversees Overwaitea expansion

Recognizable from his grocery chain’s television ads and known for his aw-shucks manner, Overwaitea Food Group (OFG) president Darrell Jones is more than just an affable guy with small-town charm.  An hour-long chat with the head of B.C.’s largest grocery store chain about his company’s challenges and opportunities reveals that he is quick with numbers and has a sharp mind for strategy.

Business in Vancouver

Walmart, Costco continue to eat into sales of Canadian grocers

Canada’s traditional supermarket chains continued to lose market share to Walmart and Costco in the first quarter and there are no signs the trend is slowing down. Food sales from grocery stores such as Loblaw and Metro were 3.7 times higher overall than food sales from general merchants in the first quarter.

Calgary Herald

Canadian Tire to focus on in-house products, digital future

The new chief executive officer of Canadian Tire‘s (CTC.A-T) will make a big push on developing its own lines of products while looking for an acquisition as the retailer navigates unchartered digital waters following last month’s abrupt departure of former CEO Michael Medline.  Stephen Wetmore, who unexpectedly was re-installed as CEO after his successor left, outlined on Thursday his vision for the retailer.

Globe and Mail – Chronicle Herald – Toronto Star – CBC

Toronto’s rail deck park could be extended

A 21-acre park proposed over the railway lands downtown may just be the beginning. After the city pitched to build a massive new public space from Bathurst St. to Blue Jays Way by decking over the rail corridor, the Star has learned there are talks underway that could see that plan extended.

Toronto Star

The employee ownership model at ICR: Pros and cons.

In an earlier, January 2015 blog post I discussed the Employee Purchase of ICR. Nineteen months have passed since that announcement; let’s try and take an objective look at the pros and cons of this method of selling a business.

Read more

Nidae Abbas new VP, Global Retail, Ivanhoe Cambridge

Ivanhoé Cambridge announces the appointment of Nidae Abbas to the newly created position of Vice President, Global Retail, Business Development. Ms. Abbas will be based in London.

Ivanhoe Cambridge

Ivanhoé Cambridge, CBRE GIP back follow-on Logos joint venture

Ivanhoé Cambridge and CBRE Global Investment Partners have teamed for their second investment with Logos to lift their investment in China to $800m (€718m). The two investors are each putting $400m into the newly established Logos China Logistics Venture.

IPE Real Estate

TIAA, GGP go shopping in Vegas

TIAA Global Asset Management is teaming up for a third time with mall owner General Growth Properties Inc., as a partner on one of its high-end shopping centers. Under the latest joint venture deal, TIAA owns 50 percent of the Fashion Show Mall in Las Vegas, after purchasing its stake for $1.25 billion.

CP Executive

Partners Group, Spear Street go on office shopping spree

The joint venture partners will acquire roughly 2.2 million square feet of office space in select U.S. markets. San Francisco—Funds managed by Partners Group AG or its affiliates joined forces with affiliates of Spear Street Capital LLC to acquire the Whetstone Portfolio, which comprises roughly 2.2 million square feet of office space across five states.

CP Executive

Active management under pressure as buyers favour passive

Global assets under management barely grew in 2015, with traditional active managers suffering outflows, according to a survey. The survey was conducted by consultancies Casey Quirk by Deloitte and McLagan, and was of members of the US Institute and European Institute, forums for senior leaders at investment management firms.

IPE Real Estate

Overseas investors account for 28% of UK investment property

Overseas investors now account for 28% of UK investment property, compared with 17% in 2007, according to the Investment Property Forum (IPF).  Research by the IPF found that overseas investor holdings were growing relatively quickly, particularly in “buoyant” central London markets, with 77% of foreign holdings in the UK capital.

IPE Real Estate

Market Trends and Research

Bleecker St. residents say ‘ghost hotels’ ruining neighbourhood

Residents of Bleecker St. say five homes operating as short-term rentals — sometimes called “ghost hotels” — are ruining their downtown neighbourhood near Sherbourne and Wellesley streets.  Tenants who occupy the houses mostly on weekends, renting them through Airbnb and other popular websites, are creating noise, garbage on the street and parking issues, say the neighbours.

Toronto Star

GTA commercial market figures released by TREB

Toronto Real Estate Board President Larry Cerqua announced that TREB Commercial Network Members reported a combined 876,196 square feet of leased industrial, commercial/retail and office space in July 2016. This result represented a large increase compared to the same month last year.

Marketwired

Could Montreal’s real estate market next for foreign investors?

A new tax on foreign buyers in Vancouver has real estate agents predicting a spillover effect into other Canadian markets. But it’s unclear if Montreal, often an outlier when it comes to real estate trends, will be among them.

CBC

Real Estate Companies

First Capital Realty announces Toronto Investments equity offering

First Capital Realty Inc. (FCR-T) has entered into an agreement to sell 6,640,000 common shares on a bought deal basis at a price of $22.60 per Share to a syndicate of underwriters co-led by TD Securities Inc. and RBC Capital Markets for gross proceeds of approximately $150 million.

Marketwired

REIT Financial Reports

Allied Properties second-quarter 2016 results

Marketwired

WPT Industrial REIT second quarter 2016 results

Marketwired – Property Biz Canada

Real Estate Investment Trusts

Agellan Commercial REIT completes bought deal financing

Agellan Commercial REIT (ACR.UN-T) has closed its previously announced bought deal public offering of 4,485,000 units of the REIT at a price of $10.25 per unit, for aggregate gross proceeds of approximately $46 million. The Units were sold to a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets. 

Marketwired

Dream Global REIT completes equity offering

Dream global REIT (DRG.UN-T) closed of its previously announced equity offering of units of the Trust at a price of $9.00 per Unit. The syndicate of underwriters, led by TD Securities Inc., elected to exercise its over-allotment option in full, resulting in a total of 10,867,500 Units being issued today for total gross proceeds of $97,807,500.

Marketwired

Canadian REIT renews normal course issuer bid

Canadian REIT  (REF.UN-T) has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid which will enable it to purchase up to 3,658,373 of its outstanding Trust Units, representing 5% of its 73,167,469 issued and outstanding Units as at July 31, 2016.

Marketwired

Infrastructure

Calgary ignoring need for southeast Deerfoot interchange?

The province’s refusal to fund a badly-needed Deerfoot Trail interchange in the city’s far southeast is hobbling development there, says a city councillor. The city and developer Brookfield Residential are willing to pay for $20 million of a $50 million interchange at 212 Avenue and Deerfoot Trail to connect the communities of Cranston and Seton.

Calgary Herald

International

Brexit has little impact on UK occupier sentiment

The UK’s vote to leave the European Union and slowing growth in the UK economy have had little impact on real estate occupier sentiment. A survey of 250 companies conducted by law firm Irwin Mitchell found that 93% of businesses in the UK feel no impact from June’s Brexit vote.

IPE Real Estate

Other

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