Artis REIT plans 40-storey apartment tower

Artis REIT plans 40-storey apartment tower

Construction is expected to get underway within months on a 40-storey apartment tower near Winnipeg’s iconic Portage and Main. Winnipeg-based Artis REIT‘s (AX.UN-T) 400-unit tower is being built on an existing foundation pad on top of the Winnipeg Square underground retail mall/parkade. The $165-million project, announced in April 2016, is expected to be completed in the spring of 2020. 

Winnipeg Free Press – Property Biz Canada

Several towers in Port Moody Centre’s future

Port Moody has taken another step toward converting the lands around the new Moody Centre Evergreen Line station into a high-density hub with as many as four 40-storey towers. City staff have been building a roadmap to creating a new official community plan for the four-block section of Moody Centre.

Vancouver Sun

Cadillac Fairview-OPB office tower coming to Toronto

Toronto’s rapidly evolving south core will start changing even more come July 1 when construction begins on Cadillac Fairview and Ontario Pension Board’s 32-storey office tower at 16 York St. Cadillac Fairview, which will have a 70 per cent stake in the $479-million building, is so confident it made the announcement to move forward without first securing an anchor tenant.

Property Biz Canada

TO tower proposals offer 1,800 rental units

With two development proposals in the works that could lead to seven new high-rise rental apartment towers and thousands of new residents, resident Cathy Brown recently started to wonder: Could Toronto’s High Park get too crowded for its own good? “We’re very worried about the double density,” she says.

CBC

HBC in talks to buy Neiman Marcus: Report

Canada’s Hudson’s Bay Co (HBC-T) is in talks to buy U.S. luxury fashion retailer Neiman Marcus Group LLC, turning its focus away from Macy’s Inc (M.N), the Wall Street Journal reported Tuesday. Neiman Marcus said Tuesday it was exploring strategic alternatives, including a sale. HBC is seeking a deal that would not include Neiman’s $5-billion US debt. 

Reuters – Toronto Star – Globe and Mail (Subscription required)

Tim Hortons ‘being destroyed’ by cost-cutting: Franchisees

Tim Hortons franchisees are banding together to push back against the parent company’s cost-cutting campaign, saying it is causing product shortages, declining quality and even safety concerns that are harming the brand. A group of franchisees has formed the Great White North Franchisee Association to represent them in discussions with Restaurant Brands International Inc. (QSR-T) 

Globe and Mail (Subscription required)

Edmonton CRE investment soars in 2016

Sales of Edmonton commercial real estate soared by more than $500 million in 2016 compared to a year earlier as investors poured $1.81 billion into the Alberta capital. “A pleasant surprise,” David Wallach, president of Barclay Street Real Estate, said after releasing the year-end 2016 analysis of Edmonton property and land investments.

Western Investor – Barclay Street Real Estate media release

Holland Plaza reborn as chic shopping destination

Marv Holland Apparel, once one of Edmonton’s oldest companies, abruptly closed in 2013. Less than four years later, the building, now dubbed Holland Plaza, is home to some of Edmonton’s hippest businesses. The vision for the transformation of the plaza belonged to Anton Morgulis, a real-estate entrepreneur who studied sculpture and design, and architecture.

CBC

Uncertainty hangs over embattled Fort Mac

The white snow makes the blackened trees stand out like beacons along the highway into Fort McMurray. The remnants of last year’s fires are everywhere: construction and restoration, burnt-out swaths of forest, signs welcoming residents back home. But looming above it all is concern about the prolonged impact of low oil prices and the economic reality that awaits.

CBC – Edmonton Journal – Globe and Mail

Walmart looking to build up online assortment

If you thought Walmart‘s (WMT-N) recent acquisitions of outdoor gear online retailer Moosejaw and online footwear store ShoeBuy were outliers in its e-commerce strategy, think again. The massive retailer’s mergers and acquisitions tactics have been very much focused on helping it beef up its e-commerce sales by expanding the selection online. 

Fortune

Mainstreet announces sale leaseback of senior living portfolio

Mainstreet Health Investments Inc. (HLP.U-T) announced it has entered into a definitive agreement to acquire two post-acute/skilled nursing facilities and a senior living community from The Ensign Group Inc. (ENSG-Q)  for a purchase price of approximately US$38 million. The properties are located in high-density neighbourhoods within the L.A. and Phoenix metro markets. 

Canada Newswire – Property Biz Canada

Chinese now largest foreign investors In U.S. CRE

Chinese investors were the single largest group of foreign investors in CRE in the U.S. last year, with deal volumes reaching a record high of $19.2 billion, up 10% from $17.3 billion in 2015, according to a new report from Cushman & Wakefield. Chinese investment made up about 29% of total foreign investment in U.S. CRE, ahead of Canada, which invested $13.1 billion.

