Airbnb in talks to acquire Luxury Retreats

Airbnb in talks to acquire Luxury Retreats

Airbnb Inc. is in talks to buy Montreal-based Luxury Retreats International Inc. to help it expand in high-end vacation rentals and travel services, people familiar with the matter said. The Airbnb board of directors is expected to vote on approving the deal this week, said the sources, who indicated. A sale is expected to fetch no more than $300 million US in cash and stock.

Bloomberg

PIRET bets on c-commerce, marijuana

Forget factories. Canada’s Pure Industrial Real Estate Trust (AAR.UN-T) sees its future in e-commerce — and potentially weed. The country’s largest multi-tenant industrial landlord expects e-commerce to account for half of its portfolio in the next few years, up from 30 per cent today, according to CEO Kevan Gorrie. 

Bloomberg – Property Biz Canada

Fortress adds SkyCity partner, sells Oakville land

Fortress Real Developments Inc. has added Edenshaw Developments Ltd. as a co-developer of SkyCity Centre Winnipeg, which will break ground this spring. The 45-storey SkyCity Centre Winnipeg in downtown’s Sports, Hospitality and Entertainment District (SHED) district will be Manitoba’s tallest building.

Property Biz Canada – Property Biz Canada

H&R REIT scores refi for 2 Gotham Center

H&R Real Estate Investment Trust (HR.UN-T) pulled off $250 million US to refinance its 22-storey office building 2 Gotham Center in Long Island City. The financing comes from Northwestern Mutual Life Insurance Company, Great-West Life Assurance Company and Canada Life Financial Corporation, the Commercial Observer reported.

The Real Deal

H&R REIT buys mortgage for Miami project

A Toronto-based REIT has purchased the mortgage on the River Landing mixed-use project proposed along the Miami River as the developer deals with a foreclosure lawsuit. The loan assumption could put H&R REIT (HR.UN-T) in position to take over the project, the cost of which is expected to exceed $196 million Cdn.

South Forida Business Journal

Canada appoints infrastructure bank adviser

Canada has appointed veteran pension executive Jim Leech as a special adviser for its new infrastructure bank, which has been set up to facilitate private investment in such projects as new roads and bridges. The Liberal government has been courting Canada’s biggest public pension funds and overseas investors such as sovereign wealth funds.

Reuters

Surrey’s new tech hub on a roll

Don Murray can’t wait to set up shop in Surrey’s new tech-sector hub, the Health and Technology District. The president and co-founder, with partner Dale Lutz, of Surrey-based Safe Software will take over four floors of the district’s latest building, on Innovation Boulevard adjacent to Surrey Memorial Hospital.

Vancouver Sun

Private money comes to MaRS’ aid

MaRS Discovery District revealed Thursday a significant injection of private funds will help the research facility to pay back Ontarians the more than $300 million bill they were left when the provincial government helped to finance one of its towers. Manulife, Sun Life Financial and iA Financial group have put forward $290 million dollars toward the MaRS West Tower.

CBC – Canada Newswire

Whole Foods’ woes could hinder Canadian expansion

Poor results in the U.S. will likely weigh further on Whole Foods Market’s (WFM-Q) once-ambitious plans for Canada, which appeared to hit a wall last month after the boutique grocery chain cancelled two planned store openings in Alberta. Austin, Texas-based Whole Foods operates 12 of its 469 stores in Canada and had planned to open as many as 37 more locations.

Financial Post – Bloomberg

Indigo and HMV: Success vs. failure

Indigo’s (IDG-T) ability to move beyond its big-box roots while chains such as HMV Canada have failed is largely due to the bookseller’s success in reinventing its stores, analysts say. But it also might come down to consumer appetites for purely digital media, and the divergent appeal of paper books and CDs.

Financial Post

Sears Holdings may sell land, cut jobs

Struggling retailer Sears Holdings Corp (SHLD-Q) may sell more locations, cut more jobs and put more of its famous brands on the block as part of its latest plan to revive the faltering retail chain. The company, which also owns Kmart, said Friday it is cutting costs by at least $1 billion a year.

Windsor Star – CoStar Group – Bloomberg – Reuters

Mount Pleasant stretch remains vibrant

Despite the empty properties, Main Street in Mount Pleasant remains one of Vancouver’s most celebrated clusters of one-of-a-kind restaurants and shops. “We do a lot of leasing on Main Street and I don’t think it’s reached a price point where people are going, ‘this is crazy’. A lot of retailers are making sense of the rates there,” said CBRE‘s Adrian Beruschi.

Vancouver Sun

Focus on transit, less on downtown: TO planner

Ask the director of integrated planning for Peel what kind of growth he envisions for the region and he’ll point you to the Mississauga waterfront. “We have a new community that’s going to spring up there, with a population that’s planned for about 20,000 people, and about 9,000 jobs,” said Arvin Prasad in an appearance on CBC Radio’s Metro Morning. 

CBC

Aéroports de Montréal sets record in 2016

Aéroports de Montréal announced Thursday 2016 set a new record for passenger traffic at Pierre Elliott Trudeau International Airport with 16.6 million visitors. That’s an increase of 1.1 million over 2015 and the seventh straight year of growth at the airport, the third-busiest in Canada.

Montreal Gazette

AG’s Evergreen Line recommendations not fully implemented

The wheels of government have not been turning fast enough for B.C.’s Auditor General. A Thursday report from Auditor General Carol Bellringer says the B.C. government has not fully implemented all recommendations that her office made nearly four years ago related to the $1.43 billion, 11-kilometre Evergreen Line rapid-transit project.

