Anbang buys stake in B.C. retirement homes

Anbang buys stake in B.C. retirement homes

A massive Chinese insurance company with a murky ownership structure is buying a majority stake in one of British Columbia’s biggest retirement home chains Vancouver-based Retirement Concepts, a deal believed to exceed $1-billion that would give Beijing-based Anbang Insurance an important role in the delivery of health care in B.C.

The Globe and Mail

Algonquins of Ontario getting into development business

The Algonquins of Ontario are getting into the house-building business in a unique, new partnership with Ottawa developer Tartan Homes at the former Canadian Forces Base Rockcliffe. The Algonquins are also attempting, through negotiations, to acquire 117,500 acres of public land in Ontario.

CBC

Anthem and partner make major Vancouver land purchase

Anthem Properties and an undisclosed Canadian institutional investor have purchased Grandview Properties Park in Vancouver. Anthem executive vice-president of investment Bill Kennedy said the seller wishes to remain anonymous and that he couldn’t reveal the purchase price or terms of the partnership.

Property Biz Canada

Premier Brad Wall faces questions about land scandal

Long-time Saskatchewan political columnist Murray Mandryk says ordinarily Premier Brad Wall loves talking to reporters so much that “quite often we can’t bloody well get his scrums to end.” Yet Wall has abruptly and uncharacteristically walked away from media scrums when faced with questions about the “GTH land deal.”

CBC – Wall’s right hand man may have known about deal

Groupe Dallaire expands vision for Phare de Quebec project

Groupe Dallaire has unveiled the latest vision for its $650-million multi-use Phare de Quebec project, announcing the development now includes a 750-seat concert hall. The $650-million, four-tower Phare de Quebec project to be built on Boulevard Laurier in Quebec City by Groupe Dallaire will now include a 750-seat concert hall.

Daily Commercial News

The world of megamalls

Plans for America’s latest sprawling shopping centre, near Miami, include indoor skiing and ice skating. The giant complex would have water ballet fountains, a performing arts centre and a submarine ride. And, of course, millions of square feet of space for stores.

Winnipeg Free Press

BOMA Earth Award winner profile: Rockland Centre

Rockland Centre has long been recognized as one of Montreal’s top upscale fashion destinations, and now it’s been honoured as one of Canada’s greenest retail buildings. The FPI Cominar-owned and managed shopping centre in the city’s Mount Royal neighbourhood was recognized by Building Owners and Managers Association (BOMA) of Canada with a Earth Award.

Property Biz Canada

Holloway redeveloping portion of Travelodge Ottawa property

Another institutional landlord is eyeing a redevelopment near the Carling Avenue and Highway 417 interchange, an area that is slated to see a dramatic rise in residents in the coming decades.  Holloway Lodging (HLC-T) says it’s preparing to construct a mixed-use residential project adjacent to the Travelodge Ottawa.

Ottawa Business Journal

Rates, economy underpin stable Canada real estate sector: DBRS

Persistent low interest rates, limited supply and a strong economy are expected to underpin Canada’s real estate companies and investment trusts despite global economic uncertainty, credit-rating agency DBRS said. The rating agency maintained its stable outlook for the credit risk profile of Canadian retail REITs and REOCs.

Reuters

Montreal electric rail jumps to $5.9 billion

The Caisse du dépôt et placement du Québec is chugging along with its proposed electric rail network for Montreal, adding three new stations that will bring the total cost up $400 million to $5.9 billion. The pension fund manager has committed $3.1 billion to the project and the City of Montreal is chipping in $100 million for the new stations.

Financial Post

Gardiner repair cost increase an extra $1 billion

The City of Toronto is on the hook for an extra $1 billion to repair the aging Gardiner Expressway, but Mayor John Tory said Friday it’s better to know about that extra cost than learning about it after construction gets underway.  City council narrowly voted in favour of Mayor John Tory’s redevelopment of the eastern portion of the Gardiner Expressway.

CBC – Toronto Star – Renew Canada

Trump’s name may not stay on Toronto tower

Trump International Hotel & Tower in Toronto is being pitched for sale with a suggested price of at least $300 million though there’s no guarantee the U.S. president-elect’s name will stay on the building.  CBRE Ltd. is launching the marketing process for the 65-story hotel and condominium building in the city’s financial core.

