Melnyk bid favoured for LeBreton redevelopment

Melnyk bid favoured for LeBreton redevelopment

After decades of debate about what to do with the swath of undeveloped land in the heart of the capital, the National Capital Commission Thursday gave its blessing to a project that promises to transform the city — and bring the Ottawa Senators back downtown. The NCC named Senators owner Eugene Melnyk’s RendezVous LeBreton Group as the preferred candidate to build up LeBreton.

Ottawa Citizen – Globe and Mail – Ottawa Citizen – Ottawa Citizen

TO, Vancouver office condos in demand

A growing demand for office condominiums in Toronto and Vancouver is providing opportunities and alternatives for both end-users and investors. “It’s a relatively small percentage, but it’s growing,” Colliers International senior vice-president of capital markets Scott Chandler said of the impact of office condos in the two cities.

Property Biz Canada

War is on over future of Calgary’s Chinatown

All eyes were on Chinatown Calgary this month as the community fought back against plans for a 27-storey development pegged for the largest vacant lot in the community. Chinatown’s existing Area Redevelopment Plan hasn’t been updated in 30 years, but with three more developers drawing up plans for the neighbourhood, it’s now getting some much needed attention.

Globe and Mail

Urbancorp scales back development plans

Alan Saskin, CEO of embattled Toronto property developer Urbancorp, said his company has been forced to lay off employees and scale back future development as it grapples with “cash flow challenges” and an international legal skirmish between creditors in Canada and Israel.

Globe and Mail

Manulife seeks to revive Singapore REIT IPO

Canadian financial services group Manulife Financial (MFC-T) has begun its second attempt to list its U.S. office REIT in Singapore, betting on better market conditions and an improved yield, FinanceAsia reported. The publication said Manulife has started pre­marketing the IPO and is aiming for a May 20 listing. Bankers say the IPO could raise around $500 million Cdn.

The Straits Times – FinanceAsia

Two Men And A Truck Canadian expansion continues

“Two Men And A Truck, the movers who care.” That simple yet catchy jingle receives plenty of play on the Toronto radio station I listen to most, but it’s just one of the reasons why Two Men And A Truck has experienced more than 60 consecutive months of growth and completed five million moves.

Property Biz Canada

Montreal transit plan half ‘wow,’ half ‘how’

For years, Montrealers have suffered from infrastructure envy as they’ve watched new subways, LRTs, airport terminals and highways being built in other Canadian cities. So, the news the Caisse de dépôt et placement du Québec wants to build a $5.5-billion light rail transit (LRT) network spanning 67 kilometres was greeted with giddiness,

Globe and Mail

MUHC planning another big move

A year after completing the biggest hospital move in Canadian history, the McGill University Health Centre is bracing for another major relocation – moving out of its downtown administrative headquarters on Guy St. before the end of the year to another office complex and paying considerably less for a new lease.

Montreal Gazette

InterRent announces Kingston disposition

InterRent Real Estate Investment Trust (IIP.UN-T) announced it is continuing to execute on its capital recycling program by entering into an unconditional agreement to sell the REIT’s properties in Kingston, Ont. Totalling 202 suites, the properties are being sold for $21,210,000, or $105,000 per suite.

Marketwired – Property Biz Canada

CAPREIT acquires GTA townhome property

Canadian Apartment Properties REIT (CAR.UN-T) has completed the acquisition of a residential townhome property in Markham, Ont. The property contains 71 two-, three- and four-bedroom units located in Markham’s upscale and affluent Bayview Avenue and John Street neighbourhood.

Marketwired – Property Biz Canada

Northview Apartment REIT appoints CFO

Northview Apartment Real Estate Investment Trust (NVU.UN-T) announced the appointment of Travis Beatty, CPA, CFA, as chief financial officer, effective May 2. Beatty has more than 20 years of progressive financial management experience, including his role as CFO of OPTI Canada Ltd. prior to its sale in 2011.

Marketwired

Economic headwinds and Canadian REITs: BDO

Real estate fundamentals overall are relatively strong in most parts of the country, but Canada’s markets are feeling the blows of many of the same economic headwinds tempering market sentiment in the U.S., including currency risk and a decline in commodity and oil prices. What trends will be driving Canadian REITs and commercial real estate this year?

Commercial Property Executive

Sears seeking retail partners

In his bid to rejuvenate struggling Sears Canada Inc. (SCC-T), new executive chairman Brandon Stranzl is looking at teaming up with other retailers to lure more customers. In the U.S., Sears Holdings Corp. (SHLD-Q) has teamed up with British cheap-chic fashion powerhouse Primark.

Globe and Mail – Financial Post – Canada Newswire

Foreign capital still driving U.S. CRE

Far from losing steam, foreign investors in the last few weeks seem to have stepped up their U.S. real estate investment game in the wake of several new mega-deals. The breaking news this week is Saudi Arabia’s Olayan America, in a joint venture with London-based Chelsfield, struck a deal to purchase NYC’s Sony Building for $1.3 billion US.

CoStar Group – New York Times

Fairmont expanding to Morocco, Saudi Arabia

Fairmont Hotels & Resorts, a luxury operator with more than 70 hotels globally, announced the signing of two new luxury hotel developments in Morocco and the Kingdom of Saudi Arabia. Fairmont Taghazout Bay, Morocco and Fairmont Al Khobar, Saudi Arabia are both scheduled to open before 2020.

