Prime opportunity to sell HBC real estate: Baker

Prime opportunity to sell HBC real estate: Baker

Six months ago, analysts were pegging Hudson’s Bay Co. (HBC-T) real estate value at $30 per share on a stand-alone basis; today, that is more than three times the price of the retailer’s own shares. “The opportunity for us to be able to monetize our real estate is very strong,” executive chairman Richard Baker said Friday.

Financial Post

Car showrooms park in tighter spaces

Burrard Place, under construction until spring 2019, is one of downtown Vancouver’s largest single developments. The half-billion-dollar project will not only contain two mixed-use towers (one reaching 54 storeys) but also a multi-storey Toyota dealership tucked into the glass and ostentation. This trend is the new reality in Canada’s city centres.

Globe and Mail

Florida developer plans B.C. Interior’s tallest towers

Kelowna’s residents, government and stakeholders are scrutinizing a two-tower project that, if approved, would be the tallest buildings between Metro Vancouver and Calgary. One Water Street is being co-developed by Florida-based North American Development Group (NADG) and Kerkhoff Construction of Chilliwack, B.C. The proposed residential and commercial mixed-use towers would climb to 36 and 29 storeys.

Property Biz Canada

Crown buys majority stake in North York Square

It’s been a busy June so far for Crown Realty Partners, which has acquired two office properties and taken over management of a third. The firm acquired majority ownership of North York Square, a two-tower site at 45-47 Sheppard Ave. E. in Toronto. On Thursday, Crown closed its purchase of 2300 Meadowvale Blvd., in Mississauga.

Property Biz Canada – Marketwired

Airbnb a formidable force: Four Seasons CEO

Toronto-based Four Seasons Hotels and Resorts isn’t taking Airbnb lightly. “I would be naive to say that we aren’t being mindful of the Airbnb effect,” CEO Allen Smith said. “It’s just another example of the speed in which the market is changing and the manner in which we need to be prepared to respond to it.”

Bloomberg

Drake Hotel CEO unveils Drake Commissary

Today is the official launch of the newest outpost of the Drake Hotel empire, Drake Commissary. Located in Toronto’s Junction Triangle, the Commissary will serve as the centre of the Drake’s food operations. The space has a chic living room vibe, and it blurs the lines between a restaurant, bar, bakery and food production facility.

Globe and Mail

Vancouver 11th-priciest city for hotel stays

Vancouver ranks as the 11th priciest place to stay in a hotel out of 158 cities that Berlin-based travel consultancy Campsy studied, according to a Campsy report. The report found the three priciest places to stay were Monte-Carlo in Monaco, St. Tropez in France and Reykjavik in Iceland while the cheapest places included Kuala Lumpur, Malaysia.

Business In Vancouver

Council approves Galt’s mixed-use development

The new Gaslight District in Galt is the “spark to ignite what’s going to happen downtown,” Cambridge Coun. Frank Monteiro says. Councillors voted 7-2 in favour of the urban village which is being created by HIP Developments and will include two residential towers of 17 and 18 floors each, as well as space for offices, restaurants, retail and artists. 

CBC

Calgary Tower forever changed Calgary’s skyline

It was 50 years ago the Calgary Tower we know today started taking shape in downtown, changing our city’s skyline for decades to come. With construction materials of concrete and steel, pouring the base of the iconic building — formerly known as the Husky Tower — began on May 15, 1967. It was completed 24 days later.

CBC

Hamilton scrapping vacant unit tax rebate

The City of Hamilton is scrapping a tax break for people who own buildings with vacant units in them. City council’s general issues committee voted to get rid of the vacant unit rebate program, which gives a tax rebate to property owners with units in commercial and industrial buildings. That will save the city $2.5 million per year.

CBC

Home Capital stock on the rebound

Short sellers are easing pressure on Home Capital Group Inc., (HCG-T) as speculation builds Canada’s embattled alternative mortgage lender may be closer to a takeover of the company or refinancing its costly rescue loan. Short positions on the shares dropped to 20 per cent, the least since July 2015. The stock has also more than doubled from its low hit last month.

