China warns of investment chill after Aecon deal blocked

China warns of investment chill after Aecon deal blocked

Following Ottawa’s decision to kill a proposed takeover of Toronto-based construction firm Aecon while citing advice from national security agencies, the Chinese Embassy issued a statement cautioning the move was not “good news for the investment cooperation between China and Canada.”

Bloomberg – Financial Post – Toronto Star – National Post

Toronto’s first vertical forest glass tower covered in trees

Near the exclusive shopping district of Yorkville, only blocks from the hustle of midtown Toronto, is where an architect envisions the first “vertical forest in Canada,” a terraced glass tower covered in 400 four- to five-metre trees. But the intent isn’t to design a building that just looks striking.

Daily Commercial News

Experts weigh in on Canada’s development land market

While development land continues to become more scarce and expensive in Canada’s major cities, deals are still being done and buildings are being built, attendees heard at the May 15 Land & Development Conference at the Metro Toronto Convention Centre.

Property Biz Canada

Burnaby suddenly Metro Vancouver office hot spot: CBRE

Metro Vancouver’s hot office market is helping to stoke investment demand in the region’s suburbs says CBRE, pointing to several of its recent deals that have taken place outside the downtown core. Suburban office sales led the market in the first quarter of 2018.

Property Biz Canada

Architect has bold vision for Winnipeg’s Alexander Docks

Romanian architect Sabi Cornoiu has never been to Winnipeg, never seen the Red River or visited the city’s renowned Exchange District. But that did not stop him from creating the vision that is “Alexander’s Garden.” It’s a bold take on green space. 

Winnipeg Free Press

Edmonton’s downtown a study in transformation

The move to rejuvenate downtown cores is evident in many cities, but few could boast as much activity, for their relative size, as Edmonton. Home to just under a million people, the city is awash in both cranes and surveyors these days.

Property Biz Canada

Task force looking to foster millennial-friendly Ottawa

Business and community leaders in Ottawa have formed the Capital Build Task Force hoping to put momentum behind the city’s transformational developments and attract more millennial workers to the capital. The group is focused on five main city-building priorities, with LeBreton Flats chief among them.

Ottawa Business Journal

3T Equity acquires GTA industrial properties

David J. Goldstein, Jordan Rich and Lawrence M. Moskovic of 3T Equity Partners Friday announced the completion of its purchases of 1200-1210 Lorimar Drive, Mississauga on May 10 for a purchase price of $8,050,000 and 1153 Pioneer Road, Burlington for a purchase price of $5,700,000.

Canada Newswire

Ste-Catherine St. revamp postponed until 2019

Work scheduled to begin this summer for the revamping of Ste-Catherine St. has been postponed until January. The new concept includes reducing traffic to one lane between Mansfield and Bleury Sts. and eliminating parking to make the shopping drag more pedestrian-friendly.

Montreal Gazette

Vancouver, Burnaby Esso stations for sale

A quartet of gas stations on busy streets in Vancouver and Burnaby could soon disappear, continuing the trend of stations being sold for development in parts of the city with particularly high land values. The Esso Stations have all been listed by Colliers Canada.

Vancouver Sun

MINISO plans to open 500 stores within three years

MINISO, which opened its first Canadian store on April 15, expects to open 100 stores in Canada by the end of 2018, and for the total number of stores to increase to 500 in the next three years. By the end of 2017, MINISO had opened 12 stores in Vancouver.

PR Newswire

Catalyst selling American paper mills

Catalyst Paper, which is being hammered with American duties on paper exports, is selling its two American paper mills. The Richmond-headquartered company is selling the mills to  ND Paper LLC, a wholly owned subsidiary of Hong Kong-based Nine Dragons Paper, for US$175 million.

Business In Vancouver

Caisse, Teachers’ consortium to buy Techem in $7B deal

Partners Group has joined forces with Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTTP) to buy Techem from Macquarie European Infrastructure Fund 2 for $7 billion Cdn. The consortium also includes Techem’s management team. 

IPE Real Assets

How Brookfield snatched bargain assets amid Brazil panic

Rampant corruption scandals and a deep recession soured many foreign investors on Brazil in recent years, but one Canadian group saw opportunity. Brookfield Asset Management Inc. (BAM-A-T) and its subsidiaries have made nearly a dozen major acquisitions in the South American country since 2013.

