Starwood to buy Canada’s Milestone Apartments REIT

Starwood to buy Canada’s Milestone Apartments REIT

A unit of private investment firm Starwood Capital Group said it would buy Canada’s Milestone Apartments Real Estate Investment Trust (MST.UN-T) in a deal valued at about $2.85-billion. Starwood Capital will pay $16.15 in cash per Milestone Apartments unit, the REIT said.

Globe and Mail – Financial Post – CoStar Group

Cadillac Fairview sells 50% of its Vancouver portfolio

Real estate manager Cadillac Fairview said on Friday that it agreed to sell a 50 per cent interest in its Vancouver portfolio to Ontario Pension Board and the Workplace Safety and Insurance Board. Privately held Cadillac Fairview said it would sell 4 million square feet of leasable space, including shopping centers such as CF Pacific Centre.

Globe and Mail – Financial Post

Downtown Toronto office market will remain tight

Downtown Toronto’s office building boom shows no signs of slowing down, which is a good thing for companies looking for lots of space and having difficulty finding it. “Downtown Toronto has seen remarkable growth over the past few years, and has performed well since the financial crisis,” said Cushman & Wakefield national director of research Stuart Barron.

Property Biz Canada

Soaring land values in Vancouver spark a ‘property tax revolt’

Niels Bendtsen is one of Vancouver’s longest-standing design and manufacturing success stories. He has been designing and making furniture in Vancouver since 1963 and his Ribbon Chair sits in the permanent collection of the Museum of Modern Art in New York. But a recent eye-popping property tax assessment has Mr. Bendtsen considering if he should relocate his business to another city.

Globe and Mail

Introducing Whistler’s new owners

In early August when news broke Whistler Blackcomb, ranked North America’s number one resort by U.S.-based Ski Magazine, had been sold to Vail Resorts Inc. (MTN-N) for $1.4 billion, there were mixed reactions — from concern over what merging two blockbuster brands might mean for the already-crowded mountain town to excitement about the potential for future growth.

BCBusiness

Sarah Davis named Loblaw president in executive shift

Sarah Davis, a C-suite veteran at Loblaw Cos. Ltd. (L-T) has replaced Galen G. Weston as president of Canada’s biggest grocery chain. It comes as part of a management shuffle that saw the Weston scion appointed chief executive of George Weston Ltd., the bakery and food distributor led by his father W. Galen for decades before he stepped aside last year as part of a staged succession plan.

Financial Post – Montreal Gazette

Firm Capital seeks new CEO, direction for U.S. unit

In what is expected to be a short-term appointment, Robert McKee has been named interim president and chief executive of Firm Capital American Realty Partners Corp. (TSXV: FCA.U). It’s another Firm Capital corporate hat for McKee to wear as he is already president and CEO and trustee of Firm Capital Property Trust as well as the CEO, Real Estate for the Firm Capital Organization.

Property Biz Canada

Simons putting final touches on Calgary store

Quebec-based fashion retailer Simons is putting the finishing touches on its soon-to-be-opened Calgary store, betting its commitment to quality and Canadian values will help it ride out the city’s ongoing economic downturn. The 176-year-old, family-owned company will open its first Calgary location (its 14th store overall) March 16 in The Core Shopping Centre. 

Calgary Herald

Lufa Farms opens third rooftop greenhouse farm

There were two important beginnings in Mo Hage’s world last summer: In July he and his wife, Lauren Rathmell, welcomed their daughter into the world. And in June, work started on construction of the third commercial rooftop greenhouse in the burgeoning urban farming company the couple co-founded, Lufa Farms.

Montreal Gazette

Planners back plan to sell parkland for 80-storey tower

Edmonton city planners came out in support of a new 80-storey tower on the edge of the river bank, arguing it’s a unique opportunity to create a beautiful public space on a marginal site. The 280-metre tall tower by Alldritt Group would require Edmonton to sell parkland — a piece of steep almost inaccessible bank — but in return Alldritt would create a series of new public spaces.

Edmonton Journal

Annapolis Group to sue HRM over rejection

A Halifax developer whose development plans for the Blue Mountain Birch Cove Lakes area were turned down by the city last year says the city’s actions have forced it to sue the city for $119 million. The company must give the municipality 30 days notice before filing the papers in court.

CBC

Trump Vancouver tower unveils sign in time for inauguration

The sign for the Trump Vancouver tower has been unveiled just in time for the January 20 inauguration of Donald Trump. The individual letters on the sign had been covered. The news of the unveiling was tweeted from the Trump Vancouver Twitter handle.

Business in Vancouver

Brookfield to take control of ARC Hospitality

Brookfield Asset Management (BAM.A-T) has agreed to invest up to $400 million US in American Realty Capital Hospitality Trust (FCA.U-X) as part of a major recapitalization in exchange for convertible preferred limited partnership units in the non-traded REIT’s operating partnership.

