Calgary downtown office towers drop $1.6B in value

Calgary downtown office towers drop $1.6B in value

The slide in the overall value of Calgary office towers continues, even as two new ones — the Manulife building and Brookfield Place — have opened in the downtown, adding a combined value of more than $850 million to the city’s tax rolls. Yet, all of the office buildings in the city’s core lost more than nine per cent of their assessed value last year, or $1.6 billion. 

Calgary Herald – Property Biz Canada – Property Biz Canada – Property Biz Canada

How much are Vancouver’s best-known properties worth?

PHOTO GALLERY: With property assessments for 2018 revealed this week, let’s take a look at what some of B.C.’s most notable properties are worth.

Vancouver Sun – Property Biz Canada

Killam Apartment REIT hits milestone, looks ahead

Halifax-based Killam Apartment REIT  (KMP-UN-T) has reached a major milestone in its history and is now poised to expand its portfolio in the Ontario and Alberta markets. The REIT was recently added to the S&P/TSX Composite Index along with four other S&P/TSX indices. “Inclusion in the S&P/TSX Composite Index is a significant milestone for Killam and a positive conclusion to a successful 2017,” Philip Fraser, Killam’s president and CEO, told RENX in an interview.

Property Biz Canada – Property Biz Canada – Property Biz Canada – Property Biz Canada

Tech disruptors: Most CRE executives don’t get it

Most CRE executives are failing to recognize how specific new technologies could become major disruptors to their industry, according to new findings presented by Altus Group. The Toronto-based advisory services, software and data solutions firm recently surveyed how CRE companies approach disruptive new technologies, addressing their existing tech gaps and challenges, and responding to the technology boom in the industry.

Property Biz Canada

Brookfield to buy Westinghouse’s global nuclear business

Westinghouse Electric Co.’s global nuclear business may now rest in the hands of the private equity arm of Brookfield Asset Management Inc. (BAM-A-T) Canada’s biggest alternative asset manager agreed to buy what remains of the former nuclear energy powerhouse’s U.S. business, as well as its non-bankrupt European business, for $5.7 billion Cdn. Brookfield won an auction to propose the best possible offer for the company. 

Bloomberg – Financial Post – CBC – GlobeSt.com

Int’l retailers opened in record numbers in 2017

 A record-breaking number of international retailers entered the country in 2017. Roughly 50 international merchants set up shop for the first time in Canada last year by opening standalone boutiques or opening small “stores within a store” at larger retailers, according to data from Retail Insider, which has been tracking retail store openings for the past five years.

Financial Post

Winners/HomeSense outlet taking over Winnipeg Target site

For close to three years, the 120,000-square-foot, two-storey building space occupying the prime retail location on Winnipeg’s St. James Street has sat empty. But it’s now about to have a new family move in. Construction is underway to build a new entrance that can accommodate three new tenants, with one of them almost certainly being a Winners/HomeSense combo-store.

Winnipeg Free Press – CBC

Automotive Properties acquiring K-W dealership property

Automotive Properties Real Estate Investment Trust (APR-UN-T) Thursday announced it has entered into an agreement to purchase a dealership property in Kitchener-Waterloo to be redeveloped for a luxury high-end car company that will occupy the premises. The REIT expects to invest approximately $7.5 million including the purchase price, redevelopment costs and related expenses. 

Canada Newswire – Property Biz Canada – Property Biz Canada – Property Biz Canada

Future of protected B.C. farmland could be shaped by review

The future of 4.6 million hectares of provincially protected farmland — an area bigger than Denmark and almost five per cent of B.C.’s total area — is going under the microscope. Agriculture Minister Lana Popham announced Thursday an independent commission will hold consultations across B.C. on the “revitalization” of the Agricultural Land Reserve.

CBC

Ski resorts strap in for expansion and development

With long-range forecasts calling for another winter of thick snow, ski hills from Whistler to the Kootenays are prepping for another season, and for future seasons. Panorama Mountain Village Inc., recently signed Replay Resorts Inc. to elevate the guest experience at the resort, which is near Invermere, B.C., and features a 4,265-foot vertical drop at the height of its 3,000 acres.

Western Investor

New library latest Calgary architectural hit

They might be having trouble finding tenants, but thanks to a spate of critically-acclaimed buildings designed by some of the world’s leading star architects — or starchitects — Calgary is growing into a destination for design lovers. That’s the word from University of Calgary Associate Professor Jason Johnson, who appeared on The Calgary Eyeopener Wednesday.

CBC

Aurora inks deal with European greenhouse company

Aurora Cannabis Inc. has signed a deal to form a joint venture with European greenhouse vegetable company Alfred Pedersen & Son (APS). Under the deal, Aurora (ACB-T) will own a 51 per cent interest in Aurora Nordic Cannabis A/S, based in Odense, Denmark. Aurora Nordic plans to build a 93,000-square-metre automated cannabis production facility. 

CTV – Financial Post

Liberty acquires 387 acres, 200,000-square-foot greenhouse

Liberty Health Sciences Inc. (LHS-CN) announced it has entered into a binding term sheet to acquire all of the issued and outstanding shares of 242 Cannabis Canada Ltd. whose wholly owned subsidiary 242 Cannabis, LLC, has agreed to purchase a 387 acre parcel of land in Gainesville, Fla. The property includes more than 200,000 square feet of state-of-art greenhouses, head houses, tissue culture lab and processing facilities. 

