Loblaw to sell gas station business to Brookfield

Loblaw to sell gas station business to Brookfield

Loblaw Companies Limited (L-T) is selling all 213 of its Canadian gas stations for $540 million to Brookfield Business Partners  (BBU.UN-T) and its partners. While Brookfield would rebrand the stations to Mobil, they would continue to use the PC Plus loyalty program offered by Loblaw. The proposed deal is subject to certain conditions, but is expected to close in Q3 2017.

Toronto Star – Reuters – CBC – Canada Newswire

Parkland Fuel buying Chevron Canada fuel business

Parkland Fuel Corp. (PKI-T) says it will pay $1.46 billion to acquire Chevron Canada‘s (CVX-N) fuel business, including 129 gas stations in the Vancouver area and a refinery in Burnaby, B.C. The Red Deer, Alta.-based company says the new stations will complement its existing 44 Chevron-branded sites in B.C. and increase its portfolio to more than 1,800 service stations.

CBC – Financial Post – Bloomberg – Globe and Mail (Subscription required)

Shopping malls are not dead: Retail experts

Reports of the death of the shopping mall have been greatly exaggerated, attendees at last week’s Vancouver Real Estate Forum heard. “I hear a lot of times, ‘what’s going to happen to the mall? The mall is doomed,’ ” said Franco Custodinho, senior vice-president leasing at Ivanhoé Cambridge. But, he said, “there is some place for the shopping centre.”

Property Biz Canada

Greybrook looking for more South Florida projects

While the Greater Toronto Area remains the investment focal point for Greybrook Realty Partners, its recent partnership in a Fort Lauderdale, Fla., acquisition is a sign of the asset management firm’s growing interest in the Sunshine State. “The South Florida market, specifically in Fort Lauderdale and Miami, has seen a resurgence in rental demand.”

Property Biz Canada

HQ Vancouver’s ‘success stories’ suspect

Two years ago, F-Pacific Optical Communications announced  it had established a North American headquarters in Vancouver and would build a manufacturing plant employing 200 people. The company’s arrival was  billed as a major achievement for HQ Vancouver, an initiative to entice Asian companies to set up head offices on the West Coast.

Financial Post

Vancouver needs to innovate to become a ‘smart city’

To become a “smart city”, Vancouver’s planners and developers should be looking to innovative counterparts like Bristol, Barcelona and Chicago, which are tapping into the exponentially growing amount of data and the Internet of Things, says Nikolas Badminton, a futurist, author and teacher.

Vancouver Sun

New era for Vancouver First Nations developers

Despite the emergence of massive First Nation development organizations in the Lower Mainland, partnerships with local developers remain in their “infancy,” says Chris Hartman, the head of the Tsawwassen First Nations Economic Development Corp. “There remain lots of opportunities, but there is a real steep learning curve in terms of how to deal with First Nations . . .”

Property Biz Canada

Calgary office vacancy rate high, but panic wanes

The full recovery of Calgary’s office market may still be a long way off, but any panic that was present has dissipated. “It’s a positive mindset driven by the new entrepreneurs that are going to come up in the next one to 10 years,” said Andrew King, associate vice-president of Barclay Street Real Estate.

Property Biz Canada

Calgary office developers face a long haul

It could be a long haul for developers in Calgary who are trying to get their stalled office developments back on track, with six sites on the city’s official list and more expected to be added soon. Among them is Centron Group’s Place Ten. It’s behind by at least one year, according to Centron’s Michael Anderson.

CBC

Hyperloop could be future of Alberta transportation

Imagine getting from Calgary to Edmonton in under 30 minutes without having to race pickup trucks on the QEII. With transit technology called hyperloop, that dream might someday become a reality. Recently, the head of Toronto-based startup TransPod that plans to build hyperloop technology came to town to check out the Calgary-to-Edmonton corridor.

CBC

Stockwell Day blasts media, B.C. gov’t property policies

Former Conservative cabinet minister Stockwell Day blasted the media and lamented what he called reactionary government policies in B.C. that block Asian investment in Metro Vancouver. Day was speaking at the Vancouver Real Estate Forum April 11 on a panel focused on the role of foreign investment in B.C.

