Telsec project fills office gap in NW Calgary

Telsec project fills office gap in NW Calgary

A shortage of commercial real estate and retail space has existed in northwest Calgary for a long time. The planned redevelopment of the Northland Shopping Centre will no doubt be quickly leased to retailers and restaurants. Office space has also been at a premium, an issue Telsec Property Corp. is addressing with the Crowfoot 75 building.

Calgary Herald

Vancouver, TO attract CRE investment

Global uncertainty, the low loonie and Canada’s tempting lifestyle, economy and commerce has made Vancouver and Toronto increasingly attractive to foreign commercial real estate investors — particularly those from China and the U.S., according to Colliers International’s All Signs Point North private survey.

Vancouver Sun – Business in Vancouver – Business in Vancouver – Business Wire

Nobel REIT moving into downtown Montreal

Nobel Real Estate Investment Trust (NEL.UN-X) moved from the red to the black last year and will capitalize on that momentum by moving its headquarters to the downtown Montreal office building of which it’s purchasing half. 

Property Biz Canada

Whistler world’s top-performing ski hill

Whistler Blackcomb is a ski resort of superlatives. Now its financial performance and share price are among them. Whistler Blackcomb Holdings Inc. (WB-T), North America’s biggest and busiest ski resort, has benefited this season from above-average snowfall and a weak Canadian dollar, which have helped send its stock to a record.

Bloomberg – Toronto Star

New majority owner for Ericsson Corporate Campus

A major Canadian pension fund has entered a joint venture with Groupe Montoni and Claridge Inc. and become the majority stakeholder in Montreal’s new Ericsson Corporate Campus. Montoni and Claridge will retain a 30 per cent stake while the unnamed pension fund, which paid an undisclosed price, will own 70 per cent. JLL negotiated the deal.

Property Biz Canada

CF Masonville Place to get makeover

After months of reconstruction on the former Sears store, CF Masonville Place has announced a $77-million makeover, the largest in the London mall’s history. Cadillac Fairview said that along with the Sears space, other parts of the mall will get a cosmetic upgrades to welcome new tenants including Zara, H&M, Hot Topic, Sport Chek/Atmosphere and The Disney Store.

London Free Press – Canada NewsWire

Slate Retail REIT sells Alabama property

Slate Retail REIT (SRT.U-T), an owner and operator of U.S. grocery-anchored real estate, announced it has completed the sale of Madison Centre in Madison, Ala., for gross proceeds of US$9.10 million, representing an estimated 6.4 per cent capitalization rate. Madison Centre was originally acquired in Q2 2013 by Slate U.S. Opportunity (No. 2) Realty Trust.

Marketwired

True North buying historic theatre

After two years of running Winnipeg’s Burton Cummings Theatre, True North Sports & Entertainment has decided to buy the iconic venue. Kevin Donnelly, senior vice-president of venues and entertainment at True North, has been booking shows at the Burt since the spring of 2014 while simultaneously overseeing a never-ending string of renovations to the 109-year-old theatre.

Winnipeg Free Press – Winnipeg Free Press

Time to revive Winnipeg’s iconic HBC

Winnipeg is building luxury hotels in the city centre to house the guests who attend the new convention facilities, but there is no handy place for them to indulge in a shopping spree. The obvious answer would be a revival of the Hudson’s Bay (HBC-T) department store at Portage and Memorial.

Winnipeg Free Press

Real estate keeping Sears Canada alive

As long as Sears Canada (SCC-T) has viable real estate to sell — and management is able to keep shaving costs — the struggling retailer will likely stay alive despite posting years of declining sales and substantial operating losses. A report from Desjardins Securities also notes management has been unable to reduce its fixed and variable costs sufficiently quickly.

Financial Post

Dollarama founder hands reins to son

There’s going to be a change at the top of the Dollarama (DOL-T) discount retail chain as its founding chief executive steps back and his son takes on the top job. Larry Rossy will continue as executive chairman, but his son Neil Rossy becomes Dollarama’s president and CEO on May 1. Neil Rossy, 46, is currently Dollarama’s chief merchandising officer.

