Winnipeg’s Globe snaps up $60M Montreal apartment

RENX  Residential  •  Apartments  •  Greater Montreal

Globe Property Management’s $60-million purchase of a multifamily apartment in an up-and-coming Montreal neighbourhood may have seemed to come out of nowhere. However, the Winnipeg-based firm has long had its eye on one of Canada’s hottest real estate markets.

Landlords to work with tenants on rent deferrals

Commercial  •  Globe and Mail  •  Canada Newswire

Ivanhoé Cambridge Thursday announced it will be granting a deferral of the rent payable by those tenants of its retail properties in Quebec, according to their respective situation. RioCan REIT, SmartCentres and others are expected to follow suit.

Retail REIT execs buy while unit prices collapse

Commercial  •  Globe and Mail (Sub. required)

As stock markets were plunging this week, Michael Zakuta was calmly buying shares of Plaza Retail REIT, (PLZ-UN-T). As CEO, he has an insider’s view of how novel coronavirus fears are affecting business at Plaza and other REITs.

Shopping centres turning into ghost towns

Commercial  •  Winnipeg Free Press  •  Canada Newswire  •  Canada Newswire

Temporary store closures in Winnipeg continue to mount as retailers pay heed to the increasing coronavirus threat, transforming shopping malls into ghost towns and parking lots into vacant concrete fields. The same is true in Calgary and other Canadian cities.

Firm Capital buys stake in $10.7M industrial portfolio

Commercial  •  Canada Newswire  •  RENX

Firm Capital Property Trust (FCD-UN-X) announced the closing of its acquisition of a 50 per cent interest in two industrial properties located in Edmonton and Leduc. The acquisition price for 100 per cent of the portfolio is approximately $10.7 million ($119 per square foot).

The Legal Corner › Letters of credit, tenant bankruptcy and lease disclaimers – Is your LC worth the paper it’s written on?

Darrell Gold: Partner, Robins Appleby LLP

Hotel industry going to be devastated: Association

Commercial  •  Toronto Star  •  Canada Newswire

The Hotel Association of Canada is warning the industry is going to be devastated as travel comes to a halt in a bid to slow COVID-19. The association says the hotel industry business has crashed over the past 10 days.

All 79 AHIP hotels remain open

Commercial  •  Canada Newswire  •  RENX

All 79 of American Hotel Income Properties REIT’s (HOT-UN-T) hotels are currently open and accommodating guests; however, based on reduced business levels the company has implemented an expense reduction program and cash management strategy to help preserve capital during this period.

Sobeys to install plexiglass barriers at checkouts

Commercial  •  Globe and Mail  •  Toronto Star  •  RENX

Sobeys parent company Empire Co. (EMP-A-T) has ordered thousands of plexiglass screens to install at store checkouts, in an effort to provide some separation between staff and customers. Stickers on the floor will instruct customers to stay two metres apart.

T.O., Ottawa, Montreal grant grace period on property tax

Residential, Commercial  •  Toronto Star  •  CBC  •  Montreal Gazette

The City of Toronto will introduce a 60-day grace period for residents to pay property tax, water and solid waste bills. Businesses will also get a 30-day extension on a grace period announced for them earlier this week.

Long-term effects on CRE could be substantial

Commercial  •  IPE Real Assets  •  Propmodo

Institutional investors are busy digesting the full implications of the COVID-19 pandemic and how the fallout could have long-lasting effects on the asset class. The situation could affect the return profile of the asset class as income streams are threatened.

Langford’s Western Speedway for sale

Residential, Commercial  •  Western Investor

Langford, B.C.’s Western Speedway, established in 1954, is for sale. The land is being marketed to large developers interested in creating a master-planned industrial business park on the site, with the possibility of an additional small residential development.

Vail Resorts closures to have $200M negative impact

Commercial  •  Canada Newswire

Due to suspending operations at its North American mountain resorts and retail stores due to COVID-19, Vail Resorts (MTN-N) expects its operating results for March and April to have a negative impact of $180 million to $200 million compared to March 1 expectations.

Brookfield Property Partners’ tenants ‘generally well-capitalized’

Commercial  •  Globe Newswire

In a letter to unitholders, Brookfield Property Partners (BPY-UN-T) noted: “Our core office portfolio is 93% leased . . . to high-credit quality tenants. While many of those tenants may face financial difficulties in the coming months, in general they are well-capitalized . . .”

ICM Asset Management acquires Dallas office building

Commercial  •  Bisnow

Calgary’s ICM Asset Management purchased the 10-storey One Glen Lakes office building in Dallas. The 170,000-square-foot building is located inside the North Central Expressway submarket. ICM already has one asset in DFW and is targeting high-quality U.S. real estate.

Anbang sells Dutch office buildings to Aviva for $1.1B

Commercial  •  Mingtiandi

European media reports Anbang Insurance has disposed of a set of Netherlands office buildings for $1.1 billion Cdn. Anbang sold the six commercial assets in Amsterdam, Rotterdam and the Hague to U.K. rival Aviva less than three years after buying them.

T.O. moves to a more holistic approach to development

Residential  •  Globe and Mail

When Toronto city council last month approved the final plan for a mixed-income apartment development near Wilson subway station, the number of affordable rental units was actually 25 per cent higher than the initial proposal, made public only a year ago.

Vancouver builders rediscover their love of rental

Residential  •  Globe and Mail (Sub. required)

Encouraged by big demand and new market conditions, Vancouver developers are moving more noticeably into the rental market than ever before. That’s not to say it’s easy, but it’s a new day for the purpose-built rental market.

Who is going to help renters?

Residential  •  Financial Post

Canadian banks have stepped up with plans for mortgage payment deferrals for up to six months. Will renters, comprising almost 33 per cent of Canadian households, receive comparable relief in similar instances of financial hardships?

Quebec brokerage authority reacts to money-laundering report

Residential  •  Canada Newswire

In response to the March 19 edition of Radio-Canada’s Enquête on money laundering through real estate transactions, the OACIQ, the authority of real estate brokerage in Quebec, reiterates brokers are required to report any risky transactions in order to protect consumers.