John O’Neill succeeds brother as CEO of AHIP REIT

John O’Neill succeeds brother as CEO of AHIP REIT

Vancouver-based American Hotel Income Properties REIT (HOT-UN-T) announced Wednesday morning the appointment of John O’Neill as its new CEO. John will succeed his older brother, Rob O’Neill, in the position on Oct. 1. Rob will retire from the CEO’s post, but will remain on its board of directors. John O’Neill has 30 years of experience in hotel investment, development and management.

Property Biz Canada

RioCan, Choice bosses share REIT war stories

Can’t imagine real estate going down in value? The chief executives of Canada’s two largest real estate investment trusts can tell you they’ve lived through it. Ed Sonshine, who heads up RioCan (REI-UN-T) , and rival Stephen Johnson of Choice Properties (CHP.UN-T), which became the largest REIT in Canada this year, shared some war stories from 25 years in the sector at the RealREIT conference held last week in Toronto.

CoStar Group – Property Biz Canada – Property Biz Canada

The People Space: New CEOs at Gupta, Kingsway and more

Reetu Gupta is the new president and CEO of Markham, Ont.-based The Gupta Group and Easton’s Group of Hotels. Over 20 years, Reetu Gupta has served both companies in various positions. She was appointed COO in 2015 and has been integral to Gupta Group’s diversification into the residential sector. In 2017, Gupta and brother Suraj launched Rogue Insight Capital Ltd., a Toronto-based angel investment firm where she is chief strategy officer.

Property Biz Canada

Microsoft moving Canadian HQ to Toronto’s CIBC Square

Microsoft Canada announced Tuesday a series of major investments across Canada, including moving its Canadian HQ to a brand new CIBC Square office tower when it opens in 2020 in downtown Toronto. Microsoft will occupy 132,000 square feet over four floors at the project, which is currently under construction at 81 Bay Street by developers Ivanhoé Cambridge and Hines. Move-in is scheduled for September 2020.

Property Biz Canada – Canada Newswire

Airports new destination for shopping and dining

This summer, while travelling from New York to Denver, Marc Stewart noticed the Delta Air Lines terminal at La Guardia Airport felt unfamiliar. “I was pleasantly surprised when I walked into Delta’s terminal at La Guardia and saw some innovative options,” said Stewart, 45, a television journalist. “As soon as you go past security, you see a food setup that’s reminiscent of Whole Foods.”

Globe and Mail

Montreal reboots planning model in midst of growth

Like Ste-Catherine Street – Montreal’s downtown commercial artery currently undergoing a belated makeover – the city itself is due for a big-picture reboot. The municipality’s current Master Plan, the blueprint for future growth and development, dates back to 2004. Most key players and concerned citizens agree that a major revamp is in order. Montreal, for example, now enjoys official status as the province’s “metropolis.” 

Globe and Mail

10 startups attend first Colliers PropTech Accelerator

Ten startup property technology companies from seven countries are the first successful applicants for the Colliers PropTech Accelerator program. Colliers International Group teamed up with Techstars to launch the first-of-its-kind program, which received applications from hundreds of companies in about 50 countries. The program is part of Colliers’ focus on targeted innovation, which it says will enable it to create solutions, shape technologies and find opportunities to advance its business.

Property Biz Canada

Fronsac acquires Quebec grocery property

Fronsac Real Estate Investment Trust (FRO-UN-X) Tuesday announced the acquisition of a property in Mont Laurier, Que. The property is a grocery store operated under the IGA banner. Total consideration paid for the property was $8,880,000 (excluding transaction costs). In addition, Fronsac announced the acquisition of a parcel of land in Salaberry-de-Valleyfield, Que., with the intention to develop a freestanding Benny & Co restaurant as well as a service station.

Globe Newswire – Property Biz Canada

Chartwell unveils plans for new Toronto development

Chartwell Retirement Residences (CSH.UN-T) and Welltower Inc. will invest in the development of Chartwell Guildwood Retirement Residence, located within the historic Guildwood neighbourhood of Toronto. The new residence is expected to open in early 2020 and will offer 172 suites that cover a spectrum of accommodation and service options. Chartwell is an unincorporated, open-ended trust which indirectly owns and operates a complete range of seniors housing communities.

Canada Newswire – Property Biz Canada

Ford City plan proposes waterfront development

A new plan for Windsor’s Ford City suggests a five-part financial incentive program for vacant land and extended streets connecting the neighbourhood with Walkerville will revitalize the area. However, possibly the loftiest goal of the plan includes the rehabilitation of the Ford City waterfront, including a rendering for a potential use of the property along Riverside Drive — which is currently owned by Ford. 

CBC – Windsor Star

Cost of Ottawa’s latest LRT delay climbing into millions

As city councillors absorb the news that Ottawa’s LRT launch is delayed yet again, they’re also asking how much the setback is going to cost — and who’s going to pay. The short answer is, we just don’t know yet. But the final tally will certainly total millions, and it’s not at all clear who’s going to pick up the tab.

CBC – Ottawa Citizen – Ottawa Citizen

HBC loss widens; CEO vows changes

Hudson’s Bay Co. (HBC-T) said Wednesday its second-quarter loss widened due to lower sales at its Lord & Taylor and Saks OFF 5th divisions. CEO Helena Foulkes said the company, which announced a joint venture in Europe with Austrian rival Signa Holding on Tuesday, will focus on turning around the two underperforming divisions. “We’ve made some poor decisions over the last few years . . .,” said Foulkes.

