Tridel, Woodbourne to buy The Well’s residential component

Tridel, Woodbourne to buy The Well’s residential component

RioCan REIT (REI.UN-T), Allied Properties REIT (AP.UN-T) and Diamondcorp have entered into a binding agreement to sell the residential component of The Well to Tridel Builders Inc. and Woodbourne Canada Partners III (CA) LP for approximately $180 million, subject to certain closing conditions.

Marketwired – Globe and Mail

Bosa plans major project on New Westminster waterfront

Bosa Development is going ahead with a multi-tower residential and commercial project in downtown New Westminster on what is being described as one of the best tracts of undeveloped waterfront real estate in the Lower Mainland.  Bosa bought the 1.6-hectare plot at 660 Quayside Drive in New West from owner Larco Investments earlier this year.

Vancouver Sun

Condo ‘presales’ could be left in chaos by new B.C. tax

B.C.’s new tax for foreign buyers could end up causing a “huge mess” that hurts Canadian property owners if the province doesn’t exempt soon-to-close contracts and condo “presale” agreements, real estate insiders say. The tax, announced Monday by the B.C. government, imposes an additional 15 per cent property transfer tax on sales of residential property by foreign buyers that close and are registered after Aug. 2.

Vancouver Sun

OSFI orders banks to stress test mortgage accounts

Some of Canada’s banks must stress test their ability to withstand a 50 per cent drop in housing prices in Metro Vancouver area and a 40 per cent drop in the Greater Toronto Area, the country’s banking regulator says. The Office of the Superintendent of Financial Institutions also said that all banks must test for a 30 per cent downturn in valuations.

CBC.ca

Foreign investors continue seek Canadian CRE: Morguard

Despite Canada’s tepid economic growth forecast, foreign investment continues to stimulate the real estate market as investors look for stability. Morguard Corporation‘s (MRC-T) second quarter 2016 Economic Outlook and Market Fundamentals Report points to Canada as an attractive market for foreign capital investment.

Canada Newswire

A tenants market for Calgary commercial real estate

The city’s energy industry may be struggling, but one local company in the business of serving up an alternative fuel source is thriving. Analog Coffee, owned by long-running local family business Fratello Coffee Roasters, has been on an ambitious expansion plan over the past few years. And its owners — brothers Russ and Chris Prefontaine — have no intention of pulling back on the reins.

Calgary Herald

Intact Financial profit halved by Fort McMurray wildfire

Intact Financial Corp, Canada’s largest property and casualty insurer, said second-quarter earnings per share fell by 54 per cent due to the impact of the wildfires in the Alberta oil city of Fort McMurray.  The company said on Wednesday earnings per share fell to 67 cents from $1.47 the year before. It said the average estimate of analysts who follow the company was 55 cents.

Globe and Mail

Sears Canada loses another top executive

Sears Canada’s revolving door reputation is only getting worse after announcing Carrie Kirkman is on the way out less than a year into her role as president of the retailer.  Kirkman, an experienced fashion executive formerly with Nine West Canada, Jones Apparel Group and Hudson’s Bay, was named president and chief merchant of Sears Canada in November.

Financial Post – Globe and Mail – Canada Newswire

Retail industry sees shakeup in executive offices

It’s a summer of uncertainty in retail as some major players shake up their top ranks, underlining the urgency for change in the sector. In the latest move, Sears Canada Inc. said late Monday that president Carrie Kirkman will step down at the end of this month and then serve as an adviser. 

Globe and Mail

Save-On-Foods plans three Saskatoon stores

Save-On-Foods will open three supermarkets in Saskatoon within the next 18 months and consider adding three more in the coming years, according to its president, Darrell Jones.  Save-On-Foods is owned by the Jim Pattison Group and operates about 150 stores in Canada. In July 2015, the company announced plans to expand into Saskatchewan.

