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Canadian multires transactions ahead of 2020 pace

3 years ago

Transaction talk was the focal point of one of the panels at the virtual Canadian Apartment Investment Conference. CBRE’s Marc Hetu reported Canadian multiresidential investment activity was $4.4 billion as of Aug. 20, ahead of the same period in 2020.

Montreal-based developer Broccolini Real Estate Group is expanding in a new area of its home city with the acquisition of 57 acres of land along Highway 40 straddling the borough of Anjou and the City of Montreal East.

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Damon Motors announced it will build a cleantech manufacturing and R&D plant in Surrey. The state-of-the-art, 110,000-square-foot facility, being developed in partnership with Bosa Properties, will serve as ground zero for production of Damon’s flagship HyperSport.

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Victoria has one of the smallest commercial real estate footprints among major Canadian cities, but it kicks far above its weight in the metrics that define a market giant, according to a recent national survey by Colliers Canada.

CMLS

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VIDEO: Bruce Flatt, CEO, Brookfield Asset Management (BAM-A-T) speaks with Bloomberg’s Jason Kelly at the Bloomberg Invest Global Summit about the outlook for global real estate and infrastructure.

IMAGE: Samuel Sahn, managing director, portfolio management, for Hazelview Investments. (Courtesy Hazelview)

Managing Director, Portfolio Management, Hazelview Investments

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The Equiton Residential Income Fund announced the acquisition of a multifamily residential building that stands 18 storeys and has 129 units in London, Ont. The Kingswell Towers, acquired for $34 million, offers one- and two-bedroom rental apartments and expansive two- and three-bedroom penthouses.

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Western University has purchased for $7.3 million a major piece of downtown London real estate, where the school plans to hold public lectures and become part of the community off-campus, a key part of its strategic plan.

Cogir

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Town council in Namur, Que., recently turned down a plan by Montreal-based developer Yul Créations Inc. to erect a 54-storey luxury condo tower in the middle of a dense, remote forest.

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In a postpandemic world, the desire among commercial properties to maintain security protocols is unlikely to wane. Though COVID-19 may have accelerated the demand for contactless deliveries, some businesses are finding they make good sense.

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Three of the four founders of Laval’s Alimentation Couche-Tard Inc. (ATD-A-T) – Jacques D’Amours, Réal Plourde and Richard Fortin – recently sold shares in convenience store chain for more than $300 million.

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Starlight U.S. Residential Fund, an affiliate of Starlight Group Property Holdings Inc., is preparing to trade some of its units on the TSX, and intends to raise up to US$198 million for its U.S. Residential Fund.

Highways 7 & 50

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The U.S. owner of doughnut retail concept Krispy Kreme has taken a majority controlling stake in the Canadian franchised operations Krispy K Canada. As part of the deal, Krispy Kreme says that it plans to expand from its current 10 locations.

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Cineworld Group PLC’s chief executive Moshe “Mooky” Greidinger was planning to sell off Cineplex Inc.’s RecRoom and signage business in a secret initiative he called “Project Jumanji,” Ontario Superior Court of Justice was told Wednesday.

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Commercial landlord Great Portland Estates said on Tuesday it had sold a central London office building for $311 million Cdn, as the company reported its “strongest” quarterly performance since the pandemic took hold.

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According to JLL’s latest Hong Kong Property Market Monitor Report, net absorption in the overall office market continued to decrease to -10,900 square feet in August.

CRE Beyond 2022

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Stephen Brown, Capital Economics‘ senior economist for Canada, says smaller cities face even bigger risks than the large centres covered in CMHC’s recent assessment of a pending correction. Prices in some smaller centres have soared by more than 30%, said Brown.

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VIDEO: Don Kottick, CEO of Sotheby’s International Realty Canada, talks with Financial Post’s Larysa Harapyn about the fall market outlook.

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Atlantic Canada attracted a record 7,500 interprovincial migrants in Q2 2001, said RBC analyst Carrie Freestone in a note to clients. That’s a larger haul of new residents than in 2019 and 2020 combined.

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Ontario’s population is growing rapidly, which will require the building of one million new homes in the next 10 years, according to Baby Needs a New Home, a new research paper from Smart Prosperity Institute.

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