Times Group pays $122M for Yonge St. redevelopment site

Times Group pays $122M for Yonge St. redevelopment site

It’s all about those 500 metres to the subway station, the president of Times Group said about the $122 million his Markham-based company agreed this week to pay for an 8.1-acre site in the north end of the city. Times 5800 Inc., an affiliate of Times Group, bought the development site at 5800 Yonge St. from Toronto-Hydro Electric System Ltd., in a deal tied to the 1.25 million square feet of potential density. 

CoStar Group

Brookfield expected to list Jean Edmonds Towers

A 550,000-square-foot office tower occupied by the federal government is expected to hit the market in the coming months, according to Colliers International‘s first-quarter Ottawa office report. The Jean Edmonds Towers, two buildings occupying half a city block, was built in 1974 by Robert Compeau, according to Brookfield, which owns and manages the buildings.

Ottawa Business Journal

Montreal’s Humaniti enters final development phase

Cogir Real Estate, DevMcGill and the Fonds immobilier de solidarité FTQ are about to release the final phase of their $200-million Humaniti Montreal project to market. The firms said Tuesday the 158 condos which are part of the mixed-use development will go on sale April 28. Occupancy is expected to begin during the summer of 2020.

Property Biz Canada

Vision Capital looks for value in CRE securities

Vision Capital Corporation’s Vision Opportunity Funds have an impressive annualized return of 14.7 per cent since inception in July 2008. “We focus on taking advantage of inefficiencies in the market for publicly traded real estate securities, the result of which is we buy real estate cheaper in the stock market than in the Canadian property market,” said Vision president, chief executive officer and portfolio manager Jeffrey Olin.

Property Biz Canada

Anthem completes $200M funding from Kingsett Capital

Anthem Properties has completed $200 million in new funding from KingSett Capital, on behalf of its KingSett Real Estate Growth Fund LP No 6. The innovative eight-year facility, which was custom-structured to fit with Anthem’s business objectives, will be used to retire shorter term debt and provide significant liquidity to fund the continued growth of Anthem’s business.

Canada Newswire – Property Biz Canada

Evolv1 earns Canada’s first Zero Carbon Building certification

The Cora Group’s evolv1 office building in Waterloo, Ont., is the first to apply for and receive the Canada Green Building Council’s new Zero Carbon Building – Design certification. Evolv1 is one of 16 projects across Canada to be selected by the CaGBC to participate in a two-year pilot of its new Zero Carbon Building Standard.

Sustainable Biz Canada

CN Rail mulls further real estate sales

Canadian National Railway Co. (CNR-T) will consider selling additional real estate to free up cash that can be plowed back into its network. Properties in Montreal and Calgary are among the assets Canadian National could divest in the coming months, interim CEO Jean-Jacques Ruest said Tuesday in an interview in Toronto. The company has already sold about $150 million of “non-core” assets this month.

Bloomberg

Fairfax acquisition of Toys ‘R’ Us Canada approved

A U.S. bankruptcy judge has approved the sale of the Canadian operations of Toys “R” Us to Toronto-based Fairfax Financial Holdings Ltd. (FFH-T). At a hearing Tuesday in Richmond, Va., Judge Keith Phillips gave his consent to the $300-million sale. Fairfax was the only bidder at an auction held Monday in New York City for the 82 Canadian outlets of the toy retailer. 

CBC – Globe and Mail (Subscription required) – Reuters

Competition Bureau authorizes Metro/Jean Coutu merger

The Competition Bureau of Canada has approved Metro Inc.’s (MRU-T) purchase of the Jean Coutu Group (PJC-A-T) provided it sells 10 pharmacies in eight Quebec communities. The federal agency says the communities would face reduced competition if the company doesn’t divest the assets in Amos, Berthierville, Baie St-Paul, Carleton-sur-Mer, Coaticook, Disraeli, La Baie and La Sarre. The 10 stores include nine operating under the Brunet banner and one Jean Coutu.

