Quebec approves $200M Olympic Stadium roof

Quebec approves $200M Olympic Stadium roof

The Couillard government has given the go-ahead to replacing the failing roof on the Olympic Stadium. Officials said Thursday the decision was made by the Quebec cabinet Oct. 25, but the government was waiting until after Sunday’s municipal election to make it public. The estimated cost of the new roof is between $200 million and $250 million. 

Montreal Gazette – CBC – Property Biz Canada – CBC

Dream Industrial buys 4 sites, expands U.S. presence

Dream Industrial REIT is moving forward with its expansion into the U.S., buying a four-property portfolio of industrial properties in three hub cities for US$103.3 million. The properties are located in Memphis (two properties), Orlando, Fla.; and Charlotte, N.C. The acquisitions comprise just over 2.0 million square feet of gross leasable area and are 100 per cent occupied by a mix of large, blue-chip companies and medium-sized enterprises.

Property Biz Canada – Property Biz Canada

Commercial real estate bull run to continue: Morassutti

Canada’s bull run in commercial real estate shows no sign of abating despite ongoing threats to NAFTA and concerns over Canada’s overheated housing market, said CBRE’s executive vice-president. Paul Morassutti said commercial property investment and leasing in Canada “continues to defy predictions while grappling with an unprecedented level of change”.

Property Biz Canada – Property Biz Canada – Property Biz Canada

Hope for retail, office sectors key topics at Calgary roundtable

Revitalizing its downtown office market is one of the key issues facing commercial real estate owners and managers in Calgary. The transformation issues facing Canada’s retail sector are well-known nationwide. Both of these topics were front and centre during a roundtable on the future of the city’s commercial real estate market at the Calgary Real Estate Forum.

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

Winnipeg’s inland port has 100 acres for sale

Canada’s first tri-modal inland port — CentrePort Canada — has marked another milestone with the announcement of its first new industrial development offering fully serviced land. The new 100-acre development is located within the existing Brookside Industrial Park, and will be ready for development by next summer.

Winnipeg Free Press

‘Jury still out’ on malls and ecommerce: SmartCentres REIT CEO

The CEO of one of Canada’s major real estate investment trusts says the industry is still feeling its way through how the explosive growth of online retailing will impact shopping malls. In an interview on BNN, SmartCentres REIT CEO Huw Thomas said retailers will likely convert some stores into warehousing space as Canadians increasingly do their shopping online.

BNN – Property Biz Canada – Property Biz Canada

Developer blames TO delays for condo cancellation

A Toronto real estate developer is blaming delays obtaining city approvals and rapidly increasing construction costs for the cancellation of a planned condominium building, but would-be residents facing a booming condo market are hoping to salvage the project. The nine-storey, 168-unit Museum FLTS. was called off by developer Castlepoint Numa in registered letters sent to purchasers, along with their deposit cheques, in late October.

Globe and Mail (Subscription required) – CBC

TOBY winner profile: Edmonton’s John E. Brownlee Building

Edmonton’s John E. Brownlee Building earned a BOMA BEST Gold certification in January and followed that by receiving a Building Owners and Managers Association (BOMA) of Canada TOBY Award for best government building at the BOMEX 2017 conference and exhibition in Toronto in September.

Property Biz Canada

BioWare moving offices to downtown Edmonton

Edmonton’s most beloved video game developer BioWare is moving its offices to three floors of Epcor Tower in late 2018 or early 2019. The move to the heart of the city at 10423 101 St. from its current location on Calgary Trail in the Empire Park neighbourhood is being hailed as proof that the ongoing revitalization of the core continues to attract businesses.

Edmonton Journal

Alberta plans private marijuana stores, online sales

Plans are underway for legal marijuana to be sold in Alberta through private bricks-and-mortar stores, but online sales will be controlled by the government. Legislation governing the sale of weed once it becomes legal July 1 will be introduced in the legislature next week. Government-controlled online sales is meant to alleviate safety concerns raised in response to the NDP’s planned pot framework, released Oct. 4, sources say.

