Edmonton’s tallest building topped off

Edmonton’s tallest building topped off

Officials marked another milestone in the long-running revitalization of downtown Edmonton Tuesday when they celebrated topping off what’s now the city’s tallest building. The 54-storey JW Marriott hotel-Legends condominium tower is helping boost Edmonton’s image and attract potential international investors as part of the massive Ice District development, Mayor Don Iveson said.

Edmonton Journal – Globe Newswire – Property Biz Canada

Vancouver fears of industrial exodus overstated: HOOPP

There is a theory among commercial property stakeholders that Metro Vancouver’s rock-bottom industrial vacancy is going to push business away — probably to Calgary. There is another theory that Vancouver remains too crucial as a national shipping and distribution hub for that to happen. But what’s generally agreed upon is that the cramped local industrial property market is in need of creative solutions to keep moving forward.

Vancouver Sun

Surrey’s Campbell Heights business park spreads east

The sale of a residential and commercial property in Surrey, B.C., marks the latest expansion of the booming Campbell Heights North Business Park.  Vancouver-based property development and investment firm Cedar Coast recently purchased a 5.6-acre lot at 19370 36 Ave. in Surrey with plans to build a 125,000-square-foot large-bay strata industrial building. The lot was valued in 2017 at $5.49 million by BC Assessment.

Property Biz Canada

Crombie sells 50 per cent stake in nine retail properties

Crombie REIT (CRR-UN-T) is selling a 50 per cent stake in nine retail properties in Ontario, Alberta and British Columbia to Northam Realty Advisors Limited as it continues raising funds to redevelop some of its core holdings.  In an update on its dispositions thus far in 2018, the trust also announced it has closed on the sale of two Ontario shopping centres and on a commercial land deal in B.C.

Property Biz Canada

Minto meeting with advisers on possible multi-family IPO

One of Canada’s largest and longest operating real estate companies has hired investment bankers as it considers spinning off some of its extensive apartment holdings into a publicly traded entity, according to sources. The Minto Group, a private, Ottawa-based real estate company, has hired Bank of Montreal and Toronto-Dominion Bank to explore an initial public offering for a multifamily portfolio expected to produce a market capitalization of about $500 million.

CoStar Group

Timbercreek targets $1B for U.S. debt fund

Timbercreek Asset Management is launching its biggest U.S. debt fund as it seeks to expand its global lending platform. Timbercreek is fundraising to attract as much as $1 billion for a fund in the U.S. that it expects to be active this year, said Bradley Trotter, head of global debt at the Toronto-based firm. The fund will target rental real estate developments and renovations.

Bloomberg – Property Biz Canada

Purpose Alliance REIT offers residential investment platform

Purpose Investments Inc. has acquired an interest in Alliance REIT Management Corp., a Canadian residential real estate investment platform now known as Purpose Alliance REIT. Purpose Alliance REIT provides the opportunity for long-term investments in the downtown and central Toronto residential real estate market through a private RRSP-eligible investment vehicle.

Property Biz Canada

Slate Office sells Etobicoke property for $16.74M

Slate Office REIT (SOT.UN-T) announced it has entered into a definitive agreement to sell 135 Queens Plate Drive in Etobicoke for $16.74 million. The REIT expects to initially use the net proceeds to reduce outstanding debt, which may be redrawn to fund future acquisition activity. The REIT expects this transaction to close in the third quarter of 2018. Visit slateofficereit.com to learn more.

Globe Newswire – Property Biz Canada

Summit announces sale of four properties

Summit Industrial Income REIT (SMU-UN-T) Tuesday announced it has agreed to sell a 75 per cent interest in four properties. Three are in Ontario (Brockville, Ottawa and Mississauga) and one in Laval, Que., totalling 406,360 square feet. The buyer is a major Canadian institution for total proceeds of approximately $46.4 million, generating a realized gain on the sale of approximately $6.8 million.

