BTB REIT ‘definitely on track’ repositioning portfolio: CEO

BTB REIT ‘definitely on track’ repositioning portfolio: CEO

A “strategic repositioning” during which BTB REIT is selling smaller, underperforming properties and buying larger, better performing assets is paying off, says president and CEO Michel Léonard. The REIT is “definitely on track” with its transformation of its portfolio, he told stock analysts in a conference call marking the release of its financial results for the third quarter ended September 30, 2017.

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‘Major’ acquisition for PROREIT: 19 properties in 4 provinces

PRO Real Estate Investment Trust (PRV.UN) will spend $51.6 million to purchase 19 commercial properties in British Columbia, Alberta, Saskatchewan and Ontario, the majority of which are anchored by Rexall pharmacies. “This is a major transaction for PROREIT. The acquisition of this portfolio represents a significant growth milestone, bringing our total assets to more than $350 million,” said James W. Beckerleg, president and CEO of PROREIT.

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New Flames arena ‘Plan A’ in Calgary Victoria Park

The Calgary Municipal Land Corporation will reveal its master plan in January for the Victoria Park neighbourhood and the plan includes provision for a new arena for the NHL Calgary Flames, RENX has learned. “Right now, we really only have Plan A and that’s with a new arena,” said Michael Brown, president and CEO of the wholly-owned subsidiary of the City of Calgary. “If in five, six, seven years from now, there’s been no progress on a new arena then we’re going to have to go back and re-visit that one.”

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Hope for retail, office sectors key topics at Calgary roundtable

Revitalizing its downtown office market is one of the key issues facing commercial real estate owners and managers in Calgary. The transformation issues facing Canada’s retail sector are well-known nationwide. Both of these topics were front and centre during a roundtable on the future of the city’s commercial real estate market at the Calgary Real Estate Forum.

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TOBY winner profile: Edmonton’s John E. Brownlee Building

Edmonton’s John E. Brownlee Building earned a BOMA BEST Gold certification in January and followed that by receiving a Building Owners and Managers Association (BOMA) of Canada TOBY Award for best government building at the BOMEX 2017 conference and exhibition in Toronto in September.

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Six months ago: Bear Mountain Resort owner ponders sale

The owner of one of British Columbia’s highest-profile residential and sporting resorts has launched a review that could result in the full or partial sale of Bear Mountain Resort, near Victoria. Last week, Bear Mountain Resort Community owner Ecoasis enlisted the commercial brokerage firm JLL to do a strategic review of the assets.

Property Biz Canada

One year ago: TOBY winner profile, London City Centre

Consistent improvements over the past five years, with more still to come, helped earn London City Centre a The Outstanding Building of the Year (TOBY) Award for buildings ranging from 500,000 to one million square feet from Building Owners and Managers Association (BOMA) of Canada at BOMEX 2016, September 22.

Property Biz Canada

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