Timbercreek buys six Calgary apartment buildings

Timbercreek buys six Calgary apartment buildings

Toronto-based Timbercreek Asset Management is eyeing the Alberta apartment rental market and is using the acquisition of six Calgary buildings as a launchpad to future Western growth in its portfolio. Timbercreek recently purchased a six-building, multi-family portfolio for $142.48 million from Har-Par Investments, consisting of 685 suites at about $208,000 per suite, according to Bradley Gingerich, senior vice-president of CBRE’s National Apartment Group based in Edmonton.

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Réseau Sélection launches multi-generational mega project

District Union, a $900 million multi-residential megaproject in Terrebonne, near Montreal, has been launched by a subsidiary of retirement home developer Réseau Sélection. The multi-generational project will add 3,500 to 4,000 housing units aimed at people from all walks of life in its projected timeline of seven to 10 years.

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Development runs in family at Toronto’s Marlin Spring

Marlin Spring is a relative newcomer to the residential development scene, but its principals have impressive pedigrees and the recent groundbreaking for its Canvas Condominium is just one project it has on the go. CEO Zev Mandelbaum’s grandfather started H&R Developments in 1952 and his father Mark later co-founded Lanterra Developments. Zev headed Lanterra’s commercial division before co-founding Marlin Spring three years ago.

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Summit Industrial buys 14 properties in GTA, Ottawa, Montreal

Summit Industrial Income REIT announced Monday it has deals in place to acquire two industrial portfolios, comprising 14 properties, for just over $138 million. The purchases involve buildings located mainly in the Greater Toronto Area, though one is in Montreal and another in Ottawa. Part of the funding will come from a $90-million share offering, which the REIT expanded on Tuesday morning from the original target of $80 million due to “strong demand”.

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What’s so clever about smart cities?

Infrastructure Canada is taking applications from municipalities across the country for its Smart Cities Challenge. CATA, the Canadian Advanced Technology Alliance, says Canada must seize the “opportunities to build on our leadership in urban transformation.” Toronto’s waterfront is about to get a smart cities transformation thanks to Google. It’s all the rage, this smart city thing. But this should beg some questions…

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Oxford offers WeChat Pay, AliPay at shopping centres

UPDATED: Oxford Properties Group says it is the first in the retail industry in Canada to allow customers to use WeChat Pay and Alipay mobile wallets in 11 Canadian shopping centres in Ontario, Quebec and Alberta. The two Chinese mobile payment services link with users’ debit and credit cards, providing a platform for peer-to-peer transfers and enabling purchasing in renminbi. Together, the apps have over 1.2 billion active users.

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Tsawwassen Mills shopping centre earns global award

The Tsawwassen Mills shopping centre, built and managed by Ivanhoé Cambridge in Vancouver’s Lower Mainland, has been named “Best Outlet Centre” in the annual MAPIC Awards in Cannes, France. The 1.2-million square foot facility is what Ivanhoé calls a “hybrid” shopping centre which contains factory outlets and premium fashion retailers.

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Six months ago: Vancouver office market hungry for new buildings

Modern office space is becoming harder to find in Vancouver, which may spur some developers to try to accelerate projects in the planning and permitting stages. “Demand is getting stronger and supply is constrained,” said Michael Wright, vice-president of Newmark Knight Frank Devencore.

Property Biz Canada

One year ago: Winners, losers in suburban office market

While the intensification-mixed-use office building boom is getting most of the headlines among those who follow the real estate industry, suburban office is not going away. That was one of the key takeaways from a state of the office market panel at last week’s Toronto Real Estate Forum.

Property Biz Canada

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