HBC opening 20 stores in Netherlands

HBC opening 20 stores in Netherlands

Hudson’s Bay Company (HBC-T) announced Tuesday it plans to open 20 new stores in the Netherlands over the next 24 months under the Hudson’s Bay and Saks OFF 5TH banners. The first stores are expected to launch in the summer of 2017, using HBC Europe’s existing infrastructure and the same information technology, procurement and digital support platforms.

Toronto Star – Financial Post – CTV News – Globe and Mail (Subscription required)

Calgary working to attract companies downtown

A variety of efforts could be underway soon to bring people back into Calgary’s recession-ravaged downtown core — everything from converting old office space into residential living quarters to enticing international companies to set up satellite locations in Alberta. A “headquarters strategy” is to be launched soon by Calgary Economic Development.

Calgary Herald – CBC News – Calgary Herald

A tale of three office markets

One’s stuck in recessionary hell, the biggest “looks like it could be over-built” and the third looks more or less well-balanced. That’s the quick snapshot of the office markets of Calgary, Toronto and Vancouver respectively, that were the focus of a panel discussion at the recent Land & Development conference held in Toronto.

Property Biz Canada

iQmetrix opens new Regina office

iQmetrix is returning its roots with the grand opening of its new office today at the Conexus Plaza in downtown Regina. iQmetrix is a software development firm serving the retail sector headquartered in Vancouver. The company was originally founded in 1999 by Regina native Chris Krywulak, who moved the company headquarters to Vancouver in 2009.

Regina Leader-Post

Montreal lifts ban on developments next to refinery

A moratorium created in the wake of the Lac Mégantic disaster on the construction of commercial or industrial developments within 430 metres of the Suncor Energy refinery in Montreal has been lifted. After a two-year risk impact study by the city’s civil protection centre, the city announced Tuesday commercial enterprises can be opened near Montreal’s only refinery.

Montreal Gazette

Stock market might be best place to find cheap RE

Investor demand for real estate is insatiable, both due to the relative stability the asset class provides, as well as the hefty yields it can offer in an income-starved world. This trend is perhaps best exemplified by the dealings of some of the world’s biggest players such as Blackstone Group LP (BX-N) or Brookfield Asset Management Inc. (BAM.A-T) 

Financial Post

Construction of SkyCity tower set to begin next year

Construction of what’s being touted as Winnipeg’s tallest building — the proposed 47-storey SkyCity Centre condo tower — will hopefully get underway sometime next year, Ben Myers, senior vice-president of market research and analytics for Toronto’s Fortress Real Developments, said Tuesday.

Winnipeg Free Press – Property Biz Canada

Ikea planning sale of European real estate

Ikea, the world’s largest furniture retailer, plans to sell about $1.3 billion Cdn of European retail parks surrounding its stores, according to sources. Ikea has hired Cushman & Wakefield Inc. to help market the assets, the sources said. Josefin Thorell, a spokeswoman for Ikea, confirmed the company plans to sell 27 European retail parks.

Bloomberg

Office Depot considering sale of some European operations

Office Depot Inc (ODP-Q) said it was considering selling some of its European operations, a week after the No. 2 office supply chain and bigger rival Staples Inc (SPLS-Q) called off their merger due to antitrust concerns. Office Depot had earlier completed a restructuring of its European operations in 2015.

Reuters – Reuters

Craft brewers, distillers tap industrial spaces

Two years after brewing their first batch of ale in a backyard tool shed, Graham Sherman and partner Jeff Orr opened Tool Shed Brewing Co. , a craft brewery in an industrial warehouse in northeast Calgary in 2014. The former tech consultants, who met while working in Afghanistan, quickly won “people’s choice” awards for their flavourful, quirky-named ales and lagers, and this year expect to triple annual production to one million litres from a year ago

Globe and Mail – Globe and Mail – Business In Vancouver

Urbancorp units file for CCAA

Urbancorp is pushing ahead with a corporate restructuring under creditor protection, saying it owes millions to major banks, home buyers and investors in Israel even as its projects require “tens of millions” more to complete. In a series of reports posted on the website of KSV Advisory Inc., the company said 22 of its subsidiaries were filing for court protection.

Globe and Mail – Bloomberg

Expo 86: When Vancouver wooed the world

Few places have enjoyed — or endured — as much of a legacy as Vancouver has from its stint hosting the 1986 World Exposition. Expo 86 came at a time when B.C. was searching for a new image — not to mention investment dollars — and the five-and-a-half month party that coincided with Vancouver’s centennial celebration was the answer.

Vancouver Sun

Will pension funds, Ottawa JV on future infrastructure?

The Trudeau government’s newfound enthusiasm about a big Montreal transit proposal has given Canadians a glimpse at one way Ottawa could fund billions in public infrastructure. The Caisse de depot et placement du Quebec is prepared to pump $3 billion into the project — and it wants the provincial and federal governments to kick in the other $2.5 billion.