Reuters

Brookfield deal raised OliverMcMillan’s profile

When mixed-use developer OliverMcMillan was acquired earlier this year by Brookfield Residential, the impact was akin to having “giant turbochargers” attached to the San Diego-based company’s finances after 40 years in business. CEO Dene Oliver said it also boosted what was already a significant nationwide profile.

CoStar Group

Market Trends and Research

Vancouver office vacancy rate plummets: Devencore

In its Real Estate Market Research study published today, Devencore reported locating top-tier office space in downtown Vancouver is becoming a significant challenge for tenants. Vacancy rates for all office classes have plummeted to 5.0 per cent, down from 7.1 per cent year-over-year.

Globe Newswire

U.S. investors can’t get enough of industrial properties

Despite increasing valuations and compressed cap rates, industrial/logistics real estate remains “the prettiest girl at the dance,” says Mark Glagola, senior managing director at brokerage firm Transwestern. “Investors are buying at lower caps, but supply is overwhelmed by demand,” he notes.

National Real Estate Investor

U.S. mall owners look to replace Sears, JC Penney

U.S. mall owners are still grappling with how to fill those spaces being vacated by department store chains like Sears and J.C. Penney. It’s no easy task, said Dirk Aulabaugh, managing director of Green Street Advisors‘ advisory and consulting group.

CNBC

Real Estate Companies

Carleton University buying Ottawa church

Carleton University has officially bought Dominion-Chalmers United Church on Cooper Street. The university had been eyeing the historic downtown church, which interim president Alastair Summerlee previously said was appraised at between $7 million and $8 million.

CBC

Manhattan office tower lands $100M refinance

The office tower at 40 Exchange Place in Manhattan’s Financial District has been refinanced to the tune of $100 million. GFP Real Estate and Northwind Group, owners of the 300,000-square-foot property, secured the loan through Capital One Bank.

CP Executive

REIT Financial Reports

Latest financial results:

* Fronsac REIT, (GAZ-UN-X), Globe Newswire

Retail

MEC Canada’s most reputable company: Survey

Vancouver-headquartered Mountain Equipment Co-op (MEC) is the most reputable Canadian company as ranked by Canadians, according to the results of a RepTrak survey by the Reputation Institute. Jean Coutu (MRU-T), headquartered in Varennes, Que., is No. 2 in Canada.

Business In Vancouver

Co-founder aims to put DavidsTea ‘on the right track’

Management and incumbent directors at DavidsTea Inc. (DTEA-Q) face a colossal challenge to keep their jobs as dissident shareholder Herschel Segal seeks to push them out and take over the embattled Canadian retailer at a crucial vote next month.

Globe and Mail

New Development

$7.5M redesign is in the works for downtown Sydney

Charlotte Street in Sydney, N.S., is getting a multi-million dollar facelift. The street is the core of the downtown and is home to offices, banks, shops and restaurants. But over the past two decades, retail activity in the area has dwindled and a number of storefronts stand empty with windows papered over. The street itself is in need of major repairs.

CBC

Windsor, college tout plan for mixed-use library

The City of Windsor and St. Clair College are in discussions to build a mixed-use library in the downtown core that would cater to 2,000 new students and encourage private-sector construction of a new student residence. The proposal calls for a new, 90,000-square-foot building.

Windsor Star

Menkès Shooner to design National Bank’s head office

National Bank Friday announced Montreal firm Menkès Shooner Dagenais LeTourneux Architectes has been appointed to design its new head office following a selection process that lasted several weeks. The new building will have 46 floors and cover more than a million square feet.

Canada Newswire

Infrastructure

Lear adds another school to education portfolio

Students will be welcomed into a new school in September in the community of Legacy. It’s another build by Lear Construction Management, the Calgary company that has been the contractor on 12 schools, including new builds and modernization projects, over the past four years.

Calgary Herald

Saskatchewan to expand Fond du Lac airport

The provincial government is planning extensive upgrades for one of the most remote airports in Saskatchewan, with the aim of making it accessible for larger aircraft. Procurement documents show the government wants to add 1,200 feet to the 3,800-foot runway at the Fond du Lac airport.

Saskatoon StarPhoenix

Other

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