First Nation announces massive Calgary development

First Nation announces massive Calgary development

The Tsuut’ina nation and Calgary’s southwest edge will be transformed by a massive developments plugged into the coming ring road, say its proponents. In unveiling on Monday the multi-billion dollar commercial, entertainment and business park plan to be built over the next 20 years, First Nation Chief Roy Whitney said three hubs will cement a future for the Tsuut’ina.

Calgary Herald – Canada Newswire

Canadian Tire reappoints Wetmore as CEO in shakeup

After only two years as chief executive officer, Michael Medline is leaving the top job at Canadian Tire Corp. Ltd. (CTC-T) and being replaced by his predecessor as the company grapples with the “increasing complexities of the new world of retail.” The retailer has appointed Stephen Wetmore as president and CEO of the company, effective immediately.

Globe and Mail – Financial Post – Wetmore leaves Canadian Tire in better shape than he found it

Cranson Capital’s Toronto condo REIT

The Toronto apartment rental market is hot but with little new product, existing building stock expensive and often locked up by long-term investors, it’s a tough play to get into. Toronto real estate investment firm Cranson Capital believes it has hit on a winning way for investors to benefit from the rental market.

Property Biz Canada

Ivanhoé Cambridge to redevelopment of Carrefour de l’Estrie

Ivanhoé Cambridge announced a $44-million redevelopment to revitalize Carrefour de l’Estrie in Sherbrooke. This investment will modernization of the shopping centre including space left vacant since Target’s departure allowing for new tenants and restaurants and a new main entrance will also be built.

Canada Newswire

Ontario to renovate Macdonald Block’s towers

The Province of Ontario has announced it is reconstructing its Macdonald Block Complex of office buildings on Bay Street, an initiative that it says will reduce the cost of government operations and help the province meet its greenhouse gas reduction targets.  An extensive reconstruction of the 45-year-old block of four towers is needed.

Daily Commercial News

Dalfen America named 2016 Top Real Estate Investor Operator

Dalfen America Corp. (DAC) was named the country’s top Real Estate Investor Operating Company in 2016 by National Real Estate Investor (NREI). The award was announced during IMN’s annual U.S. Opportunity Funds Forum in New York, which is the largest Private Equity Real Estate conference in the country.

Marketwired

Fibre optic should be factor in choosing offices

As the Internet becomes a more crucial part of many business activities, the importance of fibre optic connectivity to deliver peak performance should be taken into greater consideration when companies choose office space.

Property Biz Canada

Couche-Tard’s annual profit climbed last year

The Quebec-based company that runs Couche-Tard (ATD.A-T) Mac’s and Circle K convenience stores increased its annual profit by 28.4 per cent last year to nearly US$1.2 billion. The profit included US$206.2 million or 36 cents per share earned in the fourth quarter ended April 24, up 80 per cent from US$126 million or 22 cents per share in the comparable period last year.

Montreal Gazette – Globe and Mail – Canada Newswire

Staples appoints Canadian president as head of N.A. retail

The Staples (SPLS-Q) office supplies company has chosen the president of its Canadian arm to be the new head of its North American retail network. The appointment of Steve Matyas was announced by Shira Goodman, who become interim chief executive last month after Ron Sargent agreed to step aside in May.

Toronto Star

NCC 50-year plan includes revamped 24 Sussex

The National Capital Commission’s draft plan for the next 50 years envisions a more populous Ottawa region, home to about two million people by 2067, where the federal government might play a somewhat smaller role in the local economy.

Ottawa Business Journal – Globe and Mail

Meet the people trying to reinvent this old Bridgeland building

When Kathryn Pearce’s son was five months old during the summer of 2015, she was desperate for a place to work.  After being laid off from her job as an intern architect when she was eight months pregnant, Pearce decided she would strike out on her own and started looking for a co-working space.

Calgary Herald

How Canada became the centre of the infrastructure universe

The world’s biggest infrastructure investors banded together recently to launch an advocacy group, called the Global Infrastructure Investor Association at a recent meeting in Toronto.  The chairman of the GIIA is Swiss. The CEO is a Brit. Founders included massive funds in Australia, the U.S., Europe and the Middle East. 

Globe and Mail

SNC-Lavalin sells Canadian property management business

SNC-Lavalin Group Inc. has struck a $45 million deal with Brookfield Global Integrated Solutions to sell its Canadian property management business as part of the engineering giant’s strategy to run a leaner company.   The Montreal-based SNC-Lavalin says the move is part of its strategy to focus on its core sectors.

Financial Post – Globe and Mail

JV acquires remaining stake in NYC office

Ivanhoe Cambridge and its U.S. partner Callahan Capital Properties have acquired the remaining 51% interest in the 6 Hudson Square office building at 330 Hudson St. in New York City.  Beacon Capital Partners sold its majority position in the asset for $169.32 million in a deal that valued the property at roughly $332 million.

CoStar Group

Brookfield closes $14-billion Global Infrastructure Fund

Brookfield Asset Management Inc. (BAM.A-T) announced today that it held the final close on Brookfield Infrastructure Fund III with an aggregate of $14 billion of equity commitments, creating a global infrastructure fund that invests in high-quality, core infrastructure assets on a value basis.

Marketwired – IPE Real Estate

	BREXIT News
	The following section of the RENX newsletter itemizes news stories and information related to the recent referendum in Britain where the majority of citizens voted to exit the European Union.

