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Parkit grows in West, buys 10 industrial properties for $90.3M
Parkit grows in West, buys 10 industrial properties for $90.3M
Parkit Enterprise Inc. (PKT-X) has acquired a portfolio of 10 industrial properties, comprising about 800,000 square feet, in Winnipeg and Saskatchewan from Pure Industrial for $90.3 million.
CRE likely victim of rising interest rates: AIMCo
Jim Keohane, a director at Alberta Investment Management Corp. (AIMCo), is predicting trouble in commercial real estate, a sector already under pressure due to the rising interest rates combined with vacancies and lower rents that have lingered post-COVID-19 pandemic.
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InterRent, Crestpoint, Vestcor acquire GTA apts. for $185.5M
A joint venture comprising InterRent REIT (IIP-UN-T), Crestpoint Real Estate Investments Ltd., and Vestcor Inc. has acquired a two-tower, 605-apartment property in Brampton which also offers “immediate” opportunity for a major multi-tower densification development.
Reynolds set to invest in 1.2M-sq.-ft. Markham film studio
“There is a . . . massive production studio being built — 1.2 million square feet — in Markham, Ontario," Minister of Tourism, Culture and Sport Neil Lumsden said Monday, adding actor Ryan Reynolds is behind the project. No development proposal, however, has been submitted.
Atrium on Bay expansion receives panel support
KingSett Capital's proposal to demolish an eight-storey annex to the main Atrium on Bay building has received the support of the Toronto Design Review Panel. Kingsett would replace it with a 34-storey, 317-unit residential tower with grade-level retail.
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B.C. real estate investment deals hit $3.9B in 2022: AY
B.C. real estate investment totalled $3.9 billion last year, despite a sharp drop in the second half of 2022. The deal value was down 26 per cent from 2021 but represented an ongoing rebound from 2020, Avison Young reported.
Ontario firm Engineering Link sets up shop in Calgary
Engineering Link, a company specializing in building envelope and structural engineering and founded by three engineers in Toronto in 2009, has opened an office in downtown Calgary's Stock Exchange Tower as a base to serve Western Canada.
Can high-rise farms save Calgary’s office sector?
In downtown Calgary, where owners of office buildings must contend with North America’s highest vacancy rate – according to CBRE, one of every three offices is empty – Aspen Properties has welcomed Agriplay Ventures, a tenant with a growing business: indoor farming.
Canadian branch not included in sale of Silicon Valley Bank
A regulatory filing shows the Canadian branch of Silicon Valley Bank is not part in First Citizens’ purchase of most of the failed U.S. bank. First Citizens will have the option to purchase the Canadian, German and Hong Kong branches.
Northwest most oversold, overbought stock on TSX
Northwest Healthcare Properties REIT is the most oversold company in the S&P/TSX Composite benchmark, followed by Allied Properties REIT, Toronto-Dominion Bank, Artis REIT, First Capital REIT, Energy Fuels Inc., CI Financial Corp., Denison Mines Corp., and Primaris REIT.
Deutsche Bank London HQ sold for $430M
Malaysian construction firm Gamuda Bhd. and U.K. private equity firm Castleforge have acquired Winchester House, Deutsche Bank AG’s soon-to-be-vacated London office, for $430 million Cdn in one of the city’s biggest property deals this year.
NYC back at top of international CRE investors' wish lists
Allocations among international investors for commercial real estate in the U.S. were up by six per cent over a year ago, while European investments declined five per cent, according to a survey by the Association For International Real Estate Investors.
Buyer fails to close on winning $190B bid for Flatiron Building
The fate of the Flatiron Building is once again uncertain after the winning bidder failed to put down a deposit. Jacob Garlick shocked the NYC CRE market when his Virginia-based investment firm, Abraham Trust, offered $190M for the property.
Lloyds selling Chinese tycoon’s Canary Wharf office loan
Lloyds Banking Group is attempting to sell a $214-million loan secured against a Canary Wharf office block owned by Chen Hongtian’s Cheung Kei ahead of an imminent maturity. Cheung Kei has reportedly defaulted on another nearby office block.
Recreational real estate rush comes to a close
According to Royal LePage, the aggregate price of a single-family home in Canada's recreational regions is forecast to decrease 4.5 per cent in 2023 to $592,005, compared to 2022, as activity in the market wanes.
B.C. must increase housing construction by 25%: BCREA
The British Columbia Real Estate Association says the province must build 25 per cent more new homes than usual for the next five years to address deteriorating housing affordability, largely impacted by record immigration.
Reno madness showing signs of slowing
Toronto contractor Troy Barnes has had a busy few years. With everyone stuck at home during the early days of the pandemic, interest in renovations skyrocketed. Barnes doubled his workforce between 2020 and 2021 and now has 11 employees.
Head of Amazon's $2B Housing Equity Fund resigns
Catherine Buell, director of Amazon’s $2 billion Housing Equity Fund, is calling it quits after close to three years spearheading the company’s housing initiatives, the Washington Business Journal reports.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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