HSBC moving Toronto office to CF’s new 16 York tower

HSBC moving Toronto office to CF’s new 16 York tower

UPDATED To correct error in story link. Our apologies: With the summer doldrums behind us, the major lease signing announcements are rolling in. HSBC Bank Canada announced Wednesday morning it will be one of the principal tenants at Cadillac Fairview’s new 16 York Street office building in Toronto. HSBC and CF said the long-term lease agreement means the financial institution will move its Toronto corporate office to the new, south financial core tower in October 2021.

Property Biz Canada

Loblaw selling its stake in real estate to parent company

Loblaw Co. Ltd. (L-T)  says it will spin out its REIT to focus solely on its grocery and pharmacy business. The company says George Weston Ltd. (WN-T), which has majority ownership of Loblaw, will receive its 61.6 per cent interest in Choice Properties REIT  (CHP-UN-T) and Loblaw’s minority shareholders will receive George Weston shares in exchange. George Weston already owns 3.8 per cent of the REIT.

Financial Post – Globe and Mail (Subscription required) – Canada Newswire

Shopify to become anchor tenant at The Well Tower

E-commerce software giant Shopify (SHOP-T) will more than triple the amount of office space it leases from Allied Properties REIT(AP-UN-T) and RioCan REIT (REI-UN-T) in Toronto, agreeing to occupy nearly 434,000 square feet at The Well Tower.  The announcement, made Tuesday morning, means Shopify will lease almost 600,000 square feet from Allied and RioCan in The Well Tower and at the trusts’ King Portland Centre.

Property Biz Canada

Greybrook’s Politis still hitting homers, as real estate investor

When Peter Politis was growing up, he wanted to be either a Major League Baseball player or a real estate developer.  “Unfortunately, I was not good enough to be a baseball player,” says Politis, who still plays the sport recreationally. “I’m not exactly a real estate developer, but close enough.” Close enough, indeed. Politis is CEO of Greybrook Realty Partners.

Property Biz Canada

Costs of Vancouver transit plans soar

For all the enthusiasm Prime Minister Justin Trudeau and Premier John Horgan brought to their announcement on transit funding Tuesday, there was no overlooking the soaring cost of building SkyTrain and light rail in Metro Vancouver. The two leaders reiterated their support for the SkyTrain extension under Broadway in Vancouver and for a stand-alone light rail project in Surrey. They had promised much the same previously.

Vancouver Sun

SkyTrain expansion brings rising property taxes

The junction where Kingsway and Main Street converge is the historic and cultural heart of Mount Pleasant, just north of Broadway. It’s also one of the most walkable areas in Vancouver, filled with independent boutique shops and cafés, but without Yaletown’s high prices and lapdog-carrying clientele. Mount Pleasant has always had a gritty edge and community vibe, filled with skateboard and bicycle shops, vegetarian restaurants and used-book stores.

Globe and Mail (Subscription required)

GTA needs one region-wide transit system

There are a legion of reasons why uploading the TTC subway system to the province is a bad idea. There are far more important governance issues to address if our transit ridership is ever going to be seamless, affordable and time-competitive with cars. Uploading may allow the province to borrow at a slightly lower rate than the city for subway expansion. But it raises more questions than it answers.

Toronto Star

Canadian cities commit to net-zero carbon buildings by 2030

Canada contains less than 0.5 per cent of the world’s population, yet it contains 18 per cent of the cities which promise to ensure new buildings operate at net-zero carbon by 2030. Toronto, Vancouver and Montreal have all made the pledge as part of the World Green Building Council Net Zero Carbon Buildings Commitment. The program will officially kick off Sept. 13 at the Global Climate Action Summit in San Francisco.

Sustainable Biz Canada

Global tech giant Garmin officially calls Alberta home

Politicians and local business leaders celebrated the grand opening of Garmin Canada’s new headquarters, a 45,000-square-foot facility in the heart of downtown Cochrane, Alta. The new facility — where approximately 100 engineers and support staff design and develop fitness, outdoor and wireless products — is a testament to the rapid growth of the company. Garmin Canada got its start in 1998 as Cochrane-based tech startup Dynastream Innovations.