Property Biz Canada

Killam Apartment completes Ottawa property disposition

Killam Apartment REIT (KMP.UN-T) announced that on April 5, it completed the sale of 1440 Mayview Avenue and 1425 Rosenthal Avenue in Ottawa, totalling 157 units, for $17.1 million. Originally acquired in 2012 as part of a four-building portfolio, the properties did not meet return expectations and Killam plans to invest the $9.1 million net proceeds in newer properties. 

Marketwired – Property Biz Canada

Carmakers backing smart cities projects

When BMW North America put out a call to would-be innovators around the world for its MINI-funded Urban-X smart city accelerator program in Brooklyn, Gabe Batstone, CEO and founder of Ottawa-based Contextere was eager to get on board. Contextere was in fact the only Canadian company to be accepted into the program’s most recent cohort.

Financial Post

Don’t fear the robots: Bank of Canada

The Bank of Canada says Canadians should not be afraid robots are about to steal their jobs. Canada’s central bank is counting on automation to provide a much-needed boost to Canada’s economic productivity, said senior deputy governor Carolyn Wilkins. For that to happen, Canadians need to embrace the opportunities created by workplace automation, she said.

Financial Post – Toronto Star

Ontario contemplates overhaul of Ontario Municipal Board

The provincial Liberal government is contemplating an overhaul of the Ontario Municipal Board that would dramatically reduce the powers of the controversial land-use tribunal. The Globe and Mail has learned the current proposals under discussion would rein in the powerful OMB, which has long been criticized by municipal planners, politicians and local residents as too friendly to developers.

Globe and Mail

Featured Column

Big city working, small town living: Best of both worlds

What is it going to take to motivate people to return to small town Canada? Towns and smaller cities continue to suffer deaths by a thousand cuts. Anchor employers downsize and ship jobs overseas, while young people eager for big city life and opportunities move away. But does it have to be this way?

Value: Weighed and Measured

Real Estate Companies

TA Realty sells multi-family portfolio to Blackstone REIT

TA Realty LLC has sold a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Income Trust for $430 million. TA Realty sold the portfolio on behalf of The Realty Associates Fund IX LP. Earlier this month, TA Realty sold a 45-property industrial and office portfolio from the fund to Brookfield-managed real estate funds for $854.5 million.

CoStar Group – IPE Real Estate

Juwai.com, Berkshire Hathaway team up

Berkshire Hathaway HomeServices on Monday said it entered a marketing agreement with Juwai.com, China’s largest international property website, to attract wealthy Chinese buyers looking to purchase homes in the U.S.  Juwai.com and Juwai.com/luxe have roughly two million monthly browsers.

Reuters

Real Estate Investment Trusts

Allied Properties announces offering

Allied Properties REIT (AP.UN-T) announced it has agreed to issue $200 million aggregate principal amount of series C senior unsecured debentures. The debentures will bear interest at a rate of 3.636% per annum and will mature on April 21, 2025. The Debentures are being offered on an agency basis by a syndicate of agents co-led by BMO Capital Markets and Scotia Capital Inc. 

Marketwired

Partners finalizes Edmonton Shoppers mortgage

Partners Real Estate Investment Trust (PAR.UN-T) announced it has finalized a $3-million mortgage at the REIT’s Shoppers Drug Mart property in Edmonton. This mortgage was refinanced with MCAP Financial Corporation and the loan has a five-year term, a 25 year amortization period and an interest rate of 3.91%. 

Marketwired

How to take advantage of the REIT rebound

Four months ago, REITs were being written off by investors as losers in the Donald Trump world of economic stimulus and higher inflation. The S&P/TSX Capped REIT Index had plunged from over 170 in the summer of 2016 to the 145 range shortly after Trump’s election. Investors were betting REITs would be hit hard in the new economic order.

Globe and Mail (Subscription required)

CREIT completes offering of unsecured debentures

Canadian Real Estate Investment Trust (REF.UN-T) announced it has completed its previously announced issuance of $125 million aggregate principal amount of series D senior unsecured debentures. These debentures bear interest at a rate of 2.951% per annum and will mature on Jan. 18, 2023. 