Forbes – IPE Real Estate – Property Magazine International

Europe, U.S. still most attractive for CRE investors: JLL

Asian property plays are exciting, but it’s commercial real estate in Europe and North America that are the most attractive to investors, a study by consultancy JLL found. The firm’s Investment Intensity Index compares the volume of direct commercial real estate investment in a city over a three-year period from 2014 relative to the city’s GDP.

CNBC

Banks cutting lending to riskier European real estate

Banks in Europe are starting to get nervous about real estate again. The amount of money available for property investment globally has fallen on an annual basis for the first time since 2011, led by Europe, as the amount of debt on offer diminishes, according to a report published on Tuesday by broker Cushman & Wakefield Inc.

Bloomberg

Global connectivity ‘accelerating’: MIPIM

“We are in the midst of an accelerating global connectivity revolution,” keynote speaker Dr. Parag Khanna told a MIPIM 2017 audience on Tuesday. Titled “How Connectivity is Reshaping Global Affairs,” Khanna’s presentation encouraged attendees at the world’s largest property market to focus on the infrastructure of connectivity.

GlobeSt.com – GlobeSt.com – IPE Real Estate – IPE Real Estate

Featured Column

Understanding and investing in commercial real estate

Too often you hear a phrase that is commonly used and you have a rough idea what it means without fully grasping its proper definition. For many, Commercial Real Estate may be one that is widely talked about but not always understood.

Read more

Market Trends and Research

Post-Brexit uncertainty reigns

For many institutional investors, the short-term impact of the United Kingdom’s decision to leave the European Union was positive. The $34 billion Cdn medical charity Wellcome Trust reduced its sterling exposure to a record low ahead of the vote, in a strategy that helped the fund return 19 per cent in 2016.

top1000funds.com

Chinese developers set to post strong profits

Hong Kong-listed Chinese property developers are set to post much improved year-end results after house prices skyrocketed in the past two years. But bigger foreign exchange losses will hit some builders’ bottom line, analysts say, as the majority of developers prepare to announce their 2016 earnings in late March.

Business In Vancouer

B.C. big player in second-hand economy

British Columbians are slightly more likely than other Canadians to deal in used items, according to the newly released Kijiji Second-Hand Economy Index. But the same cannot be said for Vancouverites, who are among the least likely to give durable goods a second chance to serve.

Vancouver Sun – CBC – Montreal Gazette

Real Estate Companies

Norway’s wealth fund says RE may lose its lustre

Management at Norway’s $1.21 trillion Cdn sovereign wealth fund, the world’s largest, Tuesday said returns on unlisted property investments may not remain as competitive in the future if interest rates start to rise. In 2016, the fund invested $3 billion in unlisted real estate, lifting its property investments to 2.5 per cent of the fund’s overall value by the end of the year.

Reuters – IPE Real Estate

Cineplex investors shouldn’t expect blockbuster returns

Investors in movie-theatre chains know the deal: The business is often only as good as the product pushed out each quarter by the big studios. Cineplex Inc. (CGX-T) has been unspooling a different yarn in recent years, expanding into several new growth initiatives, such as video boards in shopping malls, online gaming and amusement-stocked restaurants.  

Globe and Mail (Subscription required) – Motley Fool

REOC Financial Reports

Latest reports:

* Rocky Mountain Dealerships Inc., (RME-T), Canada Newswire

REIT Financial Reports

Latest reports:

* BTB REIT, (BTB.UN-T), Canada Newswire   

* Lanesborough REIT, (LRT.UN-T), Canada Newswire   

Real Estate Investment Trusts

Fronsac buys 50 per cent interest in Quebec CRE

Fronsac Real Estate Investment Trust (GAZ.UN-X) announced an acquisition, located in Ste-Sophie, Que. The property is located along Boulevard Ste-Sophie and is composed of a recently built Ultramar service station as well as a freestanding Benny & Co restaurant. Total consideration paid was $364,018.32 for a 50 per cent interest in Odacité Ste-Sophie LP, which holds the interests of said properties.

Marketwired

Is RioCan yield right for your portfolio?

Income investors are searching for reliable stocks that can help them put a bit of extra cash in their pockets each month. Let’s take a look at RioCan Real Estate Investment Trust (REI.UN-T), which reported solid 2016 numbers. Operating income rose 5.3 per cent to $700 million in 2016 on the back of four per cent revenue growth.  

Motley Fool

Legal Corner

Home Capital execs get OSC enforcement notices

Mortgage lender Home Capital Group (HCG-T) says several of its current and former executives have been served with enforcement notices from the Ontario Securities Commission over the company’s disclosure of its investigation into fraudulent mortgage documents. 

Globe and Mail – Financial Post

Home Depot to pay banks in data breach settlement

Home Depot (HD-N) has taken another step to move on from its colossal 2014 data breach, which involved hackers stealing email or credit card information from more than 50 million customers by infiltrating self check-out terminals. In a new settlement with dozens of banks, the retailer has agreed to pay $25 million for damages they incurred.