The Star Phoenix

Slate Retail REIT buys Utah shopping centre

Slate Retail REIT (SRT.UN-T), an owner and operator of U.S. grocery-anchored real estate, has entered into a binding agreement to acquire Taylorsville Town Center, a 97% occupied Fresh Market-anchored centre, in the Salt Lake City, Utah.

Marketwired

GICS carve-out an incremental step for REITs

Sept. 1 marks the beginning of a new era for publicly traded real estate companies, and especially REITs. That’s the day when real estate, long included as a subcategory within the financial sector as part of MSCI’s Global Industry Classification Standard, will become a separate category within GICS.

Globe St. – REIT reclassification good news

UK property market to weather Brexit impact

The UK property market will weather the impact of Brexit, according to La Française. The company’s director of real estate market research, Cécile Blanchard, said UK market fundamentals were “sufficiently sound” to soften the blow.

IPE Real Estate – Financial Post

U.K. probe reveals details of retail giant’s demise

When iconic British retailer BHS collapsed into bankruptcy protection in April, it marked a sad ending to an 88-year-old department store chain. It also threw 11,000 people out of work and left a £571-million ($986-million) hole in the retailer’s pension plan.

Globe and Mail

U.K. retailers biggest fall in sales in four years after Brexit

British retailers suffered their sharpest fall in sales in four years after last month’s vote to leave the European Union, raising doubts about the ability of consumers to stave off a Brexit recession. Official figures earlier on Wednesday showed the economy as a whole grew fairly robustly in the run-up to the vote.

Globe and Mail

Featured Column

Saskatoon industrial facts you need to know

We provided you a quick overview of our Saskatoon commercial real estate industrial, retail and office markets last week. Let’s now take a closer look at the industrial sector.

Read more

Market Trends and Research

Calgary airport slides to fourth place in passenger traffic in 2015

Numbers were up at Calgary International Airport in 2015, but the airport was overtaken by Montreal’s Pierre Elliot Trudeau airport in overall passenger traffic in 2015, according to new numbers from Statistics Canada.  Despite the struggling local economy, Calgary’s airport saw nearly 14.6 million people pass through its gate in 2015, up 0.9 per cent from 2014.

Calgary Herald

REOC Financial Reports

Brookfield Canada Office Properties reports second quarter 2016 results

Brookfield Canada Office Properties (BOX.UN-T) (BOXC-N), a Canadian REIT, announced that net income for the three months ended June 30, 2016 was $45.8 million or $0.49 per unit, compared to $83.6 million or $0.90 per unit during the same period in 2015.

Marketwired

Real Estate Investment Trusts

Granite REIT appoints Ilias Konstantopoulos as new CFO

Granite REIT‘s (GRT.UN-T) appointment of Mr. Ilias Konstantopoulos as Granite’s new Chief Financial Officer effective on or about September 12, 2016. Mr. Konstantopoulos is a senior financial executive who brings over 20 years of corporate finance, mergers and acquisitions, and capital markets expertise to Granite from his roles as Managing Partner at Brookfield Financial and Managing Director at BMO Capital Markets.

Granite REIT

Agellan Commercial REIT announces bought deal financing

Agellan Commercial REIT (ACR.UN-T) has entered into an agreement to sell to a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets, on a bought deal basis, 3,900,000 units at a price of $10.25 per Unit for gross proceeds to the REIT of $39,975,000.

Marketwired

American Hotel Income Properties REIT LP completes bought deal

American Hotel Income Properties REIT LP (HOT.UN-T) has completed its previously announced public offering of 10,000,400 limited partnership units, on a bought deal basis, at a price of Cdn$10.35 per Unit, for total gross proceeds of Cdn$103.5 million.

Marketwired

Retail

Vancouver to host China ecommerce giants during conference

Metro Vancouver businesses will have the rare opportunity next month to come face-to-face with officials representing leading brands with the China’s booming ecommerce sector, including giants Alibaba and Baidu. The Canada China Trade Conference is the first gathering of its kind focusing on the opportunity for B.C. companies to sell their goods to the Chinese market through online platforms.

