Toronto’s K2 Group building diverse real estate portfolio

RENX  Commercial  •  Retail, Hotels and Resorts, Seniors Housing  •  Ontario

K2 Group’s acquisition of Travelodge by Wyndham Niagara Falls Lundy’s Lane hotel is the latest example of how the Toronto-based company is quietly growing. K2 is interested in acquiring, developing and repositioning hospitality, petroleum and real estate assets.

Award-winning 10 Dundas Street East now The Tenor

RENX  Commercial  •  Office, Retail  •  Toronto / GTA

The BentallGreenOak-managed mixed-use building formerly known by its 10 Dundas Street East address in Toronto has been rebranded The Tenor as part of its ongoing renewal.

Kamloops OKs Kelson’s six-building multires complex

Residential  •  Kamloops This Week  •  RENX

Kamloops council has approved City Gardens, the largest residential development permit in the city’s history. Kelson Group’s 525-unit, multiresidential development will be made up of 24- and 20-storey towers in addition to four six-storey buildings.

Mission acquires Kelowna’s BC Tree Fruits for $23.7M

Residential, Commercial  •  KamloopsNow.com  •  Western Investor

Kelowna’s former BC Tree Fruits property, consisting of four acres and an 89,000-square-foot warehouse previously used for apple cold storage, has been sold to Kelowna developer Mission Group for $23.75 million. The property had been listed in the spring for $20 million.

Skyline sells four Ont. CRE properties

Commercial  •  Globe Newswire  •  RENX

Privately owned Skyline Commercial REIT has sold three industrial properties totalling 127,154 square feet at 2410, 2460, and 2500-2510 Tedlo St. in Mississauga, in addition to a multi-tenant industrial/office property totalling 60,397 square feet at 2187 & 2215 Huron Church Rd. in Windsor.

Plaza Partners propose four-building complex

Residential  •  Urban Toronto

Plaza Partners has proposed four residential condominium and rental buildings of 16, 24, 28 and 32 storeys at 2-6 The Donway East in Don Mills. The BDP Quadrangle-designed buildings would include 1,185 residential units comprised of 991 condominium and 194 rental units, including 160 rental replacement units.

The Industrial Real Estate Show › Podcast: Important legal issues in industrial CRE

Chad Griffiths: Partner, NAI Commercial

Inside the reboot of Hootsuite’s Vancouver HQ

Commercial  •  REMI Network

Hootsuite’s newly transformed headquarters features 150 new work points within the 27,000-square-foot space, including personal pods, team pods and luxurious living areas after a survey revealed 89 per cent of Vancouver-based employees wanted to work in-house a few days each week.

Real estate lending set to ramp up in 2022: CBRE

Residential, Commercial  •  REMI Network

Real estate lending holds promise for 2022, particularly for borrowers with multiresidential and/or grocery-anchored retail acquisitions in mind. More than two-thirds of Canadian lenders participating in CBRE’s recent annual survey indicated plans to increase allocations to real estate.

REIT sector offers safe haven for investors

Residential, Commercial  •  Globe and Mail (Sub. required)

More good news may be on the way for the REIT sector. “We’re very positive,” says Lee Goldman, senior portfolio manager at CI Global Asset Management, who co-manages the CI Canadian REIT ETF (RIT-T).

IKEA Canada reports strong growth despite pandemic

Commercial  •  Retail Insider

Retail giant IKEA Canada continues to show its resilience and strength despite the ongoing COVID-19 pandemic with strong sales in its fiscal year. Geoffrey Macdonald, IKEA Canada’s chief financial officer, admits it has been an unprecedented year with some challenges.

Montreal retail sees sales growth after COVID struggles

Commercial  •  Retail Insider

Despite dealing with a series of restrictions, lockdowns and nightly curfews, Montreal retail sales in 2021 have increased by 22 per cent year-over-year and by five per cent since 2019, according to Luciano D’Iorio, regional president and managing partner of CDNGLOBAL Quebec.

Cineplex awarded $1.24B over botched deal

Commercial  •  Globe and Mail (Sub. required)  •  Toronto Star

Toronto-based Cineplex (CGX-T) has been awarded nearly $1.24 billion in damages over a botched deal to sell Canada’s largest movie theatre chain to U.K.-based Cineworld Group. Cineplex announced the Ontario Superior Court of Justice ruled Cineworld “wrongfully repudiated” the $2.18-billion deal.

CPP, Hammerson sell Glasgow shopping centre

Commercial  •  London South East  •  IPE Real Assets

CPP Investments and Hammerson have sold Silverburn, a shopping centre near Glasgow, to affiliates of Henderson Park and Eurofund for $239 million Cdn. This represented a four per cent discount to book value and a net initial yield of 9.3%.

Global REITs positioned for strong recovery: Hazelview

Residential, Commercial  •  Canada Newswire

Hazelview Investments’ 2022 Global Public Real Estate Outlook Report says publicly traded global REITs are well-positioned to serve as an inflation-hedging asset class that will benefit from a continued economic recovery, resulting in another year of above-trend growth.

Offshore Kaisa bondholders looking to buy bad loans

Residential, Commercial  •  Globe and Mail  •  Business Insider  •  Bloomberg

A group of offshore bondholders of Kaisa Group Holdings Ltd have agreed to amass up to $1 billion in order to buy bad loans from the Chinese developer’s onshore creditors, two people with direct knowledge of the matter said.

Vancouver’s council allows more rental housing

Residential  •  Vancouver Sun

In its final meeting of 2021, Vancouver council made what could be one of the most significant decisions of the current four-year term: approving moves to boost rental housing construction, including on many side streets where no apartments have gone before.

Average house price reaches all-time high of $720,850

Residential  •  CBC  •  Canada Newswire  •  Canada Newswire

The average selling price of a resale home in Canada in November was $720,850, beating the all-time high set in March. The Canadian Real Estate Association said sales also increased by 0.6 per cent from October.

Three Sisters suing Canmore for rejecting project

Residential, Commercial  •  Calgary Herald  •  CBC  •  RMOToday.com

Three Sisters Mountain Village Properties is suing the Town of Canmore $150 million for being prevented from building out the Three Sisters Mountain Village and Smith Creek sites and another $11 million for the costs of crafting the area structure plans.

Condo owners sue after tower not built to code

Residential  •  CBC

More than two years after finding out The Ultra, a modern concrete-and-glass building, their wasn’t built to code, dozens of condo owners in Surrey are suing the developer and contractors behind the project.