Fortune – Lexology

Retail

Results ‘not where they need to be’: New Sobeys CEO

Canada’s second-largest grocery chain’s results “are not where they need to be” but it has the assets and employees to do much better, the new CEO of Sobeys said Wednesday. The parent of Sobeys, Empire Co. Ltd., (EMP.A-T) reported a modest profit on Wednesday.

Globe and Mail – Canada Newswire

Couche-Tard feels pain from weak economy in West

Challenging economic conditions in Western Canada continued to weigh down on Alimentation Couche-Tard (ATD.A-T) in the third quarter, despite the addition of 278 former Esso locations in Ontario and Quebec, the company said Tuesday. Merchandise revenues from stores open for at least a year decreased by 0.9 per cent as a result of the region’s struggling economy.

CTV – Reuters

Gordmans Stores files for bankruptcy

Gordmans Stores Inc., (GMAN-Q) a century-old discount department store chain, filed for bankruptcy with plans to liquidate its inventory and assets. The company, which posted losses in five of the past six quarters, listed total debt of $131 million US in Chapter 11 papers filed Monday in Nebraska federal court. 

Bloomberg – CoStar Group

Gander Mountain files for Chapter 11

Gander Mountain Co., which operates 166 outdoor equipment and sporting goods supercentres in the U.S., has filed voluntary petitions for debt relief under Chapter 11 of the US Bankruptcy Code. The company has identified 32 underperforming stores it plans to close and has asked the court to approve its request to hire Hilco Real Estate as its real estate advisor.

CoStar Group

Restaurants and Eateries

Goodbye Ruby Tuesday? Chain might sell

Restaurant chain Ruby Tuesday (RT-N), in the process of selling off its corporate-owned real estate, is now considering selling the company. The Maryville, Tenn.,-based casual dining chain announced it will entertain merger or purchase options and has retained UBS as its financial advisor to assist in looking at its strategic alternatives. 

CoStar Group

Yonge-Dundas Hard Rock Cafe closing its doors

The Hard Rock Café in Yonge-Dundas Square will be closing its doors in May when its lease runs out. But the organization is “committed to a strong brand presence in Canada,” according to a statement from Hard Rock International. The rock ‘n’ roll-themed restaurant opened in 1978 and marked the international chain’s second establishment.

Toronto Star – CBC – CBC

New Development

Winnipeg earmarks funds for True North Square project

City hall is proposing to redirect almost $20 million in property and education taxes towards the cost of constructing “amenities” associated with the downtown True North Square project. The city and the province are jointly contributing $16.7 million for streetscaping and skywalk connections for the $400-million four-tower project.

Winnipeg Free Press

Sports Venues

NHL eyes Calgary sequel to Edmonton’s new arena

Even as commissioner Gary Bettman revelled in the NHL’s newest arena, he had his mind on his next rehabilitation project: Calgary. Bettman was in Edmonton to tour the new Rogers Place arena, after earlier facilitating a deal between the City of Edmonton and Oilers owner Daryl Katz.

CBC

Infrastructure

OMERS, Kuwaiti investors take stake in Thames Water

A consortium of Canadian and Kuwaiti investors has agreed to buy a 26 per cent stake in Britain’s Thames Water from funds managed by Macquarie. Canadian pension fund investor Borealis Infrastructure, infrastructure investment manager for OMERS, and the Kuwait Investment Authority (KIA) are buying the stake in Kemble Water Holdings, the holding company of Thames Water.

Reuters

YVR named North America’s best airport yet again

Global aviation consultant Skytrax has again named Vancouver International Airport as the best airport in North America, officials said, marking YVR’s eighth straight year at the top of the regional airport rankings. YVR is among the 230-plus North American airports assessed by Skytrax over a nine-month period from last June.

Vancouver Sun – Business In Vancouver

Nanaimo Airport gets federal boost to expand terminal

Nanaimo Airport is receiving $7.46 million in government funding to carry out the first phase of its terminal building expansion project. The money is part of $87 million going to 26 infrastructure projects in 26 B.C. communities. Federal, provincial and municipal government are contributing.

Victoria Times Colonist

Kudos and concerns over Surrey, Delta roadwork

The Surrey Board of Trade is welcoming a multi-million dollar highway project, but one critic is concerned the long-term impact will be the exact opposite of the intention. Last week, the federal and provincial governments, along with the Tsawwassen First Nation and the Fraser Port Authority, announced highway improvements totaling $250 million in Delta and Surrey. 

CBC

Technology

Ottawa’s high-tech innovators build wish list

A number of civic, academic and business leaders gathered Monday to envision how Ottawa and Gatineau can become “smart cities” of the future. he federal government will release its “innovation budget” on March 22, and entrepreneurs across Eastern Ontario will be watching with their wish lists in hand.

CBC – CBC – Ottawa Citizen

Other