CoStar Group

Foreclosed Pittsburgh Mills mall auctioned off for $100

A Pennsylvania mall that was foreclosed on after its owners failed to repay US$143 million has been auctioned off for $100. Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday.

Ottawa Citizen

Rail industry consolidation back as CP’s Harrison resigns

Consolidation in the rail industry could be back on the front burner after battle-scarred veteran Hunter Harrison stepped down from the head of Canadian Pacific Railway Ltd., reportedly to work his magic at another underperforming railroad. The industry was exuberant Thursday on news that its most celebrated executive might not retire as planned.

Financial Post

Market Trends and Research

Downtown Ottawa office vacancy rates inch up

An anticipated drop in office vacancy rates failed to materialize last year, despite a massive increase in government spending and the local hiring of thousands of civil servants, according to a new report. Real estate services firm Avison Young said the city’s office market recovery has “stalled.” 

Ottawa Business Journal

Why does Ontario lag when it comes to executive pay rules?

If and when the attack on the ‘excessive compensation of executives’ is launched — and I fear it will come soon — business will complain about the public’s ‘economic illiteracy’ and will bemoan the ‘hostility to business.’ But business will have only itself to blame. That was management guru Peter Drucker writing in The Wall Street Journal in the mid-1970s.

Toronto Star

Real Estate Companies

Firm Capital Corporation: $735,000 million in financings completed in 2016

Firm Capital Corporation (FC-T) is pleased to announce that it completed over $735 million in new mortgage financings in 2016. Michael Carragher Vice President, Mortgage Investments stated “this was a successful year for Firm Capital, we combined our ability to provide creative deal structures for our clients on a timely basis with a focus on the preservation of capital”.

Firm Capital News Release

Legal Corner

Securities Commission warns public about schemes

The Manitoba Securities Commission is warning the public about getting involved in RRSP real estate investment schemes saying that while they may seem legitimate, Canada Revenue Agency has in the past considered some of these schemes as a form of tax avoidance.

Winnipeg Free Press

Retail

Vancouver strata blocks Moby Dick franchise

A Vancouver business is suing its strata corporation for refusing to allow the opening of a Moby Dick fish and chips franchise location, due in part to an “offensive” word in the restaurant’s name. According to a lawsuit filed in B.C. Supreme Court, L&H Trading Corp. leased a commercial property in Vancouver’s Coal Harbour, where it previously operated The Change, an Asian fusion restaurant.

CBC – Vancouver Sun

Sears promises 350 jobs in new Saint John call centre

Sears Canada is opening a new call centre in Saint John and the company estimates it will create 350 new jobs. The announcement was made Friday morning in Saint John. Opportunities New Brunswick is offering $4.3 million in payroll rebates and loans and the Department of Post-Secondary Education, Training and Labour is adding $894,000 in jobs funding.

CBC

New Development

Hamilton approves demolition of historic buildings

Despite outcry from local heritage advocates, Hamilton city councillors have voted to let a developer demolish a strip of buildings in the city’s historic Gore area and retain the facades of two of them.City council’s planning committee voted 6-3 to allow Hughson Business Space Corporation to demolish 18 to 28 King St. E. and retain the facades of buildings 18 and 22.

CBC

Shuttered No Frills causes worry in Toronto community

Some Parkdale residents are concerned that their neighbourhood grocery store could fall victim to gentrification and be redeveloped into condos, which would create food insecurity in the low income area. Vi’s No Frills, the only large grocery store in the area of King Street and Jameson Avenue in South Parkdale, closed on Dec. 8.

CBC

Renovation and Restoration

Is your lighting project a winner?

B.C.-based designers are invited to submit their lighting projects to be considered for the IESBC Vision Awards, presented by the Illuminating Engineering Society of B.C. All B.C.-based interior designers, architects, engineers, landscape architects and lighting designers with projects completed between January 2014 and Dec. 31, 2016, can apply.

Vancouver Sun

Infrastructure

Feds promise funding for Calgary infrastructure

In celebration of Canada’s 150th anniversary of Confederation, the federal government on Tuesday pledged $2.7 million to help renovate and expand 13 community facilities in Calgary. Calgary Centre MP Kent Hehr, minister of veterans affairs, unveiled the grant at the Village Square Leisure Centre arenas, harkening back to his days as a young hockey player.

Calgary Herald

Technology

Tim Hortons, Burger King plan app for ordering

The parent company of Tim Hortons and Burger King plans to launch an app Canada-wide this spring that would allow customers to order and pay in advance on their smartphone without lining up to pay a cashier. The move by Restaurant Brands International follows a similar one by Starbucks and is the latest push towards more automation in the food service industry.

Globe and Mail – The Chronicle Herald

Other

	RENX has surpassed 9,670 Twitter followers
	Follower Umber Realty Inc. provide virtual reality home walkthroughs that are the future of real estate – leading the way.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.