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Conversions won’t solve Calgary’s office vacancy issue: Experts
Conversions won’t solve Calgary’s office vacancy issue
With Calgary’s downtown office vacancy in the 25 per cent range, many real estate experts have suggested converting empty space in the CBD into residential use as one solution. But property owners and managers haven’t been stampeding to undertake the process.
Gateway Casinos plans NY listing in US$1.1B deal
• Financial Post • Globe and Mail • Canada Newswire
Gateway Casinos & Entertainment Ltd., one of Canada’s largest gaming companies, has agreed to a deal that will create a new firm, Leisure Acquisition Corp. valued at about US$1.1 billion that is to be listed on the New York Stock Exchange.
Real Matters’ 282% rally leads Canadian stocks in 2019
Markham, Ontario-based Real Matters Inc., a provider of network services for the mortgage and insurance industries, is the biggest gainer so far this year on the benchmark S&P/TSX Composite Index with a 282% surge pushing its market value beyond C$1 billion.
First Capital REIT begins trading as FCR.UN
First Capital Real Estate Investment Trust announced that the plan of arrangement to convert First Capital Realty Inc. from a corporation to a real estate investment trust is completed and the REIT will begin trading December 30, 2019 under the symbol FCR.UN.
Jeremy Reitman, CEO of retailer Reitmans, has died
Jeremy Reitman, a stalwart of the Canadian womenswear scene who guided Montreal-based Reitmans Ltd. through the so-called retail apocalypse, has died. The company announced the death of its chairman and CEO in a brief statement on December 29.
The six women on Cominar REIT’s management team
• LaPresse
The management team of the Cominar REIT has 6 women out of 17 members. While this isn’t gender parity among the large publicly listed companies Cominar has given the most room to women in key positions. Who are these women?
Kelowna’s downtown core reaching new heights
Two proposed tower projects in Kelowna are pushing the Okanagan city’s office market into a taller and bolder future. Kelowna-based developer Mission Group announced it is building a 16-storey 85,000 square feet of class-A office tower in the downtown core.
Developer PMV’s long goodbye to Saint John
• CBC
Over the past 18 months, Fredericton-based developer PMV Canada has quietly sold off more than two dozen rental properties as it makes an exit from Saint John. Yet to be sold is a commercial plaza listed at $750,000 and two residential properties.
Amazon says holiday shopping broke records
• BNN Bloomberg • Bloomberg • Toronto Star
Amazon.com stock had the biggest advance on the S&P 500 Index after the e-commerce giant said its holiday season this year was “record breaking” with billions of items shipped and “tens of millions” of Amazon devices like the Echo Dot sold.
Bankruptcies that rocked the retail industry in 2019
• CNBC
2019 brought with it more retail bankruptcies including Barneys New York, Forever 21, Sugarfina, Payless ShoeSource, Destination Maternity and others. The bankruptcies have resulted in store closures, thousands of lost jobs and a vastly different retail landscape with a struggling apparel category.
Ottawa newsmaker of the decade, LeBreton Flats
Astonishingly LeBreton Flats a prime, 53-acre Ottawa site has lain mostly fallow since the 1960s. More than half a century ago it was cleared of derelict buildings to make way for office buildings but the plan was never realized.
The most pivotal U.S. CRE stories of 2019
Commercial real estate saw many dramatic twists and turns in 2019, many driven by the burgeoning sharing economy and e-commerce sectors. 2019 started out with a lot of hand-wringing about a possible recession but it turned out to be another prosperous 12 months.
Automotive Properties completes $92-million equity offering
• Canada Newswire • PR Newswire
Automotive Properties REIT (APR-UN-T) has closed its bought deal public offering with gross proceeds of approximately $92 million. The REIT will use the funds to purchase automotive dealership properties from the Dilawri Group, repay the debt and for general corporate purposes.
Subversive files final prospectus for U.S. $200-million IPO
Subversive Real Estate Acquisition REIT LP has filed a final prospectus for an initial public offering as a newly-established Ontario limited partnership for the purpose of acquiring one or more real estate businesses and/or their assets.
First Nations, stakeholders take over Ridley Terminals
A group of corporate and First Nations stakeholders has completed their acquisition of Ridley Terminals Inc., a marine bulk handling terminal previously owned by the Government of Canada. The terminal is a key export point for B.C. and Alberta resources, including coal and liquefied petroleum gas.
Brookfield acquires Cincinnati Bell in U.S. $2.6B deal
Brookfield Infrastructure Partners LP and its institutional partners are aiming to add another piece to its growing data-infrastructure portfolio with the proposed acquisition of Ohio-based telco Cincinnati Bell in a transaction valued at around US$2.6 billion, including debt.
Morguard NA Residential REIT completes Chicago acquisition
• Canada Newswire • Chicago Business
Morguard North American Residential REIT (MRG.UN-T) has completed acquisition of the remaining 51% ownership interest in a Chicago luxury residential complex. It acquired the remaining 51% not already owned by Morguard Corporation from its investment partner with whom the property was developed.
Invesque finalizes acquisition of Senior Living portfolio
• PR Newswire • RENX
Invesque Inc. has closed the previously announced acquisition of three private-pay senior living communities comprising 196 units with 234 beds. The closing represents the last three communities comprising the Commonwealth Senior Living portfolio transaction announced on May 22, 2019.
‘Renoviction’ rates soar due to big-city housing crunch
• CBC
As Yanick Marion hustled early one morning to get to work, the manager of his apartment building had a message: “You have to leave. You don’t have a choice,” allegedly because electrical upgrades were needed in the aging Montreal complex.
Edge technology could solve smart city woes
New developments in edge artificial intelligence (AI) technology, smart tech without personal data sharing may soon become a possibility. With edge technology, personal data never leaves a device, doesn’t need to be de-identified, and cannot be intercepted, misused, hacked or leaked.
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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