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BGO launches value-add strategy, buys Mtl. ind. properties
BGO launches value-add strategy, buys Mtl. ind. properties
BGO is embarking on a new national value-add commercial real estate strategy and has closed on the acquisition of two Montreal industrial properties for the portfolio. Its potential acquisition pipeline is valued at over $1 billion.
Hullmark, BGO plan 1.7M-sq.-ft. mixed-use project
Hullmark and BGO are set to unveil plans for Beltline Yards, a 1.7-million-square-foot mixed-use project featuring 1,946 apartments and 300,000 square feet of light-industrial and retail space. The 7.7-acre site sits adjacent to Toronto's new Caledonia Station.
Big six banks feeling little office fallout: DBRS
Canada’s big six banks are considered well-insulated against declining prospects in the office sector, according to DBRS Morningstar. As of Q3 2023, office properties account for 13 per cent of the six banks’ collective commercial real estate loan portfolio.
BOMA Canada’s 2023 award winners
The Building Owners and Managers Association of Canada (BOMA Canada) held its annual national awards gala to cap off the sold-out BOMEX 2023 conference, announcing 27 award winners in a variety of categories.
Revised Lansdowne 2.0 plan eliminates third tower
The revised plan for Lansdowne 2.0 eliminates one of three residential towers, cuts out the affordable housing promise in return for money upfront to build affordable homes elsewhere and reshapes the financing for the massive re-do of Ottawa's Lansdowne Park.
Ground broken on distribution facility in Oshawa
Martin Brower, specializing in supply chain solutions, has officially broken ground on a new distribution facility at Oshawa's Northwood Business Park. Panattoni Development Company, Stonemont Financial Group and BGO are collaborating on the 172,000-square-foot facility which includes office space.
Chelsea Hotel, Toronto debuts $25M renovations
With its 1,590 guest rooms, the Chelsea Hotel, Toronto is not only Canada’s largest hotel, it also accounts for 10 per cent of all hotel rooms in downtown Toronto. And it just received a $25 million refurbishment.
Calgary, Alberta finalize deal for new $800M arena
The NHL’s Calgary Flames are getting a new $800-million arena. A preliminary deal announced in April for a new $1.2-billion event centre and entertainment district near the city’s downtown has been finalized.
Lanesborough sells Alberta apt. building for $22M
Lanesborough REIT (LRT-UN-X) has entered into an agreement to sell Parsons Landing, a four-storey apartment building with 160 suites, at 350 Parsons Creek Drive in Fort McMurray, Alta., to 7254751 Manitoba Ltd. for aggregate consideration of $22 million.
Windmill’s Courcelette turns former garage into green condo
Sustainable developer Windmill Developments has broken ground on its Courcelette mid-rise condo in Toronto’s The Beaches neighbourhood, promising a climate-friendly property of eight storeys and 56 units.
Second Cup opening more stores
National coffee brand Second Cup has launched a new look as it starts to add more stores in Canada that are combined with other brands. Second Cup has 181 locations in Canada with six of them opening this year.
Real estate podcasts
Dawn Desjardins, Deloitte Canada: Housing market pause will persist, Down to Business
Brandi Cooper, Warrington Residential: Managing with purpose, People Who Perform
Bruce Winder, Retail analyst: Little holiday cheer ahead for retailers, Down to Business
Goldmoney acquires 62,116-sq.-ft. Wales hall, offices
Goldmoney Inc. (XAU-T) subsidiary Goldmoney Properties has completed the acquisition of 62,116 square foot Wales Millennium Centre Phase 2, also known as BBC Hoddinott Hall and Offices in Cardiff, Wales, for $28.7 million.
San Francisco offices trading at 50% discounts
An affiliate of Blackstone sold an 83,000-square-foot office building in San Francisco to SoCal firm LBA Realty for $25.4M, which translates to about $305 per square foot. Blackstone purchased the building seven years ago for $50.5M.
SEC signs 1M-sq.-ft. lease extension; HQ plan stalled
The Securities and Exchange Commission has extended its lease at D.C.'s Station Place, as its plan to build a new headquarters has stalled. The SEC signed a five-year lease extension to occupy roughly 1.1 million square feet.
Macy’s plans to open 30 small-format stores
Macy’s plans to open as many as 30 new small-format stores over the next 18 months, it announced Tuesday. The expansion would triple its small-format footprint, which spans 15 Macy’s and Bloomie’s.
NYC CRE sales on pace for worst year since 2009: AY
The dearth of big-ticket deals and major office trades continues to hobble New York’s investment sales market, which is on pace for its worst year since the depths of the Great Recession, according to Avison Young figures.
Sweden’s RE crisis threatens largest pension fund
Sweden’s biggest pension fund parted ways with chairwoman Ingrid Bonde this week, six months after Alecta incurred $2 billion in losses from three failed bets tied to the collapse of Silicon Valley Bank in the U.S.
German property crisis claiming first big victims
In July, Nuremberg’s mayor celebrated the final beam being placed atop the redeveloped mixed-use Quelle building. However, the site’s developer Gerch Group, which has $4.2 billion US worth of projects under construction, has filed for insolvency proceedings.
RE downturn will hobble China’s economy for years
ANALYSIS: Real estate investment fell last year for the first time in a decade, and with no bailout from Beijing in sight, the property downturn poses a major threat to China’s growth prospects over the next three to five years.
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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