Canada Newswire – Property Biz Canada

Canadian REITS remain a strong investment: Timbercreek

In an environment where global equity markets are reaching all-time highs and fixed income faces increasing interest rate hikes, real estate offers an attractive source of alternative yield with growth potential expected to exceed inflation. These characteristics coupled with the diversification benefits real estate offers makes Canadian and global REITs attractive assets. Contrary to conventional beliefs, today’s upward trend in interest rates is actually a good sign for REITs.

Western Investor

Professional soccer stadium coming to Spruce Meadows

Renovations to existing facilities at Spruce Meadows will make way for a 5,000- to 7,000-seat soccer stadium next year, spokesperson Ian Allison confirmed Sunday. A group from Calgary was approved for professional club membership by Soccer Canada on Saturday, paving the way for them to potentially join the Canadian Premier League. The league is set to debut as a professional men’s soccer league in the spring of 2019.

Calgary Herald – CBC

Walmart buys controlling stake in Flipkart for $16B

Walmart Inc (WMT-N) has agreed to pay $16 billion for a roughly 77 per cent stake in Indian online shopping site Flipkart, the U.S. retailer’s biggest foreign investment as it battles rival Amazon.com Inc (AMZN-Q) in one of the world’s biggest emerging markets. The deal, capping almost two years of talks, will help the Bentonville, Ark.-based retailer against Amazon.com, which reportedly had tried to make a competing offer for a stake.

Globe and Mail – Reuters – Tech Crunch

Walmart, Costco steal market share from grocery giants

Canada’s traditional grocery stores continued to lose food market share to Walmart (WMT-N) and Costco (COST-Q) in 2017, according to a new report from Kevin Grier Market Analysis and Consulting. Sales of food at traditional grocery and convenience stores were flat last year, while food sales at general merchants — a group that includes Walmart, Costco and Dollarama (DOL-T) — were up 15 per cent.

Financial Post

Oxford Properties backs new GLP fund

Oxford Properties Group has made its first investment into the European logistics sector by putting $350 million Cdn into GLP’s new dedicated logistics development platform. The global real estate arm of the Ontario Municipal Employees Retirement System (OMERS) said it will invest the amount into GLP’s newly launched European Development Partners I (GLP EDP I).

IPE Real Assets

CPPIB, GIC JV on South Korean office building

Canada Pension Plan Investment Board (CPPIB) and Singapore sovereign wealth fund GIC have widened their partnership with the acquisition of an office building in South Korea’s capital for $499 million Cdn. The firms have joined in an equal partnership to buy the Kumho Asiana Main Tower in Seoul from Kumho Asiana Group.

IPE Real Assets – CTV – Globe Newswire – Globe Newswire

Featured Column

Is Saskatchewan prepared for legalized cannabis?

We have been receiving a wave of phone calls from potential tenants looking to cash in on the upcoming legalized marijuana trade. They are fervently shopping for locations, a practice which I feel might be premature. But is the province really prepared for legalized cannabis?

Read more

Market Trends and Research

Port of Montreal sets cargo volume record

The volume of cargo handled by the Port of Montreal increased for a fourth consecutive year in 2017, reaching a record high of 38 million tonnes, the Montreal Port Authority said on Friday. The 7.6 per cent total increase in volume was due to growth in all types of cargo. The number of passengers and crew arriving on cruise ships rose 33.5 per cent, year over year, to 114,518.

Montreal Gazette

Western Investor’s guide to CRE 2018

Welcome to the second annual issue of the Western Investor Commercial Real Estate Guide for Investors. The last year has seen momentous changes in the Western commercial and industrial markets. Vancouver has emerged with the hottest office market in the country. Calgary and Edmonton are shaking off a four-year slump with recovery in retail and industrial sectors, though Calgary’s office sector remains one of Canada’s biggest challenges.

Western Investor

Casinos taking a chance again on Atlantic City

Placing their bets on a slowly rebounding local economy — and the prospects for legalized sports gambling in New Jersey in the near future — investors are planning to re-open two shuttered casinos in Atlantic City this summer. Hard Rock International and an affiliate of Integrated Properties in Denver are moving forward with plans to open new casinos along the famed boardwalk after acquiring the closed properties at rock-bottom pricing.