Winnipeg Free Press

Denmark chain adding four Winnipeg clothing stores

Denmark-based Bestseller plans to open four stores — two women’s clothing shops and two men’s clothing shops — in a 7,500-square-foot section of the second floor of the CF Polo Park Shopping Centre. Polo Park manager Deborah Green told 2016 Winnipeg Real Estate Forum delegates all four stores will open this summer.

Winnipeg Free Press

HBC president has employees’ back

Liz Rodbell is the president of Hudson’s Bay (HBC-T) and Lord & Taylor, which has about 90 department stores in Canada and 50 in the U.S.  respectively. Rodbell took on the top job, where she oversees merchandising, marketing, creative, stores, e-commerce direction, and strategy, in February 2014. She divides her time between the company’s dual headquarters in Toronto and New York.

Financial Post

Fire destroys Blacksand Executive Lodge

Wildfires burning north of Fort McMurray have destroyed an evacuated camp owned by Horizon North Logistics Ltd., (HNL-T) and put two others at risk. “My expectation is there is very little there to be salvaged,” Horizon North president and CEO Rod Graham said, adding the company plans to re-build Blacksand Executive Lodge.

Financial Post – Canada Newswire – Global News

Flare-up stalls Fort Mac recovery

Hopes of a speedy return have been dashed in Fort McMurray as wildfires burning with newfound vigour are raging around the city, upending plans to restart oil production and restore the local services needed for residents to re-enter the community. Nearly a week of cool weather had provided the firefighters around Fort McMurray with a respite.

Globe and Mail – Saskatoon StarPhoenix – CBC News – Globe and Mail (Subscription required)

Running a hotel in the middle of Fort Mac wildfire

Every morning for the past week, Barnie Yerxa and his staff at the Quality Hotel and Conference Centre have woken up early to hold a breakfast meeting and plan for the day ahead. It might sound like a routine meeting, but there’s nothing normal about operating a hotel today inside Fort McMurray.

Calgary Herald

Syncrude promises paycheques, no layoffs

Syncrude workers left a company town hall meeting Tuesday in Edmonton assured of no layoffs and continued pay despite the idling of oil sands operations by wildfires. Employees weren’t told when Syncrude would restart operations, said mining inspector Chris Joyce. “They have no idea right now. It’s all depending on the fires.”

Financial Post

Firms come to aid of wildfire victims:

*  Holt Renfrew, Canada Newswire

Featured Column

What Ontario government says about FinTech

More than 440 participants attended the 2016 Canadian Crowdfunding Summit (CCS2016) at MaRS Discovery on March 3. The incredible event brought together a diverse crowd of companies, investors, providers, industry experts and leaders in the crowdfunding, financial technology (FinTech) and alternative finance (AltFi) sectors.

Read more

Q& A with Brent Sawchyn

Brent Sawchyn is a principal with PC Urban, a leader in Vancouver’s commercial and residential real estate scene. They have a visionary approach to re-imagining old industrial buildings and converting them into new developments that provide higher density and more jobs.

Read more

Market Trends and Research

Optimism reigns in U.S. CRE

Commercial real estate executives appear relatively optimistic about the general state of
 the market in 2016, with many predicting higher than average deal volumes for their firms. Most believe the influx of CRE tech companies is revolutionizing the industry and recognize that while the U.S. CRE market is recovering, there are still certain segments that are poised for significant decline.

Forbes

The new benchmark in industrial buildings

Industry watchers agree industrial and logistics tenants are seeking bigger buildings to accommodate the increase in product being stored and shipped. Forty-foot ceiling heights are the new benchmark and the buildings demand more power for the robotics and conveyer systems employed. Wider column spacing has also become more common.

Globest.com

Storage industry outlook bright

SS revenue & NOI growth was strong across the board in the first quarter for the storage industry, according to RBC Capital Markets. “The storage companies produced SS revenue growth of between 6.5% and 9.1% and SS NOI growth of between 9.9% and 12.9%. Strength was broad based with many major metros producing SS revenue growth over 5.0%,” the firm says.. 

Globest.com

Real Estate Companies

SNC paid secret commissions to offshore companies

Canadian engineering giant SNC-Lavalin (SNC-T) signed $21.7 millions in contracts with an anonymously owned company in the British Virgin Islands to obtain business in Algeria, a joint investigation by the Star and CBC/Radio-Canada has learned. The Panama Papers archive contains six contracts, signed between 2000 and 2002, offering an unnamed agent payments ranging from $800,000 to $8.4 million.

