Vail Resorts to buy Canada’s Whistler Blackcomb

Vail Resorts to buy Canada’s Whistler Blackcomb

Vail Resorts Inc. has struck a deal to acquire Canada’s Whistler Blackcomb Holdings Inc. worth what the two companies say is $36 a share, or $17.50 cash and 0.0975 of a share. Whistler chief executive officer Dave Brownlie said the deal, worth about $1.39-billion, would boost the Canadian company’s financial heft and marketing, among other things.

Globe and Mail – Financial Post – Canada Newswire – Business in Vancouver

Wal-Mart to buy online retailer

Wal-Mart Stores Inc. said it would buy online retailer Jet.com for about $3.3-billion in a deal that will help it to better compete with Amazon.com and other online retailers. Wal-Mart said it would pay $3-billion in cash, part of which would be paid over time along with an additional $300-million in its shares.

Globe and Mail – Financial Post

Slate has monopoly at Toronto’s Yonge and St. Clair

Five office buildings near the intersection of Toronto’s Yonge Street and St. Clair Avenue were the jewels in Slate Asset Management’s 2013 acquisition of GE Capital’s Canadian real estate holdings, and Slate has since added three more nearby properties as it looks to revitalize the neighbourhood.

Property Biz Canada

Armoyan to buy Halifax World Trade and Convention Centre

The provincial government has accepted an unsolicited proposal from prominent developer George Armoyan to purchase the old Halifax World Trade and Convention Centre.  The province received the bid to purchase the building, which has been a fixture on Argyle street since 1984, for the full appraised value of $13.5 million just over a month ago.

The Chronicle Herald

Coast Hotel chain to change hands

The Japanese hospitality firm APA Group is buying Vancouver-headquartered Coast Hotels for $210 million from Okabe Co. Ltd., another Tokyo-based corporation. The sale is being made by way of a share-transfer agreement, which was completed July 28, and is expected to close in early September, according to press releases issued by both companies.

Vancouver Sun

CF Rideau Centre redevelopment now complete

The completion of Cadillac Fairview’s $360-million redevelopment of Ottawa’s CF Rideau Centre will be celebrated next week, almost three years after the project was first announced.  Located at the centre of the nation’s capital, the CF Rideau Centre is one of Cadillac Fairview’s best performing shopping centres and a major tourist destination.

Property Biz Canada

Restaurant Brands to grow number of Tim Hortons locations

The owner of Tim Hortons says it plans on making the Canadian coffee shop as ubiquitous around the world as the American fast-food chain Burger King.  During the second quarter, the number of Tim Hortons locations increased about three per cent to 4,464 stores, while Burger King restaurants jumped about four per cent to 15,100 locations during the second quarter.

The Chronicle Herald – CBC – Wall St. Journal

Molson ‘hops’ to Chilliwack to replace Vancouver brewery

Vancouver’s loss could be the Fraser Valley’s gain as Molson Coors Canada announced Thursday it will build a state-of-the-art brewery in Chilliwack to replace its landmark facility at the foot of Burrard Bridge.

Vancouver Sun

Alberta developer seeks financing for ‘ugliest’ building in New Jersey

The Edmonton-based Triple Five Group developer of an unfinished New Jersey mega mall is asking state agencies to sign off on changes to its financing plan, the latest proposal after numerous delays for the American Dream project that started over a decade ago. The New Jersey Sports and Exposition Authority will meet Tuesday to agree to take the place of East Rutherford as the seller of municipal bonds for the developer.

Edmonton Journal

Edmonton the first Canadian city to be mapped by Uber

Edmonton will become the first Canadian city to be mapped by Uber, the ride-sharing company announced Friday. A few dozen Uber mapping cars have begun to criss-cross Edmonton collecting data and images as part of an international project.

Edmonton Journal

Metro to replace Target at Windor’s Devonshire Mall

A grocery store owned by the Metro company will eventually open at the site of the former Target at Devonshire Mall, Metro Ontario Inc.. Metro Ontario Inc. owns the Metro and Food Basics banners in Ontario. The company would not say which banner would open at Devonshire Mall.

CBC

Design submissions to replace the iconic Peace Tower

In the southwest corner of Manitoba, nestled within the rolling hills of the Turtle Mountains is a grand, formal garden dedicated to global peace. Its manicured geometric layout, aligned with the international border, is an image one might expect to find cascading from a medieval European castle.

Winnipeg Free Press

Creating a ‘Silicon Valley South’

The Quartyard is a beer garden, event space and dog park in the downtown East Village neighbourhood of this Southern California city. Its projected transition from 25,000-square-foot vacant lot to urban park to housing is part of a plan to create an employment hub in the neighbourhood’s tech corridor. The project is known as Makers Quarter.

