TransLink mega land deal details revealed

TransLink mega land deal details revealed

TransLink has sold its Oakridge Transit Centre in Vancouver to a consortium of investors that includes Vancouver developer Intergulf and Richmond-based Kunyuan International Group, a company linked to China-based investors. A third party remains unconfirmed but is said to be Beijing-based Modern Green Development Co. Ltd., operating as Modern Investment Group.

Business in Vancouver

CRE investors in pursuit of increasingly scarce returns

Investor appetite for commercial real estate assets remains relatively healthy as buyers look to increase allocations to the sector in their ongoing quest for yield   according to Avison Young‘s Fall 2016 North America, U.K. and Germany Commercial Real Estate Investment Review. Scarcity of available product remains a factor in many markets as stakeholders keep an eye on interest-rate hikes and their potential effect on pricing.

Canada Newswire

CIBC’s Avery a pessimist on Calgary office market

Calgary’s boom and bust office market, which today is decidedly in the latter phase, is not recovering anytime soon, according to Alex Avery, managing director of Institutional Equities at CIBC World Markets. Any bounce back for the province’s oil capital is predicated on a strong crude price recovery, something Avery believes is unlikely given a revolution in the energy extraction industry that has reversed a long-term decline in U.S. oil production.

Property Biz Canada

NKFD report foresees rise in Edmonton office space

Edmonton’s office vacancy rate rose slightly from July to September to 12.9 per cent, but that is likely the start of a long-term increase in empty space, a new report indicates.  The downturn created by the drop in oil prices means vacancies will continue to grow and rents or incentives will go down because companies won’t need as much space, according to an analysis by real estate service firm Newmark Knight Frank Devencore.

Edmonton Journal

Katz Group resumes bid for DT Edmonton parking lot

City officials have handed out more than $125,000 in parking tickets around Rogers Place, and the Katz Group has made a second attempt to win approval for a gravel parking lot it is currently operating nearby. Earlier this summer, Katz Group applied for the right to continue running up to 800 stalls on two city blocks north of the new arena for 10 years.

Edmonton Journal

CPPIB buys interest in Seattle office building

Hudson Pacific Properties and the Canada Pension Plan Investment Board have acquired Hill7, a 285,680-square-foot office building in Seattle’s Denny Triangle neighborhood, from Touchstone and its financial partner Principal Real Estate Investors, for $179.9 million.  This is CPPIB’s first entry in the Seattle office market, while Hudson Pacific has been active in the Puget Sound for several years.

CP Executive – IPE Real Estate

Stalled Seattle tower moving forward under new JV

A partnership between China-based Binjiang Tower Corp. and an affiliate of Las Vegas real estate developer The Molasky Group has taken over development of a 41-story mixed-use tower in downtown Seattle. The joint venture will rebrand and rename the development formerly known as Potala Tower.

CoStar Group

Plaza Retail REIT unveils a slate of development projects

Plaza Retail REIT (PLZ.UN-T) this month announced a $21-million, 14-property slate of development projects in Atlantic Canada, Quebec and Ontario. The projects that range from newly acquired ground-up developments (1) to newly acquired redevelopments (1), redevelopments of existing properties (6) and expansions of existing properties (6) illustrate Plaza’s conservative and diverse, buy and improve development strategy.

Property Biz Canada

Offices evolving as millennials take over

After experiencing five years of rapid growth, Vancouver law firm Whitelaw Twining recognized its offices on Vancouver’s downtown waterfront could no longer properly fit their staff of 115. A sea change was taking place in their employee demographics, with the vast majority of the firm’s staff now under the age of 36.

Vancouver Sun

Co-working is evolving beyond shared space

Sharing of HR and admin services, networking parties and encouraging synergies among tenants is the next phase for the growing co-working segment of the office sector said Gensler’s director of workplace Maria Martinico. Gensler’s 2016 US Workplace Survey data, which provides a window into the workplaces of “top innovators” focused on innovation, leadership and creativity.

Globe St.

Algoma Central sells Ridley Square in St. Catharines

Algoma Central Corporation has sold Ridley Square in St. Catharines for $14.1 million. “We are pleased to have accomplished another sale,” said Ken Bloch Soerensen, President and CEO of the Company. “Ridley Square is the third property we have sold from our real estate portfolio. The proceeds from the sale of our properties will enable new growth for the company in an ever evolving marine industry.”