Business In Vancouver

Market Trends and Research

N.B. only province with a shrinking population

New Brunswick is the only province in Canada that experienced a decline in population over a five-year period, according to the 2016 census. The province’s population dropped last year to 747,101 from 751,171 in 2011 — a decrease of 0.5 per cent, according to the latest census released Wednesday by Statistics Canada.

CBC – Saskatoon StarPhoenix – Edmonton Journal – Ottawa Business Journal

Real Estate Companies

Will Cineplex produce its own content?

These days, it seems anyone can become a major Hollywood studio. First, it was the DVD rental firm-turned-streaming giant Netflix. Then, online book retailer Amazon followed suit. Will Cineplex (CGX-T), Canada’s largest cinema chain, be next in line to roll up its sleeves and produce its own content?

Montreal Gazette

20 Moncton Catholic churches may close

The Roman Catholic Archdiocese of Moncton is reviewing 20 of its 53 parishes and some are certain to close, says Archbishop Valéry Vienneau. The list of the churches at risk is not yet public. The four English-language and 16 French-language churches will have a few months to present recovery plans.

CBC

Blackstone also a leading lender In NYC

Blackstone (BX-N), a private equity giant, also issued over $800 million US in CRE financing in New York City in Q3, rising to the No. 5 spot, according to a CrediFi loan sample analysis. Blackstone had a market share of four per cent of NYC commercial real estate lending in Q3.

Forbes – Reuters

REOC Financial Reports

Latest reports:

* Brookfield Asset Management Inc., (BAM.A-T), Marketwired

Real Estate Investment Trusts

A decent dividend decision: Choice Properties

Any time an investor can get a five per cent dividend on a stock with modest principal upside potential, it is worth taking a deeper look. I’ll be looking at Choice Properties Real Estate Investment Trust (CHP.UN-T) as a bond substitute or income-producing vehicle for yield-conscious investors.

Motley Fool – Property Biz Canada

Become a landlord with Dream Office

One REIT that continues to catch my attention of late is Dream Office Real Estate investment Trust (D.UN-T). Dream’s portfolio is primarily comprised of office space in the major metro areas of the country. In all, Dream boasts an impressive portfolio of more than 20 million square feet of space.

Motley Fool

Legal Corner

Ex-SNC executives, businessman acquitted

Three business executives have been acquitted in a major foreign corruption case involving SNC-Lavalin Group Inc. (SNC-T) after an Ontario judge threw out wiretap evidence that formed the basis of the prosecution’s case, saying it was based on gossip and rumour.

Globe and Mail

Retail

Canada Goose filing for dual-listed IPO?

Canada Goose Inc. has filed plans confidentially with U.S. regulators for a dual-listing in New York and Toronto, sources said. The Toronto-based retailer, backed by Bain Capital, is aiming to go public in the first quarter, said the sources. A representative for Bain and Canada Goose didn’t immediately respond to calls and e-mails seeking comment.

Bloomberg

New Development

York student centre to be an ‘architectural jewel’

Toronto’s York University is targeting completion in spring 2018 of a 126,000-square-foot student centre, the second such facility to be built on the university’s Keele campus. Designed by CannonDesign, the project was initiated, led and funded by the student body in a unique development partnership with York and the City of Toronto.

Daily Commercial News

Edmonton city council postpones discussion on Quarters tower

Edmonton city council pushed back discussion on several proposed bylaws that could pave the way for what might become the tallest building in Alberta’s capital city. A public hearing was scheduled Monday to discuss the proposed Quarters Hotel and Residences. However, the debate was postponed until Feb. 22.

Global News

Bluenose Inn development one step closer

A controversial mixed-use residential commercial development slated for the site of the Bluenose Inn along the Bedford Highway was approved by North West Community Council Monday night. The Halifax building will have up to 102 residential units and 7,000 square feet of commercial space and a staggered roof line with a maximum height of eight storeys.

CBC

Sports Venues

Edmonton’s mid-sized stadium on hold

It is a stunner, and sized to fill a gaping hole in Edmonton’s infrastructure inventory. For now, a mid-sized stadium pegged for the city’s Northlands exhibition grounds is off the books. But a citizens’ panel will soon be contemplating a civic strategy for bidding on major events, and a report from that panel is due this summer.

Edmonton Journal

Rio Olympic venues already falling into a state of disrepair

Just six months on from the 2016 Games, a number of Rio’s major Olympic venues have fallen into a state of disrepair. Since the Paralympics closing ceremony, the Maracana Stadium has been looted, the key Games precinct has been shut down and the city’s Olympic golf course is struggling.

The Guardian

Infrastructure

Massey bridge gets environmental nod from B.C. gov’t

The British Columbia government has granted an environmental assessment certificate for the 10-lane, $3.5-billion bridge to replace the Massey Tunnel over the Fraser River. The approval comes with 33 conditions that are legally binding requirements that the Transportation Ministry must meet.

CBC – Vancouver Sun – Business In Vancouver

Human Resources

Economy added 48,000 jobs in January

Canada’s unemployment rate dipped to 6.8 per cent last month as the economy added 48,000 jobs, Statistics Canada reported Friday. The economy has added nearly 100,000 jobs since the end of November and averaged more than 40,000 new jobs a month since August — the strongest six-month period in more than 15 years.

CBC – Reuters – Ottawa Citizen

Other

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