Globe and Mail

Sun Life’s strategy in Asia counter to Canada’s banks

A key strategic divide is emerging between Canada’s leading life insurance companies and the country’s biggest banks. Sun Life Financial Inc., as well as Manulife Financial Corp., are singing Asia’s praises and continue to make acquisitions in the region. The Big Six banks, meanwhile, are narrowing their strategies to concentrate on richer, Western countries.

Globe and Mail

UK real estate capital values fall in July

UK real estate capital values fell in July, according to CBRE’s Monthly Index. The 3.3% fall was widely expected and pulled year-on-year growth down to 0.4%.  Heightened economic uncertainty – especially for financial services firms – hit offices in the City of London, shrinking capital values by 6.1%.

IPE Real Estate

Featured Column

Getting through tougher times

Businesses are bound to go through ups and downs. That’s normal. As a property owner, learning how to mitigate long-term risk takes some experience, but also common sense. Unexpected occurrences will happen.

Read more

Market Trends and Research

Canadian building permits tumble unexpectedly in June

The value of Canadian building permits unexpectedly sank in June, hurt by a drop in construction intentions for apartment and condominium buildings in Ontario and British Columbia, data from Statistics Canada showed on Monday.

Financial Post

Fort McMurray, after the fire

Mike Feldstein rode shotgun in his Ford F-150 pickup, barrelling from one cleanup job to another in Fort McMurray’s north end. At one client’s house, a throng of stuffed animals, reeking of smoke, polluted a child’s room (clothes driers, furnaces and teddy bears, as it turns out, all retain the smell of wildfire). Feldstein pressed a stuffed puppy to his nose, pronounced the situation improved.

Canadian Business

The rules have to change again – we must tame globalization

Fifteen years ago, I wrote a little book titled Globalization and its Discontents, describing growing opposition in the developing world to globalizing reforms. It seemed a mystery: People in developing countries had been told that globalization would increase overall well-being. So why had so many people become so hostile to it?

Globe and Mail

Real Estate Companies

Home Capital Group Inc shares fall

Home Capital Group Inc. (HCG-T) slipped the most in a year after reporting second-quarter earnings that missed analysts’ estimates. The non-bank mortgage lender tumbled 6.7 per cent to $29.42 at 1:32 p.m. in Toronto trading after earlier falling as much as 9.8 per cent. That was the biggest decline since the shares fell 21 per cent in July 2015.

Financial Post

REOC Financial Reports

Brookfield Property Partners second quarter 2016 results

Brookfield Property Partners (BPY-UN-T)

Marketwired

Timbercreek Financial second quarter 2016 results

Timbercreek Financial (TF-T) 

Marketwired

REIT Financial Reports

Chartwell REIT second quarter 2016 results

Chartwell REIT (SCH.UN-T)

Marketwired

Slate Office REIT second quarter 2016

Slate Office REIT (SOT.UN-T)

Marketwired

Melcor REIT second quarter 2016 5esults

Melcor REIT (MR.UN-T)

Marketwired

Artis REIT second quarter 2016 results

Artis REIT (AX.UN-T)

Canada Newswire

Real Estate Investment Trusts

Pure Multi-Family REIT LP to sell Fairways at Prestonwood

Pure Multi-Family REIT LP (RUF.UN-X) has entered into an agreement to sell Fairways at Prestonwood  located in Dallas, Texas, for gross proceeds of US$22.8 million. The sale is expected to close on or around August 31, 2016.

Marketwired

New Development

Dartmouth apartment tower may rise in place bar

There may be a new lease on life for a storied but neglected Dartmouth property. Harbour East Community Council gave the nod Thursday to plans for the 17,064-square-foot property at 169 Wyse Rd. However, there are still hurdles ahead for the former Little Nashville country music cabaret site.

The Chronicle Herald

Infrastructure

Montreal’s Mercier Bridge features bike path to nowhere

When the Mercier Bridge reopens later this month after an eight-week roadwork blitz, it will have a new dedicated bicycle path — which won’t be accessible to cyclists for several years. That’s because the path starts from the South Shore and comes to an abrupt stop in the middle, where federal jurisdiction ends.

Montreal Gazette

Sustainability

Why our ravines are the city below Toronto

It’s a scorching hot summer day and Jason Ramsay-Brown is standing atop an elevated lookout, peering at the expansive green valley, wildflower meadows and giant maples, oaks and pines that make up the Vista Trail in Toronto’s Rouge Park. It’s the natural habitat for a man who built on childhood experiences to make himself one of the top ravine experts in the city.

Toronto Star

Other

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