Financial Post – Toronto Star

Indigo results proves book stores not dead

It’s time to re-examine the notion book stores are dead and to give Indigo Books & Music Inc. (IDG-T) a second look. It is true online competition from the likes of Amazon.com Inc. (AMZN-Q) – and the shift to reading on various digital platforms – has pushed U.S.-based bookstores to the edge and knocked a few into bankruptcy.

Globe and Mail (Subscription Required)

Marriott likely won’t sweeten Starwood offer: Analyst

Marriott International Inc. (MAR-Q) isn’t likely to offer another sweetener to its bid for Starwood Hotels & Resorts (HOT-N), an analyst said Tuesday, clearing the path for rival bidder Anbang Insurance Group Co. to step in. David Loeb, a senior research analyst at Robert W. Baird, said a further increase from Marriott would imperil the logic of the deal.

CNBC – Business Insider – Bloomberg – Toronto Star

The new TOD: Trail-oriented development

Over the years the industry and the public have seen what transit-oriented development can do. Now there’s another TOD in commercial real estate, according to a new report from the Urban Land Institute: trail-oriented development that supports biking and walking through urban areas.

Globest.com

CRE’s next big thing: Innovation centres

Innovation is at the heart of any global market. Creating improved products, processes and technology is essential for any international player, and we have seen this innovation time and again in the primary American real estate markets. But as these markets become saturated and overheated, new markets are emerging.

Globest.com

Featured Column

The MPAC deadline: Pay attention now, or pay me later

Commercial landlords in Ontario, don’t forget the return you’re expected to file by March 31, the 2016 Property Income and Expense Return, for MPAC.

Read more

Market Trends and Research

Making hotel lobbies profitable

Hotel owners and operators have the unique challenge of balancing guest happiness and the profitability of the hotel simultaneously. It’s not easy. “Maybe you’re concerned with how to keep this destination current and profitable for longevity, or maybe you’re preparing the property for sale,” says Renee Chiarelli, an associate director of tvsdesign.

Globest.com

Sale delays could lower hotel’s value: Consultant

Lengthy delays in closing the sale of the Oak Bay Beach Hotel could affect its ultimate value, says Frank Bourree of Chemistry Consulting. “. . . a delay is not a great thing,” said Bourree. “Is this going to go on for a year or two? That will diminish the value.”

Victoria Times Colonist

Real Estate Companies

Brookfield, Qube raising loan for ports: Sources

Australia’s Qube Holdings Ltd and Canada’s Brookfield Asset Management Inc (BAM.A-T) are raising $978 million Cdn loan to help pay for the ports business of Asciano Ltd, in a carve-up of Australia’s largest ports and rail operator, people familiar with the transaction said on Tuesday.

Reuters – Motley Fool

REOC Financial Reports

Latest fourth-quarter result:

* Firm Capital Mortgage Investment Corp., (FC-T), Canada Newswire 

	REITs & REOCs – Fourth-quarter 2015 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. Fourth-quarter results are now arriving. Canadian REITs & REOCs – Fourth-quarter 2015 report

 

REIT Financial Reports

Latest fourth-quarter report:

* InnVest REIT, (INN.UN-T), Canada Newswire  

Real Estate Investment Trusts

Three apartment REITs to buy

The apartment industry has experienced steady growth over the last few years as renting has become more popular than buying. I found three residential REITs with high and safe dividend yields of four to nine per cent: Northview Apartment REIT (NVU.UN-T); Killam Apartment REIT (KMP.UN-T); and Canadian Apartment Properties REIT (CAR.UN-T).

Motley Fool – Property Biz Canada

NYC REIT buying Manhattan office asset

Slowly but surely, American Realty Capital New York City REIT Inc.’s portfolio is getting bigger and bigger. The public non-traded REIT will add a quarter-million square feet of office space to its collection with the acquisition of 1140 Avenue of the Americas in Manhattan. NYCR just signed on to pay BPGL Holdings LLC $180 million for the class-A asset.