Canada Newswire

Timbercreek fund manager finds the positive side of negative rates

Corrado Russo, global head of securities at Timbercreek Asset Management discusses how Europe being late to the game in terms of restructuring after the financial crisis has created some opportunities in terms of pricing on publicly-traded real estate.

Financial Post

Canada’s WSP acquiring U.K. engineering firm

Canada’s WSP Global Inc. is buying a U.K.-based engineering consulting firm with expertise in public transportation and infrastructure, including intelligent systems for managing road traffic. WSP says it will pay the equivalent of $120.4 million to purchase Mouchel Consulting which employs about 2,000 people — mostly in the United Kingdom and Ireland.

Globe and Mail

Safanad establishes U.S. suburban office investment platform

Safanad Ltd., a Dubai-based global investment firm, in partnership with Workspace Property Trust and Square Mile Capital completed their acquisition of 108 buildings and 26.7 acres of land, in five markets from Liberty Property Trust (LPT-N) for $969 million.

CoStar Group

The $7-trillion moment of truth in markets

If the London Interbank Borrowing Rate was a musical artist, or an actor, or a sports team, we’d be calling 2016 its comeback year. Not since the financial crisis of 2008 has Libor, to which almost $7-trillion of debt including mortgages, student loans and corporate borrowings, is pegged – experienced such a surge.

Globe and Mail

Featured Column

Access Private Equity (PE) through crowdfunding portals

A 2016 McKinsey Global Institute report suggests the combination of higher interest rates, lower economic growth and weak corporate profits is here to stay – and a portfolio made up only of stocks and bonds will generate lower returns for years to come.

Read more

BOMA Regina hosts BOMEX for the first time

For the first time in its history, BOMEX® came to the Queen City of Regina! From September 20-22nd, BOMA Regina was thrilled to host industry colleagues from across the country, and share a taste of what the city has to offer.

Read more

	Multi-residential Property Biz Canada in 2017
	In 2017, or sooner, RENX is going to publish a second weekly edition of Property Biz Canada focused primarily on the multi-residential sector in Canada. This is a great new advertising opportunity to reach professionals in this sector of the industry. Contact sales@renx.ca, 1-855-569-6300

 

Market Trends and Research

Your city isn’t really even trying to save money

It seems that in Toronto, many voters are finally warming up to some small amount of government belt-tightening. According to a Forum Research poll earlier this month, 54 per cent of Torontonians support Mayor John Tory’s request that all city departments and agencies reduce their budgets by 2.6 per cent, while only 30 per cent are opposed.

Financial Post

Why the risk of the ‘Big One’ in B.C. is heightened every 14 months

Roughly every 14 months, for about a two week period, seismologist Alison Bird won’t park underground. That’s because she knows the chances are higher of a big earthquake striking. Almost like clockwork, thousands of tiny tremors rumble unfelt across the Pacific Northwest indicating a ‘slow-slip’ event is taking place.

CBC

Regina homebuilders, chamber launch pro-growth initiative

At a public event not so long ago at which one person, annoyed at traffic jams in construction season, exploded that Regina had to “get the growth of this city under control — ’cause look at traffic.”  Niebergall, executive director of the Regina & Region Home Builders’ Association, was that we need to look at these two separate things in a more sophisticated and nuanced way.

Leader Post

Real Estate Companies

Firm Capital closes Thickson Place JV with First Capital

Firm Capital Property Trust closed the acquisition a 40% stake in Thickson Place, a 105k SF retail centre in Whitby, ON, from First Capital Realty for $15.8M. The deal grows Firm Capital’s portfolio by 11%, to $157M. Thickson Place is 100% occupied, anchored by Metro and LCBO and across from Whitby Mall, another retail property in which Firm Capital owns a 40% interest, alongside the same JV partners.

Firm Capital News Release

‘No reason’ for Taj Mahal casino shutdown

Donald Trump built the Taj Mahal casino and once called it “the eighth wonder of the world.” The Republican candidate in the race for the presidency — who took his Atlantic City casinos through bankruptcy four times — minced no words about Monday’s shutdown of the gambling hall. “There’s no reason for this,” Trump told The Associated Press in a recent interview.