Calgary Herald – Global News

Ottawa poised to sell Hawthorne Industrial Park land for $2.9M

The owner of a commercial roofing and sheet metal firm is looking to buy 4.66 acres of publicly owned land in a southeast Ottawa business park, the city says. Ottawa’s finance and economic development committee will be asked next week to approve the sale of 899, 901 and 903 Ages Dr. to a numbered company owned by Simluc Contractors president Martin Languedoc, according to a staff report.

Ottawa Business Journal

Churchill residents hopeful railway deal will revitalize port

News of a deal to sell and repair a Manitoba town’s broken rail line means more than just a return to reasonably priced groceries and easier access for visitors to the polar bear capital of Canada. It has brought hope that Churchill, the once-bustling port on Hudson Bay, will soon be busy again. The rail line, port facilities and tank farm in Churchill have been sold by Omnitrax.

Globe and Mail – Winnipeg Free Press

Arbutus ‘frustrated’ with response to Saskatoon plan

A Vancouver-based developer who wants to transform Saskatoon says he is disappointed in a city hall report that throws cold water on his plan to redevelop the city yards. Jeff Drexel, president of Arbutus Properties, said he will continue to push his vision, despite a report that says there are “no immediate plans” to relocate city operations.

Saskatoon StarPhoenix

Gordie Howe International Bridge unlikely to open until late 2024

The first vehicles will not travel across the Gordie Howe International Bridge until late 2024 — another six years — according to the project’s contractor. Financial documents released this week by S&P Global Ratings for the first time provide specific details on cost estimates and construction timelines for the long-awaited Detroit River border crossing project.

Windsor Star

PM urges Champagne to reform infrastructure accounting

Prime Minister Justin Trudeau has urged his new Minister of Infrastructure and Communities Francois-Philippe Champagne to revise how infrastructure spending is accounted for, an apparent reaction to criticism that the federal government is seen to have been rolling out budgeted infrastructure too slowly.

Daily Commercial News

Oxford battles Blackstone for Australia property

Canadian landlord Oxford Properties Group lobbed a last-minute $3.17 billion Cdn bid for Australian office owner Investa Office Fund  on Tuesday, edging out an earlier offer from U.S. private equity firm Blackstone Group (BX-N). The bid landed  two days before a scheduled shareholder meeting to approve Blackstone’s takeover that has Investa’s blessings. It caps years of suitors circling Investa as tight supply and strong growth lift rents in Australia.

Reuters

Featured Column

Prime retail space remains elusive in Saskatoon

One of my biggest challenges is finding the right fit for tenants. In a commercial landscape that remains under-serviced for retail, that’s not exactly my fault. We did see some new construction of retail in 2018, so it’s probably time to re-evaluate where the inventory levels sit versus vacancy, midway to the end of the Q3 2018. Looking at the numbers by area, who do you ask: landlords or tenants?

The Saskatchewan Edge

Market Trends and Research

Bank of Canada holds rates steady

The Bank of Canada is taking a breather from its efforts to push up interest rates as it watches the fallout from the country’s trade showdown with the U.S.  It opted to leave its key rate at 1.5 per cent Wednesday. “The bank is . . . monitoring closely the course of NAFTA negotiations and other trade policy developments, and the impact on the inflation outlook,” the bank said in a statement.

Globe and Mail

Real Estate Companies

Lexington Realty sells 21 office assets for $726M

Lexington Realty Trust (LXP-N), a REIT focused on single-tenant industrial real estate investments, Tuesday announced it disposed of a 21-office asset portfolio for $726 million at GAAP and cash capitalization rates of 8.6% and 8.1%, respectively to a joint venture between affiliates of Davidson Kempner Capital Management LP and Lexington. DKCM is a U.S.-registered investment firm based in New York with affiliate offices in London, Hong Kong and Dublin.

Globe Newswire – CoStar Group

Dundee faces investor spat over preferred share repayment

With a deadline to repurchase some preferred equity looming, one of Dundee Corp.’s (DC-A-T) largest shareholders is turning vocal. On Tuesday, Maryland-based Roumell Asset Management, which says it holds 3.6 million shares, or 6.4 per cent of Dundee, released a public letter to the company’s board of directors asking for Dundee’s preferred shares that come due in 2019 to be extended and given a new, discounted price.