Reuters – Bloomberg – Globe and Mail (Subscription required)

Pop-up shops become a $50-billion business

When online home goods and beauty supplier Brandless wanted to expand its reach to new customers, it opened its first storefront for a short 30 days in a vacant retail shop on Los Angeles’ bustling and cool Melrose Avenue this year. It is one of thousands of retailers driving a fast-growing phenomenon of temporary stores, known as pop-up shops, across the U.S.

CoStar Group – CoStar Group

National Storage acquires Brookfield portfolio

Husch Blackwell represented National Storage Affiliates Trust (NSA-N) in a $1.3-billion transaction to acquire a 112-property portfolio containing approximately 8.7 million rentable square feet configured into more than 68,000 storage units. Comprising properties that span 17 states and Puerto Rico, the portfolio was formerly owned by Simply Self Storage, a portfolio company managed by Brookfield Asset Management (BAM-A-T).

Globe Newswire

Northern Virginia, DC, Atlanta HQ2 favourites: Experts

Most experts who advise companies on real estate strategies say online retailer Amazon will choose Northern Virginia, Washington, D.C., or Atlanta for the location of its second headquarters from among 20 finalist cities vying for the estimated $5-billion project. A survey by New York City-based Development Counsellors International found 60 percent of respondents predicted Northern Virginia would be Amazon’s top choice. Boston and Toronto tied for No. 4.

CoStar Group – CoStar Group

Market Trends and Research

New York overtakes London as top financial centre

New York has overtaken London as the world’s most attractive financial centre, a survey said on Wednesday, as Britain’s decision to leave the EU prompts banks to shift jobs out of the city to keep access to Europe’s single market. Brexit poses the biggest challenge to London’s finance industry since the 2007-’09 global crisis, since it might mean banks and insurers lose access to the European Union.

Reuters

Canadian economy on firm ground despite uncertainty: RBC

Canada’s uncertain trade backdrop has not had the dampening effect on the economy one might expect, according to the latest RBC Economic Outlook Report. Consumer spending and business sentiment remains high, and there are signs of a modest firming in wage gains. RBC projects real GDP growth of 2.1 per cent in 2018 and slowing slightly to 2.0 per cent in 2019.

Canada Newswire

Real Estate Companies

Indigenous company will run casinos, entertainment centre

A U.S.-based Indigenous gaming company will run two Niagara Falls casinos and an entertainment centre for the next 21 years. Mohegan Gaming and Entertainment (MGE), an extension of the Mohegan Tribe of Connecticut, will operate the Fallsview Casino Resort, Casino Niagara and the 5,000-seat Niagara Falls Entertainment Centre. The company will sign a 21-year operating agreement, to start next summer, with the Ontario Lottery and Gaming Corporation (OLG).

CBC – St Catharines Standard

Real Estate Investment Trusts

Three REITs yielding four per cent to invest in

Toronto-based Dream Office REIT (D-UN-T) has a current yield of 4.1% and a payout ratio of 69.3%. Halifax-based Killam Apartment REIT (KMP-UN-T) has a current yield of 4.0% and a payout ratio of 67.6%. Toronto-based CT REIT (CRT-UN-T) has a current yield of 5.5% and a payout ratio of 64.9%. As Canadian Tire Corporation (CTC-T) goes, so goes CT REIT, providing 93% of the REITs annualized base minimum rent.

Motley Fool

Retail

Edmonton Mac’s to be rebranded as Circle K by 2019

Same place, different name. As part of a global effort to combine a number of brands into one, all Mac’s convenience store locations in Edmonton are trading in the customary blue-and-red company colours for the yellow and red of the Circle K brand. All Mac’s locations in Western Canada are expected to be rebranded as Circle K stores by the end of 2018. Mac’s Canadian parent company is Couche-Tard (ATD-B-T).

Edmonton Journal

Cannabis industry news

Aurora acquires Europe’s largest organic hemp company

Aurora Cannabis Inc. (ACB-T) today announced it has acquired Europe’s largest producer, processor and supplier of certified organic hemp and hemp products, Agropro UAB, as well as hemp processor and distributor Borela UAB. Agropro, a hemp seed contracting and processing company, and its sister company Borela UAB currently has 4,000 acres under contract, potentially yielding more than 1,000,000 kilograms of organic hemp.

Canada Newswire

Cannabis companies struggling to find workers

The weed industry is booming but cannabis companies are struggling with a growing problem: finding the right employees in the run-up to Canada legalizing recreational marijuana in October. As Canada becomes only the second country to legalize recreational use, the cannabis industry could add 150,000 jobs over the next several years, according to an estimate from Deloitte.

CTV

New Development

Canada Goose to spend $15.8M on new Winnipeg factory

The Manitoba government says it will spend up to $1.48 million to help luxury jacket maker Canada Goose expand its Winnipeg manufacturing operations. Premier Brian Pallister says the $15.8 million expansion will create about 700 jobs. He says the province’s contribution will be spent to help train sewing machine operators over three years. The new facility will be the company’s third factory in Winnipeg.

Financial Post – Winnipeg Free Press – Canada Newswire

Infrastructure

Canada Line suit has implications for TransLink project

A court decision that has awarded compensation to business owners for damage caused by Canada Line construction could cost TransLink millions, and the B.C. government should take that into account as they start building two new transit lines in the region, says a lawyer involved in the case. But TransLink said in a statement that despite the ruling, there are no plans to provide compensation for any business when the regional transit authority builds the new rapid transit line in Surrey.

Globe and Mail

Other

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