Morguard bids for full ownership of Temple Hotels

RENX  Commercial  •  Hotels and Resorts  •  National

Morguard Corporation (MRC-T) is bidding to take full ownership of Temple Hotels Inc., (TPH-T) in a transaction which would value the company at about $157 million. Morguard is the majority shareholder in Temple, which owns a portfolio of properties across Canada.

Knightstone acquires T.O.’s Sheraton Hotel for $130M

Commercial  •  Canada Newswire

Knightstone Capital Management Inc. announced today that, through an affiliated entity, it has acquired the Sheraton Gateway Hotel in Toronto International Airport from an affiliate of Marriott International Inc. for approximately $130 million Cdn.

Bronfman, Devimco interested in Loto-Québec lands

Commercial  •  La Presse  •  RENX

As part of his project to return from the Expos, Stephen Bronfman is no longer just looking for federal land to build a baseball stadium in Peel Basin. Bronfman and developer partner Devimco are also interested in Loto-Québec’s neighbouring properties.

Edmonton City Centre a ‘stress-tested’ asset: LaSalle CEO

RENX  Commercial  •  Office, Retail  •  National

The acquisition of the 1.4-million-square-foot Edmonton City Centre office and retail complex is the latest investment for LaSalle Investment Management’s LaSalle Canada Property Fund. LaSalle and its German clients, Universal-Investment and Bayerische Versorgungskammer, are its new majority owners.

CRA is going after Triple Five Group

Commercial  •  Toronto Star

Canada Revenue Agency is investigating Edmonton’s Triple Five Group and its network of foreign trusts and companies, alleging one Ghermezian family member was wired millions of dollars in unreported income around the time she was collecting unemployment insurance benefits.

The People Space › People Space: Cominar exec shuffle, moves at CDPQ, Savills …

Don Wilcox: Managing Editor

PI Financial takes lease at Vancouver Centre II

Commercial  •  Daily Hive  •  RENX

GWL Realty Advisors announced Thursday PI Financial Corp. has leased 40,000 square feet of space in downtown’s new Vancouver Centre II office tower. The under-construction 33-storey tower, designed by Musson Cattell Mackey Partnership, adds 371,000 square feet of class-AAA office space.

Onni’s Imperial Landing finally lands some tenants

Commercial  •  Western Investor  •  Business In Vancouver

The former ghost town that was Onni’s Imperial Landing site in Steveston is about to get a lot more lively. “Leased” signs have recently popped up on most of the remaining vacant commercial spaces at the waterfront location.

Vivagrand, IBI propose condo tower, office building

Residential, Commercial  •  Vancouver Courier

A 32-storey market residential tower and 12-storey office building over a four-storey podium are proposed for a block of land directly opposite Oakridge Centre. Vivagrand Developments and IBI Group are behind the rezoning application under the Cambie Corridor plan.

Surrey wants share of any transit land lift values

Residential, Commercial  •  Western Investor

A concept to ensure affordable housing along the new SkyTrain rapid transit extension has run into a major hurdle: spiralling residential land price. Surrey has warned developers it will seek up to a 75 per cent share of any land-value rise.

Future of Edmonton’s RE/MAX Field up in the air

Commercial  •  Edmonton Journal  •  CTV

The Edmonton Prospects are hoping to play ball for at least one more season on RE/MAX Field while the city moves ahead on a deal with a new long-term tenant. The summer collegiate team has called the ballpark home since 2013.

REIT third-quarter financial results

Commercial  • 

Automotive Properties REIT, (APR-UN-T), Canada Newswire

Boardwalk REIT, (BEI-UN-T), Canada Newswire

Inovalis REIT, (INO-UN-T), Canada Newswire

NorthWest Healthcare Properties REIT, (NWH-UN-T), Canada Newswire

Brookfield buys JPMorgan U.S. mall holdings for $3.2B

Commercial  •  Bloomberg  •  Bloomberg  •  Globe and Mail (Sub. required)

HBC files privatization information circular

Commercial  •  Business Wire

Hudson’s Bay Company (HBC-T) today announced it has filed the management information circular and related proxy materials with Canadian securities regulatory authorities in connection with the special meeting of shareholders to be held in Toronto on Dec. 17, 2019 at 10 a.m.

WeWork losses widen to $1.25B

Commercial  •  Reuters  •  Reuters

The We Company, owner of WeWork, said net losses in the third quarter more than doubled to $1.25 billion as the money-losing shared-office operator added a record number of desks to its global network but was unable to control rising costs.

World’s largest Starbucks opened Friday

Commercial  •  Winnipeg Free Press  •  CNN

The largest Starbucks in the world opened Friday on Chicago’s Magnificent Mile as the company’s sixth and final Reserve Roastery, an immersive, theatrical experience dedicated to roasting and brewing small-batch coffee from around the world.

Program aims to help Van. construction workers afford homes

Residential  •  Globe and Mail

Many average income earners have been shut out of the Greater Vancouver housing market – a problem for employers. As a result, building costs have soared as construction companies strive to pay their crews enough to live within the region.

Ottawa OKs controversial infill subdivision

Residential  •  Ottawa Citizen

Ottawa’s planning committee on Thursday approved a controversial infill subdivision on a lush, historic Nepean estate once owned by Confederation poet William Wilfred Campbell. Theberge Developments wants to build homes on 10 lots next to a heritage home.

Number of first-time homebuyers plummets

Residential  •  Toronto Star  •  Canada Newswire

The number of Canadians buying a home for the first time has dropped 56 per cent year-over-year, according to a nationwide consumer survey conducted by the Canada Mortgage and Housing Corporation (CMHC).

N.L. home construction at 50-year low

Residential  •  CBC

With new home construction at a 50-year low and residential sales on the rise after a disastrous 2018, it’s not easy to figure out the current Newfoundland and Labrador real estate sector. One thing is  certain: it’s now a buyers’ market.