Tornto Star

Beau’s brewery selling business to employees

The father and son who started Beau’s brewery a decade ago say they will sell the company to their 150 employees starting next month. Beau’s, based in Vankleek Hill, about 100 kilometres east of Ottawa, was founded on July 1, 2006 by Steve Beauchesne and his father Tim. The Beauchesne family have maintained majority control ever since.

CBC News – Ottawa Business Journal – Globe and Mail

Korea’s Hotel Lotte plans year’s largest IPO

South Korea’s Hotel Lotte Co Ltd plans a share sale worth up to $6.28 billion Cdn billion next month, sources said on Wednesday, in what would be the world’s biggest initial public offering since late 2015. The sprawling Lotte Group said last year it would list Hotel Lotte, which includes the third-largest global duty-free retail chain.

Reuters

REOC Financial Reports

Real Estate Investment Trusts

Cominar offers senior unsecured debentures

Cominar REIT (CUF.UN-T) announced an offering of $225 million principal amount of 4.247% Series 10 senior unsecured debentures. The offering is expected to close on or about May 20. The debentures will be issued at a price of $1,000 per $1,000 principal amount of debentures, bear interest at a rate equal to 4.247% payable semi-annually in arrears, and will mature on May 23, 2023.

Canada Newswire

Digital Realty to buy European data centres

Digital Realty Trust Inc. (DLR-N), an owner of technology-related real estate, agreed to acquire eight data centres from Equinix Inc. (EQIX-Q) for about $874 million US. The properties are located in London, Amsterdam and Frankfurt, the San Francisco-based company said Monday.

Bloomberg – Globest.com – Bloomberg

CT REIT offers senior unsecured debentures

CT Real Estate Investment Trust (CRT.UN-T) announced it has agreed to issue, on an agency basis, $350 million aggregate principal amount of senior unsecured debentures of CT REIT in two series. The debenture offering is being made under CT REIT’s short form base shelf prospectus dated March 5, 2015.

Canada Newswire

Retail slump won’t hurt these REITs

Marc Halle, senior portfolio manager of the Prudential Global Real Estate Fund, said that while retail sales slowing from anchor stores like Macy’s is not positive, the anchors are no longer the powerhouse driving shoppers. Consumers are moving to experiences and REITs are well-positioned for the change because they are redeveloping their formats to cater to shopping trends.

CNBC – Bloomberg – CNBC

Retail

Regina’s Sears Outlet Centre to close in 2017

The Sears Outlet Store in Regina will close in April after more than 35 years at that location, a spokesman for Sears Canada (SCC-T) said Monday. For the nearly 100 employees currently working at the outlet store, Sears Canada will attempt to find equivalent jobs at other Sears locations before the April 20 closing date.

Regina Leader-Post – CBC News – CTV News

Latest reports:

* Home Depot Inc, (HD-N), Reuters, Globest.com

* Lowe’s Cos Inc., (LOW-N), Reuters   

* Staples Inc (SPLS-Q), Reuters   

* Target Corp, (TGT-N), Reuters

New Development

Melnyk eyeing plans for Ottawa pharma plant: Source

Ottawa Senators owner Eugene Melnyk is actively exploring not just his plans for LeBreton Flats and options for repurposing the Canadian Tire Centre site. but also a third prospective development project, a source says. The source says Melnyk is scouting locations for the possible development of a pharmaceutical manufacturing facility ranging from 125,000 to 200,000 square feet.

Ottawa Business Journal

Mixed-use complex to replace Ottawa restaurant

Kristy’s restaurant in Ottawa is on track for demolition now that restaurant owner Walter Boyce has submitted a plan to replace the building with a 16-storey complex. The development application includes plans to raze the building and build two residential towers connected by a three-storey podium. Retail stores would be in units on the ground floor.

Ottawa Sun

Renovation and Restoration

New lease on life for old Kelowna bricks

Kelowna bricks of historical significance are getting a new lease on life. An old brick building in downtown Kelowna is being demolished to make way for a new hotel. When the stucco exterior was stripped away, it revealed bricks made from clay taken from nearby Knox Mountain. Many of the bricks will be used in other construction projects.

Global News

Human Resources

Target names Nordstrom executive CMO

Target Corp. (TGT-N) has poached a Nordstrom (JWN-N) executive for its new chief merchandising officer, a crucial position and the one who determines what appears on store shelves. Mark Tritton was president of Nordstrom Product Group where he oversaw the merchandising, design, manufacturing, marketing and omnichannel distribution of more than 50 private-label brands across Nordstrom’s full-price and off-price portfolio.

Globe and Mail

Technology

Retail moving toward mobile solutions?

There are several retail trends that will intensify throughout the remainder of 2016, says Tom Buxton, president and CEO of Buxton, an industry leader in customer analytics. One is retailers’ continued struggle to master the science of true omnichannel retail, which involves maximizing customer penetration regardless of the channel.

Globest.com

Other