Brexit, multifamily key issues in Europe: CRE panel

RENX  Commercial  •  Investment  •  International

Investors considering the European real estate market received insights from a panel of experts at the Global Property Market conference at the Metro Toronto Convention Centre. Brexit concerns and multifamily sector opportunities were among the key discussion points.

Lincoln, CF, IMCO close U.S. multifamily fund

Commercial  •  Canada Newswire  •  Multifamily Housing News

Lincoln Property‘s residential division and partner Cadillac Fairview announced the close of a multifamily fund with $800 million in equity commitments from Lincoln Residential, Cadillac Fairview and IMCO. It will invest in high-quality assets in top U.S. markets.

Granite REIT to buy 2.5 million SF U.S. properties

Commercial  •  The Star Phoenix

Granite REIT (GRT.UN-T) announced today it has acquired two income-producing properties and has agreed to acquire three development properties, together comprising approximately 2.5 million square feet, for approximately CAD$246.7 million.

SmartCentres, Penguin, JV for VMC expansion

RENX  Residential, Commercial  •  Condominiums, Apartments, Retail  •  Toronto / GTA

SmartCentres REIT (SRU.UN-T) and Penguin Group have announced a new JV allowing a major expansion of the multi-billion-dollar Vaughan Metropolitan Centre development. SmartCentres is buying 50% of almost 16 acres of land owned by Penguin, at the site, for $109.2 million.

Starlight plans overhaul of Winnipeg’s Portage Place

Commercial  •  Winnipeg Free Press

Starlight Investments acquired Portage Place Shopping Centre in 2019 and has now released its vision for the beleaguered downtown Winnipeg mall.  It plans to install a contemporary modular mall system with new residential towers, an elevated skywalk system, and renewed office and commercial spaces.

Huge Medicine Hat cannabis facility faces uncertainty

Commercial  •  Edmonton Journal

The Aurora Cannabis facility in Medicine Hat’s municipal industrial park is so large it appears to stretch for miles with long rows of greenhouses. In November after posting one of its weakest financial quarters, Aurora abruptly halted construction.

The Saskatchewan Edge › Greatest real estate gifts of the past year

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

The changing face of Morguard’s 60 Bloor St. West

Commercial  •  Urban Toronto

At Toronto’s Bay and Bloor intersection, Morguard is wrapping up the revitalization of its 14-storey office building at 60 Bloor Street West. The 1970-built office tower was showing signs of age before a B+H Architects-led modernization began.

Morguard to buy all remaining Temple Hotels shares

Commercial  •  Canada Newswire  •  RENX

Morguard Corporation (MRC-T) and Temple Hotels Inc. have entered into a definitive agreement pursuant to which Morguard will acquire all outstanding common shares of Temple not currently owned by Morguard, as announced on November 15, 2019.

Thunder Bay’s mall madness: Fix it up or tear it down?

Commercial  •  Globe and Mail

Victoriaville was supposed to breathe life into Fort William’s downtown. It didn’t work. The city can admit failure and reopen the intersection it occupies or spend millions saving it.  City hall has hired consultants and is asking for public input.

CAPREIT acquires New Westminster apartment property

Commercial  •  Globe Newswire

CAPREIT (CAR-UN-X) has acquired Redwood Manor in New Westminster, British Columbia, a fully occupied, 48-suite property for $13.4 million. The property is situated close to the Columbia SkyTrain Station and the Trans-Canada Highway, providing convenient access to downtown Vancouver.

Tenants get trapped in eviction cycle with landlords

Residential  •  Globe and Mail  •  CBC

In Ontario, no one counts the number of eviction notices served by sheriffs or what happens to potential evictees once they begin to wend their way through housing tribunal system. That gap has left policy makers in the dark about the true state of the housing market.

Firm Capital ARP conversion to REIT approved

Commercial  •  Canada Newswire

Firm Capital American Realty Partners Corp. has obtained a final order from the Ontario Superior Court of Justice approving its previously announced statutory plan of arrangement to convert from a corporation into an investment trust named Firm Capital American Realty Partners Trust.

IPE series: Future of offices: Smart buildings

Commercial  •  IPE Real Assets  •  IPE Real Assets  •  IPE Real Assets

“A few years ago, we learned that an iPhone was much smarter than a building,” says Boudewijn Ruitenburg, chief operating officer of Amsterdam-based office developer EDGE Technologies, which uses technology to manage and operate buildings efficiently.

Here’s what we know about WeWork’s next steps

Commercial  •  Business Insider

WeWork pulled its IPO, cofounder Adam Neumann is out as CEO and chairman and now WeWork’s new leadership is looking to shutter or sell off businesses, and slashing jobs.  What’s next for WeWork after it nabbed a lifeline from SoftBank?

Brookfield considering $1B REIT listing in India

Commercial  •  Bloomberg

Brookfield Asset Management (BAM-T) is considering bundling its commercial real estate assets in India into a real estate investment trust for a listing next year, sources say. The 15- to 20-million square feet of assets would be valued at about $1B.

Hamilton leads national house price index

Residential  •  Hamilton Spectator

The Teranet-National Bank house price index was up 0.2 per cent in November, driven by gains in Hamilton (up 0.4 per cent) Montreal (0.3 per cent) Quebec City (1.0 per cent), Edmonton (0.1 per cent), Calgary (0.2 per cent) and Vancouver (0.4 per cent).

Student housing a hot rental sector in the west

Commercial  •  Western Investor

Western Canadian residential investors may want to look at an expanding and lucrative niche in the rental market that has drawn the attention of one of Alberta’s biggest landlords, as well as spawning multimillion-dollar developments in Metro Vancouver.

A rental increase forecast for Vancouver in 2020

Commercial  •  Western Investor

While Vancouver rents increased in 2019, a new report predicts that they will continue to climb in the new year. Rentals.ca has released the average rent for Canadian properties in November 2019, and it found that Toronto was ranked the most expensive.

Vancouver real estate audits result in CRA search warrants

Commercial  •  Western Investor

Recent tax audits of the B.C. real estate sector are now resulting in average assessments of more than $134,000, as the agency sharpens its aim at some of the most egregious instances of tax avoidance and evasion.