Marketwired

Legal Corner

Vancouver developer fined for tax evasion

A Vancouver real estate developer has been fined $300,000 by the Canada Revenue Agency for evading GST on housing units sold, officials said Tuesday. The CRA said Brendan James Schouw didn’t remit $203,082 in GST in personal-unit sales by Grace Residences Ltd. between July 31, 2008, and July 1, 2009.

Vancouver Sun

Retail

Walmart fined over pricing lapses at Montreal store

Quebec’s Consumer Protection Office announced Tuesday Walmart had pleaded guilty to 11 counts of violating consumer protection laws, most notably in the area of following provincial regulations for properly pricing its merchandise. Walmart was fined a total of $27,514 for the violations.

Montreal Gazette

Retailers want in on the pot market

Recreational marijuana is about to become legal. How and where it will be sold, however, has been left up to provincial and municipal governments. In Ontario, the LCBO seems like the most likely conduit, said Kurram Malik, a financial consultant at Jacob Capital Management Inc., pointing out that the provincial agency is already equipped to handle controlled substances.

Toronto Star

Yoga franchisor turns down most applications

We are ostensibly discussing the success of Moksha Yoga, the Canadian hot-yoga franchise company Jessica Robertson co-founded, which could have had 300 or more studios, particularly in the U.S., if only it didn’t deliberately hold itself back. Instead, it has 74, each studio a magnet attracting the dedicated looking for a good, peaceful sweat and stretch.

Globe and Mail

Sports Venues

A look at some of the more iconic arenas in NHL history

From the Montreal Forum to the Boston Garden, National Hockey League games have been played in some iconic arenas over the years. Here’s a look at five of the more storied venues in league history:

Winnipeg Free Press

Renovation and Restoration

Ottawa to renovate Shawinigan Tax Centre Building

Public Services and Procurement Canada (PSPC) Tuesday announced renovation projects for the Tax Centre building in the city of Shawinigan. Over the next three years, PSPC will undertake major ceiling and lighting retrofits, as well as repair work in the parking lot. It is anticipated contract opportunities will be worth approximately $12 million. 

Canada Newswire

Infrastructure

Edmonton votes down plan to elevate Valley Line LRT

Edmonton City Councillors voted down a $220-million plan to elevate the Valley Line LRT through the Bonnie Doon neighbourhood Tuesday, saying the payoff just isn’t worth the cost. “Glad we looked at it because we all had questions … but it’s pretty clear the return on investment is not there,” said Mayor Don Iveson.

Edmonton Journal – CBC – Edmonton Journal

Site C dam project should be suspended: UBC

A new report is calling for the suspension of B.C.’s Site C dam project, saying it’s no longer going to benefit the provincial economy as expected and that power from the hydroelectric station will likely be exported at losses of up to $1 billion. The report on water governance was released Tuesday.

CBC – Vancouver Sun

Human Resources

Lessons on empire-building from developer Rick Caruso

Billionaire real estate developer Rick Caruso learned about entrepreneurship and money at an early age. His father, Henry Caruso, founded Dollar Rent A Car in 1966, building it up into one of the largest U.S. car rental companies while teaching his family some important finance lessons that stuck.

Reuters

Technology

Architect envisions new wave of digitally designed bricks

There’s nothing fancy about a brick. It’s uniform. It’s a known commodity and aside from colour and texture it really hasn’t changed much since ceramic bricks were first fired in 3000 B.C. That’s a tragedy, says Argentine architect Matías Imbern, who is also an adjunct professor at the National University in Rosario, northwest of Buenos Aires

Daily Commercial News

Audi’s Cineplex ads move you – literally

A mist has been sprayed into your face, your seat has been rocked back and forth, and wind swirls around you. Audi is the first advertiser in Canada to embed such effects into its commercial at Cineplex Inc.’s (CGX-T) “4DX” auditorium, which opened at its Yonge-Dundas theatre in Toronto in November.

Globe and Mail

Predicting the 2017 winners in real estate tech

Real estate has long been an intriguing investment vehicle. And while memories of the Great Recession may still loom large in potential investors’ minds, money continues to flow into commercial and residential real estate. That trend is expected to continue, and one can look back at investment winners of 2016 to predict who will secure the most attention in 2017.

Forbes

Other

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