Home Capital secures financial lifeline; shares collapse

Home Capital secures financial lifeline; shares collapse

Embattled alternative mortgage lender Home Capital Group Inc. (HCG-T) says it’s reached a non-binding agreement with “a major institutional investor” for a $2 billion credit line for its Home Trust subsidiary, as the company’s products face continued withdrawals. The shares lost 50 per cent of their value in the opening minutes of trading on the TSX. 

Globe and Mail – Financial Post – Bloomberg – Motley Fool

Canderel buys prime Toronto Harbourfront site from Rogers

A prime piece of Toronto lakeshore property is about to get a revitalization from the Canderel Group of Companies. Montreal-based Canderel acquired the site, 545 Lake Shore Dr., West from Rogers Media Inc., in a deal brokered by Cushman & Wakefield.

Property Biz Canada – Property Biz Canada – Property Biz Canada

Winnipeg’s Medical Arts Building sold

Manitoba Liquor & Lotteries confirmed Tuesday it has a deal to sell downtown Winnipeg’s Medical Arts Building. “(However), respecting the confidentiality provisions of the agreement, at this time we are not able to disclose any details regarding the sale or the buyer,” said Andrea Kowal, MLL’s director of corporate affairs. Sources said the buyer is Toronto-based Timbercreek Asset Management.

Winnipeg Free Press

Great-West to cut jobs, sell real estate

Winnipeg-based insurer Great-West Lifeco Inc. (GWO-T) is making sweeping changes to its Canadian business, cutting staff as it moves to reduce costs in an increasingly competitive industry. It plans to reduce its Canadian payroll by as many as 1,500 positions in the next two years. It will also slim down its real estate footprint and invest in new technology systems. 

Globe and Mail – CBC – Winnipeg Free Press – CBC

Storage soars: Self storage a growth business for Canada

David Allan likes to say self storage is a fascinating industry. It’s a statement he often punctuates with a laugh. “But seriously, it is an interesting business,” he adds. Allan should know. He is the business development manager for one of Canada’s largest self storage companies, Apple Self Storage.

Property Biz Canada – Property Biz Canada

Warehouses growing ever taller

It has always seemed like the ideal solution to Vancouver’s shortage of industrial land, one that is talked about as an impending crisis. Densify. Build higher. Build two- or three-storey industrial buildings, planners have urged, reminding everyone that developers around the rest of the world are doing it.

Globe and Mail

Lufa Farms rooftop greenhouses trending in Montreal

When the founders of Montreal urban agricultural pioneer Lufa Farms first approached building owners about renting their roofs to help the company establish a rooftop farm, “everybody thought they were crazy,” recalls public relations and communications manager Simon Garneau. Fortunately, one building owner said yes. So, in 2011 Lufa Farms opened the first commercial rooftop greenhouse in the world.

Property Biz Canada

Agellan buys Flint industrial distribution facility

Agellan Commercial REIT (ACR.UN-T) announced today it has acquired an industrial distribution facility located in Flint, Mich. The distribution facility comprises approximately 400,000 square feet of gross leasable area and was acquired for a purchase price of approximately US$16.0 million (before closing costs), representing a going-in capitalization rate of approximately 12 per cent. 

Business Wire – Property Biz Canada

Artscape Daniels Launchpad at City of the Arts

Toronto’s Daniels Waterfront — City of the Arts continues to roll along on the way to meeting completion target dates, and the April 21 announcement of the Artscape Daniels Launchpad is the latest step. Artscape Daniels Launchpad will be a one-stop art and design entrepreneurship hub opening in the summer of 2018.

Property Biz Canada – Newinhomes

Surrey taking reins of B.C. tech, education, growth

For a city long considered an afterthought in Lower Mainland’s big picture, Surrey’s transformation into a bustling technology and health-care hub with a booming population and a frenzy of  development has been impressive. Recently the provincial government announced the creation of a health technology accelerator that will set up shop in Surrey’s Innovation Boulevard.

Business In Vancouver

Beer part of Taco Bell Canada expanson

Taco Bell will begin selling beer at some of its restaurants this summer as the fast-food chain embarks on a major expansion push across Canada. Taco Bell Canada made the announcements Tuesday, saying it plans to more than triple in size over the next five to 10 years to 700 locations, from a current outlet count of 170 across the country.

Financial Post – Global News – Canada Newswire

Hydro One CFO going to Empire

Sobeys’ parent company has hired away Hydro One’s chief financial officer. Michael Vels will leave the Ontario power grid operator on May 19 and become CFO at Empire Company Limited (EMP.A-T) of Stellarton, N.S., on June 12. Vels played a key role in the 2015 IPO of Hydro One stock, which had been owned by the provincial government.

Globe and Mail – Canada Newswire

U.S. retailers filing for bankruptcy at record pace

Retailers are filing for bankruptcy at a record rate as they try to cope with the rapid acceleration of online shopping. In a little over three months, 14 chains have announced they will seek court protection, according to an analysis by S&P Global Market Intelligence, almost surpassing all of 2016.

Bloomberg

Number of U.S. bank branches to dwindle

The number of bank branches in the United States will shrink by as much as 20 per cent in five years, according to a report from commercial real estate firm JLL. This reduction comes as banks are looking for ways to cut costs and to encourage their customers to embrace mobile banking technology rather than completing basic transactions within a physical branch.