Commercial Property Executive

What’s ahead for non-traded REITs?

“Public markets conditions are volatile with REITs trading at a discount to NAV,” says Robert A. Stanger & Co. president/managing director Kevin Gannon. “Traded REITs are the most vulnerable we have seen. Last year, they were traded at big premiums to net asset value. What non-traded securities do is give you the opportunity to invest without the hot money.”

Globest.com

Retail

Lululemon profit beats expectations

Yogawear retailer Lululemon Athletica Inc (LULU-Q) climbed in New York after fourth-quarter profit exceeded analysts’ estimates, helped by lower costs and improvements to the company’s supply chain. Profit was 85 cents a share in the quarter ended Jan. 31, the Vancouver-based company said Wednesday.

Bloomberg – Toronto Star – Financial Post – Toronto Star

RONA shareholders set to vote on takeover

Shareholders of RONA (RON-T) gather in Montreal Thursday to vote on the $3.2-billion takeover by Lowe’s (LOW-N). For common shareholders, the situation seems a no-brainer. There is no real alternative to tendering to the $24 a share offer, a price that represents a healthy premium to the shares’ recent trading price.

Financial Post

eBay aims to transform shopping experience

EBay has transformed far beyond being a reliable place for collectables and gently used goods. But though 80 per cent of what’s sold nowadays on eBay Canada (EBAY-Q) is new, its relationship with the remaining 20 per cent is what makes the site special, according to Andrea Stairs. 

Financial Post

New Development

Parcel Y development plans unveiled

If completed as planned, the Parcel Y development at River Landing would one day hold 2,000 employees and feature an enclosed winter garden atop Saskatoon’s tallest building. The developers behind the $300-million proposal presented their plan at Tuesday’s meeting of the municipal planning commission, where the plan was endorsed.

Saskatoon StarPhoenix

Sports Venues

Downtown Saskatoon arena debate resurfaces

Three decades after Saskatoon voters opted to build a new arena on the northern outskirts, the debate over a downtown facility is poised to grip residents again. The debate will be driven this time by the age of SaskTel Centre and a push to consider a downtown sports facility as part of the City of Saskatoon’s new growth plan.

Saskatoon StarPhoenix – Saskatoon StarPhoenix

Renovation and Restoration

ByWard Market vendors unimpressed

Vendors who enjoy a prime location outside the central ByWard Market building entrance are up in arms over their planned relocation, as revealed Tuesday as part of the area’s transformation. “We are not happy about it happening,” said Jacinto Anguaya, a member of the ByWard Market Standholders Association board.

Ottawa Citizen

Infrastructure

SNC-Lavalin finalizes sale of airport interest

SNC-Lavalin Group Inc. (SNC-T) has closed the sale of its interest in Malta International Airport Inc., which manages the facility under a 65-year agreement with the government of the Mediterranean island nation. The Montreal-based company says it received about $94 million Cdn for its 15.5 per cent interest,

Winnipeg Free Press

A downtown relief line subway, but where?

Toronto’s overcrowded subway system is in need of immediate relief. For years, there has been talk of a downtown relief line — the DRL for short — running in a U-shape to mimic the Yonge-University line. So what shape will relief take?

Toronto Star

Renovation of LaGuardia to take flight

Nothing happens in New York City transportation without the approval of the Port Authority of New York & New Jersey, and the agency just gave a pivotal green light for Governor Andrew Cuomo’s planned $4 billion makeover of LaGuardia Airport. LaGuardia Gateway Partners, a private consortium, is spearheading the project.

Commercial Property Executive

Human Resources

Royal LePage names TO commercial manager

John Redvers has been named commercial manager, Royal LePage Real Estate Services in Toronto. Redvers was licensed in 1983 and joined Royal LePage in 1997 as a sales representative.

REMonline.com

Other

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