Marketwired

Featured Column

Saskatoon’s commercial real estate shining star

We’ve already reported the rather dull current status of the Saskatoon office and industrial leasing markets. Where the story gets better, where we have a good balance between supply and demand and where we are still seeing new construction on spec is with retail.

Read more

Recourse that matters

Mortgages are secured against a property. When additional security beyond that is required, which is very common in Canada, a lender will look for recourse to the borrower or an additional guarantor.

Read more

Real Estate Companies

Cousins Properties buying Parkway

Cousins Properties Inc. (CUZ-N) agreed to buy Parkway Properties Inc. (PKY-N) for about $1.95 billion US in stock, then spin off the combined company’s Houston office buildings into a separate real estate investment trust. Parkway shareholders will receive 1.63 shares of Cousins stock for each share they hold, the companies said in a statement Friday.

Bloomberg – CoStar Group

REOC Financial Reports

Latest first-quarter reports:

* Genworth MI Canada Inc., (MIC-T), Canada Newswwire, Canada Newswwire

	REITs & REOCs – First-quarter 2016 report
	RENX has prepared a table with a convenient list of the companies and a summary of links to their reports that will be updated quarterly. First-quarter results are now arriving. Canadian REITs & REOCs – First-quarter 2016 report

 

Real Estate Investment Trusts

RioCan’s U.S. sale closing delayed

RioCan REIT (REI.UN-T) announced the completion of the sale of its U.S. portfolio of 49 retail properties located in the Northeastern U.S. and Texas at a total sale price of US$1.9 billion will be delayed. The deal was expected to close before April 30. However, the transaction documents now contemplate a closing by the end of August.

Marketwired

True North files final base shelf prospectus

True North Commercial REIT (TNT.UN-T) has filed and obtained a receipt for its final short form base shelf prospectus. The prospectus is valid for 25 months, during which time the REIT may issue trust units, unsecured debt securities, subscription receipts, warrants, or any combination of such securities as units, for an aggregate offering amount of up to $200 million.

Canada Newswire

Hilton REIT names RLJ co-founder CEO

Hilton Worldwide (HLT-N) has named Thomas Baltimore, Jr. as president and CEO of the new REIT it plans to form later this year. Baltimore is a co-founder of RLJ Lodging Trust (RLJ-N) and has served as CEO since the company’s initial public offering in 2011. Baltimore’s appointment as CEO is effective May 16, Hilton said.

REIT.com

Retail

Costco on the move in Ottawa

After nearly a year of speculation, it’s finally official: Costco (COST-Q) is planning to move its Gloucester location to Shoppers City East. Costco plans to occupy a 155,000-square-foot building at the back of the property, which is owned by Trinity Development Group and other financial partners of the firm.

Ottawa Business Journal

Whole Foods’ new stores unrecognizable

Whole Foods (WFM-Q) is launching a new chain of stores that will be unlike the grocery-store chain’s existing locations. The first of the new stores, called 365 by Whole Foods Market, will open next month in Los Angeles. The second store is slated to open in Lake Oswego, Ore., in July.

Business Insider – Seattle Times – Motley Fool

K-Tel founder dead at 87

The man who brought you the Miracle Brush, the Veg-o-matic and millions of albums containing 25 Country Hits or Hooked on Classics died Wednesday. Philip Kives was 87. Born on a Jewish colony farm near Oungre, Sask., Feb. 12, 1929, Kives came to Winnipeg in 1962 to create the company that bore the first letter of his last name, K-Tel.

Winnipeg Free Press – CBC News – Ottawa Citizen – Globe and Mail

Restaurants and Eateries

Tim Hortons owner beats earnings expectations

The owner of Tim Hortons and Burger King reported strong sales and profit growth in the first quarter as it leveraged its fast-food network around the globe and promoted products such as grilled hot dogs and pulled pork sandwiches. Net earnings for Restaurant Brands International Inc. (QSR-T) were US$50 million.

Financial Post – CBC News – Washington Post

New Development

New home for Winnipeg youth agency

One of Winnipeg’s largest youth-services agencies is getting a new home. Macdonald Youth Services (MYS), which has been providing support services to at-risk children, youth and their families since 1929, broke ground Thursday on a new $7.5-million, 33,000-square-foot therapeutic centre. Three buildings MYS owned on the street have been demolished to make room for the new three-storey facility.

Winnipeg Free Press

Infrastructure

Alberta building Grande Prairie bypass

Grande Prairie is getting a $54-million bypass to route traffic around it. According to a government media release, more than 27,000 vehicles use Highway 43 each day. The road travels through the heart of the city. The bypass is expected to take two years to complete as part of the provincial government’s five-year, $7-billion planned investment in roads and bridges.

Edmonton Journal

Ottawa to upgrade 400 rail crossings this year

Canada’s transport minister says Ottawa will spend more than $10.9 million this year to fund upgrades to fix more than 400 railway crossings across Canada. Marc Garneau says it is part of the federal Grade Crossing Improvement Program (GCIP), which shares up to 50 per cent of the cost to fix dangerous crossings with railways and local municipalities.

CBC News

Technology

Saskatchewan boosts SkipTheDishes expansion

The Saskatchewan government has committed $3 million to train new employees of a technology company planning a massive expansion in its Saskatoon office. Over the next three years, SkipTheDishes — an online tool that allows customers to order food from local restaurants — will receive $10,000 per new employee, up to a total of $3 million.

Regina Leader-Post

Other

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