Canada Newswire – Canada Newswire

Potential cannabis industry players interested in Calgary

At least 200 potential marijuana retailers have expressed interest in setting up shop in Calgary, says the city official responsible for planning for the impending legalization of recreational cannabis. Matt Zabloski said retail expectations could be getting out of hand, depending on provincial directives on how such shops will be located and regulated — guidelines that should be provided next month.

Calgary Herald

POT stock ticker symbol suddenly up for grabs

As publicly traded Canadian cannabis companies fight to differentiate themselves ahead of the legalization of recreational marijuana, one of the industry’s catchiest potential stock ticker symbols is suddenly up for grabs. But don’t expect to see POT on your marijuana watchlist anytime soon. The three-letter call sign was the listing identity of fertilizer giant Potash Corp. of Saskatchewan Inc. until its merger with Agrium Inc.

Financial Post

Featured Column

Trust is the driving force of a corporation

As we begin 2018, it’s an opportune time to ponder our priorities for the coming year.

We know that a leader’s most important job is designing and implementing strategies so the organization flourishes in the long term.

Read more

Market Trends and Research

GTA’s CRE leased space up slightly: TREB

TREB Commercial Network members Tuesday reported 5,985,841 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS System.  This result was up from 5,824,485 square feet leased during the last three months of 2016. The great majority of leased square footage was accounted for by the industrial market segment, at 75 per cent of the total, or approximately 4.5 million square feet.  This result was down slightly compared to Q4 2016.

Globe Newswire

Real Estate Companies

Colliers acquires Finnish RE management services firm

Colliers International Group Inc. (CIGI-T), a global leader in commercial real estate services, announced the acquisition of Ovenia Group, Finland’s leading real estate management and service company. For the last twelve months, the Company generated revenues of over US$50 million. Financial details of the transaction were undisclosed. Ovenia will immediately rebrand as Colliers International throughout Finland. 

Globe Newswire

Avison Young arranges premium MOB sale in Fairfax

Harrison Street Real Estate has purchased the Merrifield-Fairfax Medical Campus, a 119,788-square-foot trophy-class medical office building in Fairfax, Va. Principals Jim Kornick and Chip Ryan, both in the firm’s Washington, D.C., office, along with principals Mike Wilson and Erik Foster and executive vice-president Mark Johnson, from the Chicago office, arranged the transaction. All are members of an Avison Young capital markets group that specializes in healthcare investments.

CP Executive

	RENX 2018 media kit is now available
	RENX 2018 media kit is now available. Enquire about our blended advertising rate that combines newsletter and website exposure. Advertising that reaches thousands of professionals in the commercial real estate industry every business day. Contact sales@renx.ca, 1-855-569-6300

 

Real Estate Investment Trusts

Pure Multi-Family announces appointment of independent director

Pure Multi-Family REIT LP (RUF-UN-X) announced the appointment of Maurice (Maish) Kagan as an independent director to the Board of Directors of Pure Multi-Family REIT (GP) Inc.,effective immediately. Kagan is currently president of Canal Group, a residential and commercial property holding company. Previously. Kagan was CEO/owner of Sparkle Solutions Inc., a route operator servicing 13,000 laundry machines serving the multi-residential housing industry in Canada. 

Canada Newswire

Slate Office appoints Monty Baker to Board Of Trustees

Slate Office REIT (SOT-UN-T) announced the appointment of Monty Baker to the Board of Trustees of the REIT. Baker is a retired partner from PricewaterhouseCoopers, where he held various senior roles, including as the Canadian leader for the PwC Canada Management Consulting group. He also served on PwC’s partnership board and was a member of the Global PwC Consulting Advisory Board from 1999 to 2002.  

Globe Newswire

Retail

Sears Holdings closing 103 additional stores

Sears Holdings (SHLD-Q) is starting out 2018 the same way it started out 2017. Four days into the new year, Sears just announced the closing of 103 stores. Last year on this date it announced 150 store closings. Sears Holdings said it is continuing its strategic assessment of the productivity of its Kmart and Sears store base.  

CoStar Group – Reuters

Montreal’s Frank and Oak pops up in Vancouver

Montreal’s Frank and Oak opened a store in mid-December on Vancouver’s upscale Robson Street, but it declined to commit itself to a long lease. Instead, the 15-store chain signed a one-year lease for the 1,000-square-foot space at 1173 Robson Street, the brand’s COO, Hicham Ratnani, told Business in Vancouver.

Business In Vancouver

B.C. furniture maker finds success by embracing e-commerce

When the e-commerce model came to the world of retailing a decade ago, Prepac Manufacturing Ltd. was ready. The Delta, B.C., company makes ready-to-assemble, or “flat pack,” furniture. It started in 1979 selling basic wood shelving and utility cabinets through home-improvement stores such as Beaver Lumber and Rona.

Globe and Mail

‘End of an era’ for Winnipeg’s Gendis Inc.

Gendis Inc. (GDS-T) , the company founded by Albert Cohen and his five brothers in the 1940s that introduced Sony transistor radios to the Canadian market and owned hundreds of discount clothing stores in small towns across the country, will become a private company owned by third-generation Cohen siblings. “You could say it’s the end of an era,” said Jerry Gray, an independent board member of Gendis Inc. 

Winnipeg Free Press

Other

	RENX has surpassed 10,340 Twitter followers
	Recent follower Ontario Ministry of Infrastructure tweets information about infrastructure funding and projects in the province.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.