Hines, Oaktree acquire Calgary’s First Tower

Hines, Oaktree acquire Calgary’s First Tower

Hines and Oaktree Capital Management have closed the purchase of Calgary’s First Tower office building, and plan a “significant capital upgrade program” to reposition the half-vacant class-B property. The two U.S.-based firms announced the acquisition Wednesday — Oaktree on behalf of a “subsidiary of real estate funds” it manages.

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Brivia Group buys downtown Montreal development site

Brivia Group Inc. has purchased a prime downtown Montreal development site which could offer nearly a million square feet of buildable area. Brivia paid $45 million for the 79,864-square-foot property, located at 1201-1215 Phillips Square, according to JLL Montreal’s Capital Markets Group, which executed the sale.

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Montreal’s CRE sector ‘on everybody’s radar’

Montreal’s commercial real estate market has all the fundamentals in place to remain strong this year after an “off-the-charts” 2017, said market watchers at the recent Montreal Real Estate Forum. From an investment point of view, Montreal is considered a creative, cool city on a par with cities like San Francisco and Austin, notes Lloyd Cooper of Cushman & Wakefield.

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Vision Capital takes stand on Pure Multi-Family, GGP acquisitions

Vision Capital Corp. isn’t afraid to take a public stand when it comes to takeover bids affecting its investments, injecting itself into two prominent, ongoing CRE acquisition attempts in recent days. Toronto-based Vision is encouraging Pure Multi-Family REIT LP’s board to accept Electra America’s proposal for its class A units.

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Crombie, PrinceDev JV on Montreal, Oakville developments

Crombie Real Estate Investment Trust says it has entered into two joint ventures on mixed-use projects in Montreal and Oakville, Ont., valued at $402 million, with Quebec-based Prince Developments. One partnership results in Crombie becoming a 50 per cent partner in the new Le Duke development at 297 Rue Duke, adjacent to the new Bonaventure Greenway in Old Montreal.

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Investors Group sells Montreal industrial portfolio to Fiera

Investors Group Trust Co. has sold a nine-property, Montreal-based IG Industrial Portfolio to Fiera Properties in the largest industrial transaction in Montreal in five years. JLL Capital Markets Group announced the sale of the nine “prime industrial assets”, which together comprise 925,807 square feet. The industrial portfolio was a part of the Investors Real Property Fund

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Hot housing markets suffer corrections . . . always

Lemmings get a bum rap. The cute little Arctic rodents don’t jump into the sea in a fit of mass suicide. They can swim. The problem is when they try to swim too far. Reaching too far to buy into an overheated housing market isn’t much different. Just take a look at Toronto. The year in residential real estate has started with a whimper – sales are down more than 35 per cent year over year.

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Six months ago: Rohit Group homebuilders move into Calgary, Regina

An Edmonton-based homebuilder, which recently launched operations in Calgary, is planning to double the number of homes it builds each year and become the Costco of real estate as it expands into the commercial market. Rohit Gupta, president of the Rohit Group of Companies, plans to build 750-850 housing units a year by the end of 2019.

Property Biz Canada

One year ago: Mainstreet’s Dhillon sees signs of western turnaround

It’s said that whatever doesn’t kill you makes you stronger. In the case of Western Canada-based apartment owner Mainstreet Equity Corp., it has seen its fair share of body blows and has emerged a bit battered but perhaps leaner and better for the experience.

Property Biz Canada

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