Vancouver Sun

Loblaw to post 12 per cent EPS growth despite low inflation

Lower inflation shouldn’t prevent Loblaw Cos. Ltd. (L-T) from reporting double-digit earnings per share growth, TD Securities says in a new report. With the grocery giant due to report second quarter results before the market opens on July 27, analyst Michael Van Aelst is telling clients to expect four per cent EBITDA growth and 12 per cent EPS growth.

Financial Post – Globe and Mail – Chronicle Herald – Canada Newswire

LCBO unveils online sales of liquor and beer, for a $12 fee

Beginning Tuesday, Ontarians can buy beer and liquor from the LCBO online and have it delivered to their front door, for a $12 fee. The LCBO’s website is offering thousands of brands of beer, whisky and other alcoholic beverages for home delivery via Canada Post.

Ottawa Citizen

McDonald’s sales fall short; stock falls

McDonald’s Corp (MCD-N) reported much lower-than-expected quarterly sales growth at established restaurants in the United States and the fast-food chain said it faced “a challenging environment in several key markets.” The company’s shares fell as much as 3.7 per cent to $122.63 in early trading on Tuesday.

Globe and Mail

New Development

Open Portage and Main? A shift in thinking is needed first

Last week, when the Winnipeg Fringe Theatre Festival was in full swing, I did something that I rarely have to do on Winnipeg sidewalks. I felt like I was in another city.   There’s been a lot of talk as of late about transforming Winnipeg’s downtown into a vibrant, walkable destination that attracts locals and visitors alike.

Winnipeg FreePress

Cathedral area development quashed by Regina city council

Regina city council rejected a proposal for a four-storey, mixed-use development for the corner of 13th Avenue and Elphinstone Street after hearing from more than 20 delegates Monday night. Most were opposed to the development, saying it did not fit with the neighbourhood.

The Regina Leader Post

Renters fear ‘renovictions’ in Vancouver community

Fear of “renovictions” in Grandview-Woodland is among the biggest concerns of residents over the City of Vancouver’s new plan for the community, staff told councillors Tuesday after giving a presentation on the plan. About 65 per cent of residents in the area are renters and many of them live in older buildings ripe for redevelopment.

The Province

Infrastructure

Brookfield Infrastructure to Issue $200,000,000 of Preferred Units

Brookfield Infrastructure (BIP.UN-T) today announced that it has agreed to issue 8,000,000 Cumulative Class A Preferred Limited Partnership Units, Series 5 on a bought deal basis to a syndicate of underwriters led by TD Securities Inc., CIBC Capital Markets, RBC Capital Markets, and Scotiabank. 

Marketwired

Is the Caisse REM Montreal light-rail plan a good idea?

Earlier this year, the Caisse de dépôt et placement du Québec proposed a 67 km system of light-rail transit (LRT) for Greater Montreal. However there are several potential problems associated with the Réseau électrique métropolitain (REM) proposal that have not received sufficient attention.

Montreal Gazette

London City airport expansion gets green light

Ministers have given the go-ahead for a £344m expansion of London City airport. The plans include an extended terminal, more space for planes to taxi to and from the runway, and new aircraft stands that will allow bigger, more modern planes to use the airport.

The Guardian

Sustainability

Bentall Kennedy Group releases 2016 corporate responsibility report

Bentall Kennedy has released its 2016 corporate responsibility (CR) report entitled “Simply Better Business”.  This report, providing detail on Bentall Kennedy’s key environmental, social and governance initiatives for the year ending December 31, 2015, continues the company’s commitment to industry leadership in these fields.

Canada Newswire

Other

	RENX has surpassed 9,180 Twitter followers
	Follower Pat Crosscombe Founder & CEO BoardSpace. Passionate about good governance & service to community.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.