CoStar Group – Bloomberg – PR Newswire

REOC Financial Reports

Latest financial results:

* Dream Alternatives, (DRA-UN-T), Globe Newswire

* First Capital Realty Inc., (FCR-T), Canada Newswire

* Mainstreet Equity Corp., (MEQ-T), Canada Newswire

* Melcor Developments Ltd., (MRD-T), Globe Newswire

* Morguard Corporation, (MRC-T), Canada Newswire

* Temple Hotels Inc., (TPH-T), Canada Newswire

REIT Financial Reports

Latest financial results:

* Agellan Commercial REIT, (ACR-UN-T), Stockhouse

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

* CAPREIT, (CAR-UN-T), Globe Newswire

* CT REIT, (CRT-UN-T), Canada Newswire

* Cominar REIT, (CUF-UN-T), Canada Newswire

* Dream Industrial REIT, (DIR-UN-T), Globe Newswire

* RioCan REIT, (REI-UN-T), Globe Newswire

* Slate Office REIT, (SOT-UN-T), Globe Newswire

* Summit Industrial Income REIT, (SMU-UN-T), Canada Newswire

Real Estate Investment Trusts

NWH acquires interest in Aussie hospital operator

NorthWest Healthcare Properties REIT (NWH-UN-T) has acquired a 10% interest in Healthscope Limited ACN 144 840 639 at a price of $2.39 per share by way of a derivative with Deutsche Bank AG, Sydney Branch. Healthscope is one of Australia’s leading private hospital operators with a portfolio of 45 hospitals concentrated in large metropolitan centres throughout Australia. NWH and Vital Healthcare Property Trust intend to pursue any potential Healthscope real estate acquisition jointly.

Canada Newswire

Retail

HBC seeks to revive Lord & Taylor’s fortunes

Hudson’s Bay Co (HBC-T) is working with investment bankers and consultants to identify deals and new measures to turn around its Lord & Taylor department store chain, once the cornerstone of its retail empire, sources said. The move shows how the chain’s fortunes have diverged from Hudson’s Bay’s luxury Saks Fifth Avenue banner, which has managed to better weather the rise of online shopping sites.

Reuters

George Weston bets on healthy, indulgent foods

George Weston Ltd. (WN-T) is investing in two seemingly contradicting areas of growing consumer demand for its bakery division — healthier baked goods and indulgent foods. Luc Mongeau, president of the food processing and grocery company’s Weston Foods bakery business, said Tuesday it was working on innovation in its artisan and alternative bread products, and recently built organic production capabilities into its Kitchener facility.

Canadian Grocer – Canada Newswire

Cannabis industry news

Invictus’ Acreage Pharms’ Phase 2 is complete

Invictus MD Strategies Corp. (GENE-X) announced the Acreage Pharms Ltd 33,000-square-foot, purpose built Phase 2 production facility in West-Central Alberta is complete. Land clearing and site preparation for its 80,000-square-foot Phase 3 expansion project has commenced giving the licensed producer a total of 120,000 square feet of growing space by the end of 2018. Acreage Pharms is also working on plans to increase total capacity to 360,000 square feet in 2019.

Canada Newswire

Canadian companies dominate global marijuana trade

Canada’s rapidly growing cannabis industry dominates the global trade in legal marijuana, says a report from a Washington, D. C., data analytics firm. The companies that are frantically building growing facilities to supply Canadians with marijuana are also in a unique position to sell their products and expertise around the world, says the report from New Frontier Data.

Ottawa Citizen – Vancouver Sun

Cannabis sales to top hard liquor by 2020

Cannabis sales could soon eclipse hard liquor sales in Canada, according to a new report by The Canadian Imperial Bank of Commerce analysts, with provincial governments, rather than private companies, expected to reap the most benefit. Legal recreational marijuana sales could hit $6.5 billion by 2020, topping the $5.1 billion Canadians spent on spirits in 2017 and approaching $7 billion spent on wine, according to the report released Tuesday.

Financial Post – CBC – CBC

Other

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