 

Saudi’s Kingdom says Brexit reduced revenue in AccorHotels deal

Saudi Arabia’s Kingdom Holding said it will record SAR 150m ($40m) less revenue from its share-swap deal with AccorHotels due to foreign currency fluctuations caused by Brexit. The investment firm agreed to exchange its stake in FRHI Holdings Ltd for a 5.8 per cent stake in the French firm as well as cash worth SAR 1.27bn and other assets.

Gulf Business

A new breed of executives: Brexit managers

Britain’s decision to leave the European Union is driving demand for a new brand of corporate executive – high-powered troubleshooters than can help companies draw up and implement plans to cope with Brexit. Companies are typically looking to hire these consultants or managers for three to nine months, and they are often businessmen with international experience.

Reuters

The Brexit impact: What’s ahead for CRE?

The United Kingdom’s stunning vote last month to leave the European Union shook financial markets around the world and raised questions about the prospects for commercial real estate investment. Though the Brexit vote’s impact will take time to unfold, industry veterans suggest a complex outlook marked by both significant opportunities and potential challenges.

CP Executive

Market Trends and Research

Uptick in B.C. hotel demand offsets Alberta’s weakness in sector

Strong performance in B.C.’s hotel industry is helping to offset losses elsewhere in Western Canada’s hotel market caused by weak oil and gas prices, according to a new report by global commercial real estate firm CBRE.  Pain in the oilpatch was the major cause of a 26.1-per-cent drop in per-room revenue in Calgary for the first quarter of this year.

The Province

Edmonton council not happy with Municipal Government Review

Edmonton wants the power to tax derelict property owners into cleaning up their act. That’s just one of the increased powers it’s requesting from the province as it reviews what amounts to Edmonton’s constitutional documents.

Edmonton Journal

New economic forecasts suggest gloomy times to continue in Alberta

The second half of 2016 will fail to bring much relief to a sour provincial economy, new economic forecasts revealed Tuesday, while noting the energy and housing markets show mild signs of recovery. The latest quarterly outlook from ATB Financial offered another gloomy prognosis for the province.

Edmonton Journal

Real Estate Investment Trusts

AHIP REIT buys Embassy Suite Hotels in U.S.

American Hotel Income Properties REIT (HOT.UN-T) has agreed to acquire the previously announced two Embassy Suites by Hilton hotels located in Dallas, Texas and Tempe, Arizona for an aggregate purchase price of approximately US$57.6 million, excluding approximately US$5.7 million in brand mandated property improvement plans.

Marketwired

CAP REIT announces public unit financing

Canadian Apartment Properties REIT (CAR.UN-T) of Toronto, Ontario announced today that it has agreed to sell, subject to regulatory approval, 4,660,000 units at a price of $32.20 per unit for aggregate gross proceeds of $150,052,000 to a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.

Marketwired

Retail

Rona sees sales double with digital offering

Home renovation chain Rona (RON.PR.A-T) says its efforts to attract tech-savvy shoppers got a recent boost when the retailer temporarily replaced its printed flyer with an expanded digital offering. The Montreal-based company says sales doubled at its stores across Canada despite scrapping the printed flyer during a nationwide test one week in February.

Montreal Gazette

Birks turns a profit after restructuring

Montreal-based jeweler Birks (BGI-A-NYSE)has emerged from restructuring to turn a profit in its latest fiscal year as the retailer refreshed its store network and saw increased sales of luxury watches and jewelry.  “Sales in the high end are still growing,” Jean-Christophe Bédos, chief executive officer of Birks Group Inc. said Tuesday.

Montreal Gazette

Infrastructure

Abandoning tolls on Montreal’s bridge would save money

The federal Liberals’ decision to ditch plans to install tolls on a major new Montreal bridge could knock as much as $301 million off the final construction price.  The change of plans won’t raise the $4.23 billion price tag to replace the federally owned Champlain Bridge said Infrastructure spokesman.

Montreal Gazette

Comment: It’s time to sell the airports

News broke last week that the federal government is considering privatizing its major airports to raise money for infrastructure projects. That would be good news for Canadians, and in more ways than one. Private airports, which are becoming commonplace around the world.

Financial Post

International

US comptroller flags CRE lending

Following on an interagency statement this past December that raised concerns about rising concentrations and looser underwriting standards for commercial real estate loans, the US Comptroller of the Currency said this week that he’s keeping a closer eye on CRE lending.

Globe St.

New hotel a sign of Niagara Falls’ resurgence

Work is underway on a new $35 million hotel in Niagara Falls. Gov. Andrew Cuomo travelled to the site of the future Hyatt Place hotel on Tuesday to celebrate the development. The Democratic governor says it’s one of the largest projects in Niagara Falls in more than 40 years and a sign that the area’s economy is improving.

Winnipeg Free Press

In India, private equity firms see new allure in old world retail

E-commerce in India has been booming and online giants like Amazon are spending big bucks on the world’s fastest growing major economy. Yet some investors are pouring money into retail mainstays of a bygone era – shopping malls.  Private equity investors like Blackstone and Rothschild-backed Xander Group are looking for malls in India.

Reuters

Sustainability

Ontario plugs electric car plan with charging network

In the war against climate change, the Ontario government’s battle cry is “charge!” The province announced Wednesday a new network of almost 500 charging stations partnering with 24 companies like IKEA, McDonald’s, and Tim Hortons that will be up and running by the end of next March.

Toronto Star

Other

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