Financial Post – Toronto Star – Canada Newswire

Gap plans to open 60 new Old Navy stores in 2018

Over the next three years, Gap Inc. (GPS-N) expects to add about 70 net new stores, by introducing 270 new Old Navy, Athleta, Gap Outlet and Banana Republic Factory stores, while continuing to right-size its Gap and Banana Republic specialty footprint.  The company will open about 60 Old Navy stores by the end of 2018.

Canada Newswire – CNBC

Sears’ real estate chief to leave U.S. retailer

Jeff Stollenwerck, a 15-year veteran of Sears Holdings Corp. (SHLD-Q) and president of its real estate business, will soon be departing, the company said in a statement on Tuesday. Stollenwerck’s departure comes as billionaire Sears CEO Eddie Lampert said his hedge fund, ESL Investments, would be interested in acquiring the struggling retailer’s real estate, including its $1.2 billion in debt, Kenmore appliances brand and parts of its home services business.

Reuters – Bloomberg – CoStar Group

CREIT, Choice Properties set May 4 closing date

Canadian Real Estate Investment Trust (REF-UN-T) and Choice Properties Real Estate Investment Trust  (CHP.UN-T)  announced today the Ontario Superior Court of Justice has approved the acquisition of CREIT by Choice Properties. CREIT and Choice Properties also announced the arrangement is expected to close on May 4.

Canada Newswire – Property Biz Canada

Fortress used third of investors’ money for commissions, fees

More than one-third of the money raised from investors to provide syndicated mortgage loans for Fortress Real Developments Inc.’s building projects was paid out as cash commissions to salespeople and as consulting fees to Fortress, new court documents say. The company has raised more than $700-million from 11,000 investors since 2013, primarily to finance Fortress’s real estate development projects.

Globe and Mail (Subscription required)

Brookfield acquires Mumbai business park for $463M

Debt-laden Essar group has sold Equinox Business Park in Mumbai’s Bandra-Kurla Complex to Brookfield Asset Management (BAM-A-T) for $463 million Cdn in one of the biggest transactions in India’s CRE sector. Located in Mumbai’s prime central business district and spread across nearly 10 acres, Equinox Business Park comprises four towers, with a leasable office space of about 1.25 million square feet.

The Hindu Business Line – Livemint

Pebblebrook issues ‘final offer’ for LaSalle Hotel

For the second time in a week, Pebblebrook Hotel Trust has boosted its buyout offer for LaSalle Hotel Properties.  Pebblebrook’s (PEB-N) latest offer is 8.3% higher than its original $30-per-share offer, which was rejected by LaSalle (LHO-N) in late March. Brookfield Property Partners (BPY-UN-T) and Blackstone Group (BX-N) are said to be among the latest to join the list of LaSalle suitors. 

CoStar Group

Featured Column

Don’t let the failures spook us from new technology

The media buzz these days about driverless vehicles gleefully fixates on the failures and the blood shed as much as it does on the successes and the potential. But is an emphasis on perceived risks to public safety a red herring? I wrote earlier about how road conditions, seasonal weather and other practical considerations might mean most autonomous vehicles will be in the form of some kind of robotaxi service within well-defined urban areas.

Read more

Market Trends and Research

Oklahoma City diversifying office market

Oklahoma City has long been considered a classic ‘oil patch’ office market, subject to the boom-and-bust cycle associated with global oil production. But while recent low oil prices have impacted the market, Oklahoma City has continued to attract more non-energy employers, helping to diversify the tenant base and adding more stability to the office market. One of the recent arrivals is Kratos Defense and Security Solutions (KTOS-Q).

CoStar Group

Global property boom could help millions

The world’s real estate, its total wealth assessed at almost $275 trillion, is far more valuable than any other commodity or asset. In countries rich and poor, real estate prices have risen faster than inflation. This poses a serious problem. In many of the largest and most troubled countries, that huge increase is beyond the reach of taxation.

Globe and Mail

Real Estate Companies

Boston Properties acquires Santa Monica Business Park

In what could be one of the largest office sales ever in Los Angeles County, Boston Properties (BXP-N) has agreed to pay Blackstone Group (BX-N) $616 million US for its 1.2 million-square-foot Santa Monica Business Park. The pending acquisition represents a major expansion into the Los Angeles market for Boston Properties, the newest of its five core markets. 