Reuters

Master Architect I.M. Pei turns 100

Born in Guangzhou, China on April 26, 1917, Ieoh Ming Pei moved to the U.S. to study architecture and later began his career in New York where he still lives. “New York,” realized I.M. Pei, “is the most exciting city in the world, it pulsates with life.” He has designed many masterful structures including the glass pyramid of the Louvre

Canada Newswire – Curbed DC – Miami Herald

REOC Financial Reports

Latest financial reports:

* Vail Resorts, Inc., (MTN-N), Canada Newswire 

REIT Financial Reports

Latest financial reports:

* Choice Properties REIT, (CHP.UN-T), Canada Newswire 

Real Estate Investment Trusts

Artis REIT honoured again

Artis REIT (AX.UN-T) was announced as one of Canada’s Top Small and Medium Employers for a third consecutive year in 2017. “This award demonstrates our dedication to our people and to establishing forward-thinking human resource policies and programs that support our employees’ personal and professional development and productivity,” said president/CEO Armin Martens. 

Canada Newswire – Property Biz Canada

Beef up your income with Killam Apartment

Killam Apartment REIT (KMP.UN-T) is a solid residential REIT with terrific growth prospects. The company owns $1.9 billion worth of assets, with a majority of its earnings coming from the Atlantic coast. The management team is focused on improving operational efficiency while growing organically and through acquisitions. Killam currently offers a distribution yield of 4.75 per cent. 

Motley Fool – Property Biz Canada

CAPREIT CEO diagnosed with prostate cancer

CAPREIT  (CAR.UN-T) president and CEO Thomas Schwartz informed employees and unitholders in a letter Tuesday he had been diagnosed with prostate cancer. “The good news is that it was caught early; my doctors have advised me that this type of cancer responds very well to treatment and are optimistic about my recovery and return to good health,” he wrote. 

Canada Newswire – Property Biz Canada

Legal Corner

Retail

Loblaw announces normal course issuer bid

Loblaw Companies Limited announced today (L-T) the Toronto Stock Exchange  has accepted a notice filed by Loblaw of its intention to make a normal course issuer bid. The TSX notice provides Loblaw may, during the 12-month period commencing April 28, 2017 and terminating April 27, 2018, purchase up to 21,016,472 of Loblaw’s common shares, representing approximately 10 per cent of the public float.

Canada Newswire

Sears Canada announces growth in same-store sales

Sears Canada Inc. (SCC-T) today reported a $45.8-million loss in its latest quarter, but noted that same-store sales improved compared with a year ago as the company has worked to reinvent itself. The retailer said same-store sales for the quarter ended Jan. 28 were up 1.3 per cent compared Q1 2016.

Globe and Mail – Canada Newswire

Metro surging profit beats expectations

Profits surged at Metro Inc. (MRU-T) in the second quarter as the grocery retailer controlled its operating expenses through a period of corrosive food price deflation. The Montreal-based grocer reported a 10 per cent boost in per-share earnings Tuesday to 56 cents, or $132.4 million, compared with profit of 51 cents ($124.9 million) in Q2 2016, beating average analyst estimates of 53 cents. 

Financial Post – Globe and Mail – Canada Newswire

Restaurants and Eateries

Tim Hortons’ owner’s shares tumble after sales fall

The owner of Tim Hortons and Burger King saw its shares drop as much as six per cent in early trading Wednesday after the restaurant company reported Q1 same-store sales slipped at each of its key brands. Sales at restaurants open for more than a year at Restaurant Brands International Inc. (QSR-T) sank 0.1 per cent in constant currency.

Financial Post – Toronto Star – Reuters – Canada Newswire

McDonald’s U.S. profit beats estimates

McDonald’s Corp (MCD-N) reported a better-than-expected rise in quarterly profit and U.S. same-restaurant sales, helped by cost cuts, the expansion of its all-day breakfast menu, and Big Mac and beverage promotions. McDonald’s shares — set to open at a life-high on Tuesday — were up 2.4 per cent in premarket trading after the company beat first-quarter earnings estimates by 14 cents. 

Reuters

New Development

Ottawa development gets OK despite mayor’s disapproval

Ottawa city council has approved a contentious project to construct a taller-than-allowed building in the Glebe, despite opposition from residents, the area’s councillor and even the mayor. Mayor Jim Watson voted against a staff-recommended rezoning which would see an eight-storey building with retail space on the main level and retirement residences on the upper floors.

CBC

Sports Venues

CalgaryNEXT still not dead

City council refused to officially label the Flames’ ownership group’s proposed $890-million CalgaryNEXT project dead while voting in favour of continuing to explore an arena replacement in Victoria Park. Both elected officials and the head of the Calgary Flames organization expressed enthusiasm for the so-called Plan B, which would see an arena located just north of the existing Saddledome.

CBC

Renovation and Restoration

CanniMed plans expansion at Saskatoon plant

Canada’s first licensed medical marijuana producer is planning a $10.5 million expansion at its facility southeast of Saskatoon, which it says could allow for the production of up to 720,000 litres of cannabinoid oil each year.

That’s the equivalent of 12 million 60-millilitre bottles of oil, CanniMed Therapeutics Inc. said in a news release announcing the facility, which is expected to take about 20 months to build and create 25 new full-time jobs.

Saskatoon StarPhoenix

Other

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