Montreal Gazette

REOC Financial Reports

	REITs & REOCs – Second-quarter 2016 report
	RENX has prepared a table with a convenient list of the companies and a summary of links to their second-quarter 2016 results. Have we missed any?  Canadian REITs & REOCs – Second-quarter 2016 report

 

Real Estate Investment Trusts

American Hotel Income Properties REIT LP changes management agreement

American Hotel Income Properties REIT LP  (HOT.UN-T) reduced its base hotel management fees from 3.5% to 3.0% of gross revenue for all 80 hotels in its portfolio. The fee reduction was negotiated by AHIP to increase cash flow and improve AFFO, and was part of an amendment to certain terms of AHIP’s Master Hotel Management Agreement.

Marketwired

Retail

New Edmonton Marshalls store opening in Terra Losa

Off-brand retail chain Marshalls is holding the grand opening of a new Edmonton store Oct. 20 in the Terra Losa shopping centre, the company announced Wednesday.  The 3,000-square-metre outlet will feature brand-name products the firm says it sells for less than competitors.

Edmonton Journal

Yum Brands foresees higher growth after China separation

Yum Brands Inc. chief executive Greg Creed said the fast-food giant will have “higher growth and less risk” after separating its China business, the biggest shake-up at the company in almost two decades. With the restaurants in China paying to license Yum’s brands, the company will still benefit from the growth potential of the world’s largest consumer market.

Globe and Mail

Pioneer retailer built Winnipeg’s best-known businesses

Pioneering Winnipeg businessman Alexander Macdonald’s name might not be as well-known as some of his contemporaries, such as Alloway, Ashdown, Pollard or Higgins. Yet, he was involved in the formative years of some of Manitoba’s best-known companies and ran one of Western Canada’s largest business empires, which still bears his name.

Winnipeg Free Press

New Development

Montreal developers face charges for flouting environmental law

Two Montreal developers -Mike Yuval and Jack Sofer, respectively, secretary-treasurer and administrator of real-estate firm Tidan Inc. – involved in the controversial renovation of the historic Mount Stephen Club are facing federal charges alleging that they violated the Canadian Environmental Protection Act over the improper storage and handling of toxic PCBs.

Montreal Gazette

Government bans building of new embassies on Sussex Drive

The federal government is forbidding the construction of new embassies on Ottawa’s Sussex Drive following a stark RCMP assessment of the potential for “violent events” in the high-profile neighbourhood. Countries with diplomatic missions already located on the well-known boulevard include the United States, France, Kuwait, Saudi Arabia and South Africa.

CBC – Ottawa Business Journal

Infrastructure

Tunnel project to combat Ottawa’s sewage overflow begins

Construction is set to begin on an underground combined sewage storage tunnel (CSST), a major part of the Ottawa River Action Plan and a project with a $232.3-million price tag.

Ottawa Business Journal – CBC

Extra work adds $57.4M to Ottawa LRT project

The first phase of LRT has cost $57.4 million more since council approved the massive infrastructure project in 2012. Council endorsed much of the additional spending, beyond the $2.1-billion construction budget, as part of the final sign-off for the Confederation Line LRT.

Ottawa Citizen

Sustainability

Avison Young’s third annual Global Day of Giving in five countries

Chair and CEO of Avison Young announced today that it will hold its third annual Global Day of Giving this Thursday, October 13 in all of the company’s markets in five countries. Employees in Avison Young’s 79 offices in Canada, the U.S., Mexico and Europe will dedicate the day to participation in volunteer projects.

Canada Newswire

Storm cleanup, damage assessment begins in Atlantic Canada

Communities in Nova Scotia and Newfoundland are facing a costly and lengthy cleanup from widespread flooding damage after a storm brought torrential rain to the region over the long weekend.  Premiers in both provinces were scheduled to tour areas damaged in the storm.

The Chronicle Herald

Technology

Tech disruption’s next target: Office buildings

Comfy president Lindsay Baker, whose firm provides office technology geared toward keeping employees productive and comfortable said there are two different types of technology that help CRE people do their jobs better—the transactions, ticketing systems and streamlining the business of CRE. There’s a huge amount of room for improvement there.

Globe St.

Other

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