Bloomberg – Globe and Mail (Subscription required) – Globe and Mail (Subscription required)

Robots changing the way we live and work: Four-part series

About 180 robots in Bromont, Que., are doing work humans used to do at a GE Aviation plant that makes parts for jet engines. But they haven’t replaced the humans. Indeed, since a new, automated section of the plant ramped up at the start of the decade, the number of people working here has risen to more than 900 from 600.

Financial Post – Financial Post – Financial Post – Financial Post

Dollarama’s Latin American partner key to international expansion

Dollarama’s (DOL-T) decision to expand in Latin America will depend on the success of its burgeoning supply agreement in Colombia, according to analysts. Four years ago, the Montreal-based dollar store giant struck an agreement with Central American chain Dollar City to supply it with merchandise, advise it on business matters and lend product assortment expertise. 

Financial Post

Brazil’s Natura set to buy Body Shop

Natura Cosmeticos SA entered exclusive talks to acquire British make-up seller Body Shop from L’Oreal SA, with an offer that values the U.K. chain at $1.51 billion Cdn.  An acquisition by Natura would represent a major expansion for the Brazilian cosmetics company, which originated as a direct-sales business and expanded its retail operation with the purchase of Australia’s Aesop in 2013.

Bloomberg

Digital Realty to buy DuPont Fabros

Digital Realty Trust Inc.  (DLR-N) said it would buy fellow data centre operator DuPont Fabros Technology Inc (DFT-N) for an enterprise value of about $7.6 billion US, its biggest-ever deal, to help expand in high-demand markets in the U.S. amid a rapid shift to the cloud by technology companies. DuPont Fabros’ shares rose as much as 14.6 per cent.  

Reuters

Market Trends and Research

Looking at 2026’s top property markets

In 10 years, the world’s second-largest real estate investment market will be China, a nation currently well behind the top three. Ten years later, that nation will far surpass the countries now ranked second and third for investable real estate stock, says a new report from PGIM Real Estate, which estimates by 2026  China’s stock will total of $7.7 trillion US.

GlobeSt.com

Urban sprawl fragmenting Alberta farms

David Wedman has had a front-row seat to Edmonton’s urban sprawl. For decades, the grain farmer on the city’s southwestern border has watched subdivisions and other urban development creep onto some of the province’s best cropland. “As a kid growing up, there used to be 25 farms in this area. Now there’s only half a dozen,” said Wedman.

Edmonton Journal

Real Estate Companies

Member365 leases space in Kanata North tech park

Member365 will soon join the ranks of the Kanata North tech park, as the Ottawa-based SaaS firm graduates from its home in the L-Spark accelerator. Marketing director Marty Knight says the company’s new home is at KRP Properties’ 535 Legget Dr. The office features 4,000 square feet of space, with a capacity for roughly 50 employees, more than double its current headcount.

Ottawa Business Journal

Last call for Edmonton’s Wild West saloon

On a warm Wednesday morning, the regulars are gathering at the Transit Hotel to swap stories, commiserate and drink a few beers. After almost 109 years in business, the iconic Fort Road hotel is closing its doors at the end of the month. The Transit is an authentic Edmonton landmark with its signature facade like a set piece from a Hollywood Western.

Edmonton Journal – CBC – Global News

Rosehaven Homes celebrates 25 years

2017 marks the 25th anniversary of Rosehaven Homes, one of the Greater Toronto Area’s (GTA) most distinguished and well-respected builders. Marco Guglietti and his brother, Silvio, started Rosehaven Homes on July 10, 1992. Their first project was a community of 20 lots in Waterdown. 

Newinhomes.com

Real Estate Investment Trusts

Four takeaways from REITWeek 2017

Strong job growth is just one reason the medium-term outlook for the U.S. economy is positive, according to Calvin Schnure, NAREIT’s senior vice-president of research and economic analysis. For one, the larger economy is not overheated. 