Financial Post

U.S. stores far from overwhelmed as Black Friday sales begin

Faith Ruggieri, standing in the damp and chilly night air outside a Walmart in Providence, Rhode Island on Black Friday, represented a hopeful sign for traditional retailers squeezed by online rivals such as Amazon.com Inc. The mother of two hoped to buy Pyrex dishes for her 20-year old daughter, who is about to move into her first apartment.

Globe and Mail – Reuters

Rhode Island casino project moves forward in divided town

A plan to build New England’s newest casino near the Massachusetts-Rhode Island border is moving forward after narrowly winning approval from town voters in Tiverton, Rhode Island. But some remain wary of the project, noting declining casino revenues in Connecticut and Massachusetts.

Winnipeg Free Press

AEP Investment said to mull IPO

AEP Investment Management Pte, which invests in commercial real estate in Asia Pacific, is considering listing some of its assets through a Singapore initial public offering. The Singapore-based company may seek a valuation of about S$1 billion ($701 million) for the portfolio.

Bloomberg

Featured Column

Why is world capital attracted to Vancouver Real Estate?

Real estate has traditionally been considered an illiquid asset. But in Vancouver’s red-hot market, that’s changing. Let’s look specifically at commercial real estate.

Read more

We can’t afford to keep treating public infrastructure as a public asset

The Liberals want to create an “infrastructure bank.” We won’t get the full details until the 2017 budget, but we do know this much: This bank will operate at arm’s length from government.

Read more

Market Trends and Research

Hydro rates the most important issue for Ontarians: poll

Ontario’s skyrocketing electricity prices are by far the top concern for voters. A Nanos Research survey found hydro was the most important issue for 20.5 per cent of voters, eclipsing perennial priorities health care (15.1 per cent), jobs and the economy (9.6 per cent) and high taxes (7.3 per cent).

The Globe and Mail

Alberta village trying to tackle rural property crime

Some residents in and around the Village of Delburne are working to launch a new rural crime watch group in their community because of concerns over property crime in the region. Many residents say they feel the number of property theft incidents in the village — about 50 kilometres east of Red Deer — has risen significantly over the past few years.

CBC

Real Estate Companies

Gain real estate exposure with Brookfield Property Partners LP

Owning real estate is an incredible way to generate wealth; however, one problem is that small investors are only able to focus on one geographic area. One way around this is to invest in large real estate companies that have the resources to invest globally.

Motley Fool

Real Estate Investment Trusts

True North Commercial REIT adds a quality asset

True North Commercial REIT (TNT.UN-T) has closed the previously-announced acquisition of a nine-storey office building located at 3650 Victoria Park Avenue, Toronto, Ontario. The property is situated on 4.36 acres of land with 154,300 rentable square feet, 551 parking stalls and is located close to Highways 401, 407 and 404, with convenient access to downtown Toronto.

Canada Newswire

Retail

Vancouver retailers punching above their (retail) weight class

Downtown Vancouver’s retail market continues to be the strongest in Canada, but among the sea of strength may be pockets of weakness and a risk from increased competition. According to the latest figures from Statistics Canada, B.C. retail sales grew 5.7 per cent in September more than double the national average growth of 2.5 per cent.

Vancouver Sun

Restaurants and Eateries

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Infrastructure

Support for road tolls may depend on how question

Torontonians strongly support Gardiner Expressway and Don Valley Parkway tolls if they help fund transit and force non-resident motorists to pay their “fair share,” according to a survey of 2,280 Torontonians by Mainstreet Research for advocacy group Transit Alliance.

Toronto Star – Toronto Star

Technology

Trump Tower becomes ‘Dump Tower’ on Google Maps

Someone renamed Donald Trump’s midtown Manhattan building on Google Maps, and the new moniker isn’t very flattering. Instead of Trump Tower, it was briefly renamed “Dump Tower.”

The Chronicle Herald

Other

Mysterious Windsor Hum is getting louder and more frequent

Gary Grosse calls it part of the change in seasons. The globally recognized Windsor Hum has seemingly ramped up again in noise and frequency, driving residents on the city’s west end and LaSalle crazy at all hours of the day or night.

National Post

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