Globe and Mail (Subscription required)

Real Estate Investment Trusts

Artis REIT qualifies for trading in U.S.

Artis Real Estate Investment Trust (AX.UN-T) announced today it has qualified to trade in the United States on the OTCQX Best Market (“OTCQX”), under the symbol “ARESF.” “We are pleased to have received approval to join the OTCQX Market. Trading on OTCQX in the U.S. provides increased exposure and accessibility to a broader base of investors,” said Armin Martens, president and chief executive officer of Artis.

Canada Newswire – Property Biz Canada

TSX celebrates 25th anniversary of REITs

Canada’s premier equity markets, Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), are hosting members of REALPAC, Canada’s real estate industry association, for a market open ceremony today in celebration of the 25th anniversary of REITs in Canada and the listing of the first REIT on TSX. To honour this milestone, Michael Brooks, CEO, REALPAC, will open the market alongside Loui Anastasopoulos, president, Capital Formation, TMX Group.

Canada Newswire

Retail

Baskin-Robbins plans 18 new Ontario locations

Baskin-Robbins, the world’s largest chain of ice cream specialty shops, announced today its continued expansion in Ontario, specifically in the Greater Toronto Area with the signing of 18 new store development agreements with six new and existing franchise groups. The first Baskin-Robbins shop under these new agreements opened this summer. Currently, there are nearly 100 Baskin-Robbins locations throughout the Greater Toronto Area.

Canada Newswire

Canadian retailers need to innovate: BDO Canada

Nationwide store closures and the recent high-profile collapse of iconic brands send a clear message: Canadian small and medium-sized retailers need to innovate to survive and thrive, says BDO Canada report Retail Trends in Canada 2018. “Canadian retailers are lagging behind their U.S. and U.K. counterparts on both the implementation of e-commerce and the use of data analytics,” says Eric Matusiak, partner and national retail leader at BDO Canada.

Globe Newswire

Centre Laval to welcome Quebec’s first Lee Valley store

Centre Laval recently announced the upcoming arrival of Quebec’s first Lee Valley store. It will open in a prime 25,000+-square-foot space. Centre Laval is owned and operated by Cominar REIT (CUF-UN-T) and has been at the heart of Laval life since 1968. It houses 130 stores, including Ares, Avril Supermarché Santé, Best Buy, Bureau en gros, Hudson’s Bay and Sportium, as well as a variety of restaurants and service outlets.

Canada Newswire – Property Biz Canada

Restaurants and Eateries

Tim Hortons owner strips franchisee of licence

The parent company of Tim Hortons (QSR-T) seized ownership of four locations from a restaurant owner heading an unsanctioned franchisee group after he allegedly leaked sensitive corporate news to the media. The president of the Great White North Franchisee Association denies the allegation he’s acted as an anonymous source and claims the company is yet again attempting to intimidate franchisees.

CBC – Global News

Cannabis industry news

Cities cannot restrict medical-marijuana sales: Dispensaries

Canadian cities have no right to limit where medical cannabis can be sold because the storefront sale of the drug is a federal – not a municipal – matter, say lawyers for two dozen illegal marijuana dispensaries that are fighting a City of Vancouver injunction to shut them down. They argue the city’s 2015 bylaw licensing cannabis dispensaries oversteps its jurisdiction.

Globe and Mail

New Development

U of T engineering facility a space to collaborate, grow

Inside the new Myhal Centre for Engineering Innovation and Entrepreneurship is the Hatchery, one of the University of Toronto’s engineering start-up accelerators which focuses on early-stage product development and is intended to inspire entrepreneurship in students. On a recent tour of the facility, students could be seen showcasing their creations and ideas.

Daily Commercial News

Sports Venues

Russian billionaire promises world’s biggest hockey arena

A Russian billionaire says he’s planning to build the world’s biggest hockey arena. Gennady Timchenko, the president of the SKA St. Petersburg hockey club, tells Russian media the new arena will have a capacity of 22,500 and could host the 2023 world championship. The host city or cities for that tournament haven’t officially been chosen yet.

Daily Commercial News

Other

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