Edmonton Journal – Vancouver Province

Mall REIT shares rise on talk of Brookfield GGP sale

Shares of GGP Inc. and other shopping mall REITs were up on Tuesday and Wednesday following a report Brookfield Asset management, GGP’s largest shareholder, was in preliminary discussions about a possible privatization. The two companies discussed a premium of 10% to 15% above GGP’s share price at the start of this week. Representatives from Brookfield and GGP weren’t immediately available for comment.

Globest.com – Bloomberg

Brookfield rally makes a millionaire of Jack Cockwell

Jack Cockwell’s persona as a swashbuckling accountant still resonates at Brookfield Asset Management, a globe-spanning asset manager he helped set in motion a half-century ago. “Jack was very, very tough,” said Ira Gluskin, a money manager who first met Cockwell in the 1970s. “Here was this South African accountant who suddenly started taking control of some of Canada’s biggest resource companies.”

Bloomberg

Brookfield CEO listed among world’s best-performing

Brookfield Asset Management‘s Bruce Flatt earned the No. 73 spot in the most recent Harvard Business Review annual list of the 100 best-performing CEOs. Other CEOs of North American real estate firms to make the list were Hamid Moghadam, Prologis (No. 43);  Debra Cafaro, Ventas (50);  David Simon, Simon Property Group (51); James Taiclet Jr., American Tower (79); and Stephen Smith, Equinix (92).

CoStar Group

PSP Investments buying more Australian cattle stations

Canada’s Public Sector Pension Investment Board (PSP Investments) has acquired more cattle stations in Australia, taking its investment in the sector to almost $133 million so far this year. PSP invests in Australia through its joint venture partner Hewitt Cattle Australia. The partners’ newest acquisition is a 15 per cent stake in an Australian organic beef company, Arcadian Organic & Natural Meat, for an estimated $49 million.

IPE Real Estate

CBRE: Middle Eastern investors spent $10B in global CRE

Despite some investment constraints due to low oil pricing, Middle East investors spent $10.1 billion on global commercial real estate assets in the year between the second quarter of 2016 and 2017, focusing much of their attention on New York City and Washington, D.C. The U.S. was the top country destination in the time period for Middle East investors with volume reaching $3.9 billion.

CP Executive

Market Trends and Research

Investors show confidence in Edmonton CRE: Barclay Street

To Sept. 30, investors continued to demonstrate interest and confidence in the Edmonton market. Commercial real estate investment reached $1.4 billion; a year-over-year increase of $190 million over Q3 2016. The retail asset class was the top performer, comprising $384 million or 28% of year-to-date investment. As well, the multi-residential asset class showed ongoing strength as an area of investment.

Barclay Street media release

Hotel pricing is up, but volume is down

Hotel volume is down but pricing is up. So said a group of hotel financing experts at the Lodging Conference last week. Moderator Teague Hunter, president of Hunter Hotel Advisors led the discussion regarding $20 million-plus transactions among panelists which included American Hotel Income Properties REIT president Ian McAuley.

GlobeSt.com – GlobeSt.com

U.S. office sales down in last decade: Yardi

The past decade has represented a new, and in many respects lower-flying, environment for U.S. office investment compared to the previous 10 years, according to Yardi Systems’ COMMERCIALCafé. Although the top two office investment markets since 2008 have been the same as those in the years from 1997 to 2007, the rest of the top 10 looks quite different over the two decades, and the pool of top investors has changed even more dramatically.

GlobeSt.com

Real Estate Companies

	RENX 2018 media kit now available
	A blended ad program, take-over advertising, writing services and a second weekly edition of Property Biz Canada in 2018. Advertising that reaches thousands of professionals in the commercial real estate industry every business day. Contact sales@renx.ca, 1-855-569-6300

 

REOC Financial Reports

Latest financial results:

* Brookfield Asset Management Inc., Globe Newswire

* Brookfield Real Estate Services Inc., Canada Newswire

* Chartwell Retirement Residences, Canada Newswire

* Genesis Land Development Corp., Canada Newswire

* Holloway Lodging Corporation, Canada Newswire

* Morguard Corporation, Canada Newswire

* Starlight U.S. Multi-Family (No. 1) Value-Add Fund, Canada Newswire

* Starlight U.S. Multi-Family (No. 5) Core Fund, Canada Newswire

* Tricon Capital Group Inc., Canada Newswire

REIT Financial Reports

Latest financial results:

* AHIP REIT, Marketwired

* Automotive Properties REIT, Canada Newswire

* Cominar  REIT, Canada Newswire

* Crombie REIT, Canada Newswire

* Dream Global REIT,  Globe Newswire

* Dream Office REIT, Globe Newswire

* NorthWest Healthcare Properties REIT, Canada Newswire

* Partners REIT,  Globe Newswire

* Plaza Retail REIT, Canada Newswire

* Pure Industrial Real Estate Trust, Canada Newswire

* SmartCentres REIT, Marketwired

* True North Commercial REIT, Canada Newswire

* WPT Industrial REIT,  Globe Newswire

Real Estate Investment Trusts

Fronsac REIT acquires Timmins fast food restaurant

Fronsac REIT announced the acquisition of a property located in Timmins, Ont. The property is a fast food restaurant operated under the KFC banner and is located on Algonquin Boulevard, a highly trafficked artery in the city of Timmins. Total consideration paid for the property was $1,150,000 (excluding transaction costs) and was settled in cash. The property was purchased from a third party with no previous ties to Fronsac.

Marketwired

Cominar to proceed with normal course issuer bid

Cominar Real Estate Investment Trust announced today it has received the approval of the Toronto Stock Exchange, to proceed with a normal course issuer bid previously announced on Aug. 22. Under the normal course issuer bid, Cominar may purchase up to nine million units of Cominar, representing approximately 5.11 per cent of the public float of units as at Nov. 7. The average daily trading volume for the 6-month period preceding Nov. 1  is 508,163 units.

Canada Newswire

The House’s proposed tax cuts and U.S. REITs

On Nov. 2, Chairman of the House Committee on Ways and Means, Representative Kevin Brady introduced the House Proposals. The House Proposals would reduce the corporate tax rate from a maximum 35 per cent to a flat 20 per cent. While the reduction in corporate tax rate makes REITs relatively less attractive, they remain very beneficial given the corporate tax rate is still set at 20 per cent.

Lexology

Retail

Canada Goose foresees profit from own stores, e-commerce

Luxury apparel maker Canada Goose Holdings expects its fledgling direct-to-consumer business to contribute about half its profits in the long term, chief executive officer Dani Reiss said on Thursday. The company, which reported a bigger-than-expected profit in Q2, also said operating income from its direct-to-consumer business, comprising own-store and online sales, was 18 times higher than a year ago.

CBC – Financial Post – Reuters

Lowe’s arrives in Winnipeg

Winnipeg’s first Lowe’s store will open early next spring, although the exact date is still being kept under wraps. “For competitive reasons, we cannot be more specific on the timeline,” Lowe’s Canada spokeswoman Valérie Gonzalo said Monday. The new store is under construction at 1799 Kenaston Blvd.

Winnipeg Free Press

Restaurants and Eateries

Competition, hurricanes dampen Wendy’s results, forecast

Wendy’s Co reported lower-than-expected quarterly profit and sales as increased competition, lower grocery prices and hurricanes hit traffic at restaurants, leading the burger chain to cut its full-year adjusted earnings per share forecast. The company’s shares were down 3.5 per cent to $14.22 in morning trade on Wednesday. Wendy’s also said higher commodity costs hurt profit margins by 1.7 percentage points during the quarter.

Reuters

Infrastructure

Caisse delays determining contracts for REM: report

Quebec’s Caisse de dépôt has delayed to an “undetermined date” the awarding of contracts to companies that will build its $6-billion electric train, the Journal de Montréal reported Friday. An announcement on the date had been expected on Friday. A total of five consortiums are perceived to be in the running for the project and had been anxiously awaiting a call from CDPQ Infra, the Caisse’s real estate division.

Montreal Gazette

Other

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