Invesque sells Canadian MOBs to Appelt for $94.3M

RENX  Commercial  •  Office  •  Toronto / GTA, Ottawa, Alberta

Invesque Inc. (IVQ-U-T) is continuing to divest non-core properties, selling a nine-building healthcare portfolio in Ontario and Alberta to Appelt Properties Inc. and Centurion Asset Management for $94.3M.

Brookfield elevating Carney; spinning off asset unit

Commercial  •  Financial Post

Brookfield Asset Management Inc. is shuffling its senior ranks with former Bank of England governor Mark Carney chairman of a newly separated unit, which will be called Brookfield Asset Management Ltd. The parent company is to be renamed Brookfield Corp.

Montreal industrial rent hikes hit small, medium biz

Commercial  •  La Presse  •  RENX  •  RENX

The arrival of Americans in Montreal’s industrial market has helped spur Canada’s highest rent increases. Small and medium-sized businesses, which see their rents double or even triple when their leases are renewed, are paying the price.

Rogers Sugar giving Mtl. factory $160M facelift

Commercial  •  La Presse

Rogers Sugar is investing $160 million to increase the refining capacity of its Montreal plant to produce up to 100,000 metric tons more annually – a 15 per cent increase – and also develop the rail network linking its Toronto distribution centre to Montreal.

Receivership shuts down London mixed-use project

Residential, Commercial  •  London Free Press

With London, Ont.-based developer Applewood placed in receivership, work has stopped on The Marketplace at Applewood, its ambitious mixed-use project. More than six phases of building would have added 1,500 homes plus commercial and office space, including cafes and restaurants.

Coquitlam mixed-use Horizon 21 stalls for three years

Residential, Commercial  •  Vancouver Sun

Centred Developments’ Horizon 21, a 21-storey Coquitlam mixed-use tower with 142 condo units, four retail units and five office units as well as a three-storey building with eight townhouses, was expected to complete in early 2023. However, construction has yet to start.

The Saskatchewan Edge › When the clock is running out to lease business space

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Hamilton councillors back 13-storey condo

Residential  •  Hamilton Spectator

City councillors have backed a plan for condos reaching 13 storeys at a former university campus in East Hamilton. New Horizon Development Group plans to build 1,341 units at 1842 King St. E., where Brock University once had a satellite campus.

SBTi validates Choice Properties’ net-zero targets

Commercial  •  Sustainable Biz Canada

Choice Properties (CHP-UN-T), the largest Canadian real estate investment trust, has validated its 2050 net-zero goal by the Science Based Targets initiative (SBTi), lending credence to its sustainability aims as it undertakes a decarbonization of its holdings.

TCC Canada opens co-working space in Kanata North

Commercial  •  Ottawa Business Journal

Ottawa-based co-working company TCC Canada recently opened a 30,000-square-foot facility on the fifth floor of 1000 Innovation Dr. in the heart of the Kanata North tech park. The location replaces TCC’s previous Kanata digs at 555 Legget Dr.

Real estate podcasts

Residential, Commercial  • 

Steven Rotter, JLL: Why now is the time to invest, Tenant Experience Network
Avi Behar, Greg Evans, The Behar Group: Marking 30 years, The Retail Insider Podcast
Lorna Park, Warrington PCI Management: Creating a little magic everyday, Highview Partners People Who Perform

REIT second-quarter financial results

Residential, Commercial  • 

American Hotel Income Properties REIT, (HOT-UN-T), Canada Newswire
Boardwalk REIT, (BEI-UN-T), Canada Newswire
BSR REIT, (HOM-U-T), Canada Newswire
Minto Apartment REIT, (MI-UN-T), Canada Newswire
Summit Industrial Income REIT, (SMU-UN-T), Canada Newswire

$5.8B asset manager signs Brookfield NYC tower lease

Commercial  •  Bloomberg

400 Capital Management, an alternative-credit investment firm that oversees $5.8 billion of assets, has leased 25,572 square feet at Brookfield Properties’ 660 Fifth Ave. in New York. Brookfield is nearing the completion of a $400 million redevelopment of the 39-storey 660 Fifth.

QuadReal JV completes Walmart consolidation centre

Commercial  •  Globe Newswire  •  Globe and Mail (Sub. required)

Transwestern Development Company and equity partner QuadReal Property Group announced the completion of a build-to-suit project comprising 400,000+ square feet on behalf of Walmart in Lebanon, Pa. The facility will serve as the company’s second high-tech consolidation centre in the U.S.

Sam Zell’s SPAC throws in the towel

Commercial  •  Bisnow

Equity Distribution Acquisition Corp., a special-purpose acquisition company formed by real estate billionaire Sam Zell two years ago, and chaired by him since then, will cease business. The SPAC will redeem all its outstanding Class-A shares next month and dissolve.

China orders surprise audit of $3 trillion trust industry

Residential, Commercial  •  Bloomberg  •  Fitch Ratings  •  CNBC

China’s top auditor is conducting a review of the $3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting.

Affordability target demands 570,000 new homes in B.C.

Residential  •  Western Investor

Metro Vancouver builders will have to construct about 523,530 units to deliver the number of units a Canada Mortgage and Housing Corp. study says are required to achieve a 40 per cent housing affordability rate by 2030, according to a Wesgroup analysis.

Construction investment falls for first time in 9 months

Residential  •  Toronto Star

Statistics Canada says investment in residential construction declined for the first time in nine months in June, as gains in the non-residential sector helped push overall construction investment up 0.3 per cent to $20.8 billion.

Galvanized sellers push housing prices lower

Residential  •  Globe and Mail (Sub. required)

The power balance in Canada’s real estate market has tilted toward buyers, but the sellers are actually the ones driving prices down at the moment. “Sellers are leading the market decline,” says John Pasalis, president of Realosophy Realty.

Barrie-area sales down 46.1% year-over-year

Residential  •  Toronto Star

Statistics released by the Barrie and District Association of Realtors show 444 housing units were sold across Simcoe County in July, a 46.1 per cent year-over-year drop. The average price of residential units sold was $788,104 — up 1.6 per cent from July 2021.