CoStar Group

AIMCO makes big bet on Philadelphia multi-family market

In a major multi-family investment sale that extends the record run of investor interest in the apartment sector, Denver-based family giant AIMCO doubled down on the Philadelphia market, buying a seven-property, 1,006-unit portfolio from local developer and operator Dranoff Properties for $445 million US. The acquisition boosts AIMCO’s ranking as one of the largest owners of apartments in the Philadelphia market, along with local rival PMC Property Group.

CoStar Group

Real Estate Investment Trusts

Pure Multi-Family receives notice of dissident nominees

Pure Multi-Family REIT LP  (RUF-UN-X)  announced that, pursuant to the advance notice provisions of its amended and restated limited partnership agreement, it received notice of seven director nominees for election at its upcoming special and annual general meeting of unitholders, which is currently scheduled for May 24.

Canada Newswire – Property Biz Canada

Restaurants and Eateries

RBI announces ‘Winning Together’ plan for Tim Hortons

Restaurant Brands International Inc. (QSR-T) announced a plan to improve customer experience and improve sales at its Tim Hortons operations as it reported better-than-expected financial results, despite what it called soft results at the coffee shop chain. Details of the plan were not immediately available, but chief executive Daniel Schwartz says he believed the “Winning Together” plan would help improve profitability for the company’s restaurant owners.

CTV – Reuters – Globe and Mail – The Guardian

Cannabis industry news

GrowForce acquires Brampton-based WILL Cannabis

GrowForce, a newly launched Canadian-based cannabis platform, Tuesday announced the purchase of WILL Cannabis Group in Brampton. WILL is an authorized licensed producer of cannabis for medical purposes through Health Canada, and GrowForce is planning to use this license to add additional operational facilities across the country. GrowForce also plans to expand WILL’s existing facility and increase total production capacity to over 5,000 kilogram per annum.

Globe Newswire

Sports Venues

MLB commissioner calls Rogers Centre ‘out of date’

Major League Baseball commissioner Rob Manfred said Tuesday Rogers Centre is in need of an update. The downtown stadium has been the Toronto Blue Jays’ home since June 1989. “The stadium when it was built was a great building, one of our best,” Manfred said. ” . . . the building is probably out of date in terms of the amenities that are available in many of our ballparks.”

CBC

Renovation and Restoration

ROM to revamp Bloor St. entrance

The Royal Ontario Museum is giving its Bloor St. W. entranceway a facelift, complete with greenery and an outdoor performance venue, slated to be finished in early 2019. The aim is to create a beautified, civic-centred hub in the heart of the city, “a space that says, we at the ROM want you here, engaged and invited,” said ROM director/CEO Josh Basseches.

Toronto Star

Human Resources

CPPIB announces senior executive appointments

Mark Machin, president & CEO of Canada Pension Plan Investment Board (CPPIB), announced, effective June 1: John Graham is appointed senior managing director, and will lead the Credit Investments team; Suyi Kim is appointed senior managing director/head of Asia Pacific.; Deborah Orida is appointed senior managing director/global head of Active Equities; Poul Winslow is appointed senior managing director/global head of Capital Markets and Factor Investing.

Globe Newswire

Mattamy welcomes Nicholson to Board of Directors

Mattamy Homes Tuesday announced the appointment of Larry Nicholson to its Board of Directors. Nicholson recently retired as president and CEO of CalAtlantic Group (the fifth-largest homebuilder in the U.S.) following the acquisition of the company by Lennar Corporation in February. “We’re very excited to have an individual with Larry’s deep experience in the homebuilding industry joining Mattamy’s Board of Directors,” says Peter Gilgan, Mattamy’s founder & CEO. 

Canada Newswire

Other

Siamak Hariri shares inspiration behind award-winning designs

Toronto-based architecture firm, Hariri Pontarini Architects, recently received two Design Excellence Awards, presented by the Ontario Association of Architects (OAA). The Bahá’í Temple of South America, in Santiago, Chile and Casey House in Toronto were two of the 10 Design Excellence winners.

Newinhomes.com

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