National Real Estate Investor – National Real Estate Investor

Retail

Downtown Winnipeg Cityplace adds four tenants

The downtown Cityplace mall has four additions to its growing line up of Winnipeg-owned retail tenants. The additions include a fitness centre (Morfit Training Centre); a gourmet coffee shop (Human Bean Coffee & Tea); and two food court tenants (Peg City Poutinerie and Shawarma Fusion). The mall is managed by Triovest Realty Advisors Inc.

Winnipeg Free Press – Property Biz Canada – Property Biz Canada

Liquor Stores to pay brokers to solicit votes

The situation at Liquor Stores N.A., (LIQ-T) a company subject to a proxy battle, calls for careful reading of all the relevant material prior to the June 20 meeting. The situation was made more complicated when Shareholder Services, a proxy advisory firm, issued a report on the battle launched by PointNorth Capital, which wants six nominees elected to the board. 

Financial Post – Calgary Herald – Marketwired

RXDM to acquire 27 former Rexall pharmacies

The Competition Bureau has approved Rx Drug Mart Inc. (RXDM) as the buyer of 27 Rexall Pharmacy Group Ltd. retail pharmacies in Alberta, British Columbia, the Northwest Territories, Ontario and Saskatchewan. In December 2016, the Bureau had determined McKesson Corporation’s acquisition of Rexall would have resulted in a likely substantial lessening or prevention of competition in the market.

Canada Newswire

Translating Simons’ secret for success

How does a Quebec fashion retailer that wears its environmental credo on its sleeve woo customers in Alberta’s oil capital without losing any of its fiercely green clientele back home? La Maison Simons, the 177-year-old Quebec City-based chain that began a cross-Canada expansion in 2012, has made the greening of the planet central to its shopping experience.

Globe and Mail (Subscription required)

Restaurants and Eateries

A peek inside McDonald’s top secret convention

A 50th McAnniversary. An 80th birthday. Record sales. A tasty new chicken sandwich. Even a goofy appearance by the world’s most famous clown. McDonald’s (MCD-N) held a top-secret company convention in Toronto last week, with 2,300 franchisees, restaurant managers and company brass — including “the founder,” George Cohon — celebrating the golden anniversary of the Golden Arches in Canada. 

Toronto Star

RBI warns franchisees about ‘misinformation’

Lawyers for Restaurant Brands International Inc., (QSR-T) the conglomerate that owns Tim Hortons, have issued a stern warning to a group of the restaurant chain’s Canadian franchisees, accusing them of spreading “misinformation” about the company. The missive is the latest sign of rancor after months of sparring between the dissident franchisees and their Canadian head office.

Financial Post

New Development

Canadian Blood Services building new operations centre

Canadian Blood Services’ new operations facility under construction in Calgary is designed to provide a modern work environment offering hospitals and patients a secure and reliable blood delivery process. The 153,000-square-foot building, designed by NORR Architects, will include production, testing and distribution capabilities in a new location closer to major transportation routes.

Calgary Herald

Infrastructure

Morneau defends infrastructure bank independence

Finance Minister Bill Morneau’s plan to transform the way big infrastructure projects are funded in Canada is facing a major test this week, as a skeptical and increasingly independent Senate weighs whether to tear his budget bill apart. Morneau says critics should set their concerns aside and allow Ottawa to move ahead with a $35-billion Canada Infrastructure Bank.

Globe and Mail – Globe and Mail – Globe and Mail (Subscription required) – Maclean’s

Human Resources

Documentary details former Regina mogul’s life

If you ask Frances Olson, the documentary on her life is too short. “There is so much more that isn’t in the documentary . . . I need three or four hours to tell my story,” Olson said. Over the course of her career Olson racked up numerous accolades including owning and running Canada’s first all-woman realty office.

Regina Leader-Post

Technology

Smaller retailers look to a future without cash registers

Dormie Workshop, a leather goods manufacturer based in Halifax, doesn’t usually accept payments at the company’s facility as it doesn’t formally sell things from there. But if someone walked in off the street and wanted to purchase a Dormie product, a sale could still be arranged because of new payment technology.

Globe and Mail

Other

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