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BGO buys 50% of Ottawa’s Sun Life building
BGO buys 50% of Ottawa’s Sun Life building
BentallGreenOak has paid $207.5M for a 50-per-cent stake in a prime piece of downtown Ottawa real estate that grants access to one of the city’s new LRT stations – the 960,000-square-foot Sun Life Financial Centre.
Foreign investment in Canadian CRE slides 70%
Foreign investment in Canadian commercial real estate dropped 70 per cent in the first half of the year amid a scarcity of large portfolios for sale, data from Altus Group (AIF-T) shows.
Allied eager to start 700 de la Gauchetière revamp
• Montreal Gazette • RENX
Allied Properties REIT (AP-UN-T) is eager to start a multimillion-dollar overhaul of one of the two downtown Montreal buildings being vacated by National Bank of Canada. Allied could spend up to $80 million to revamp 700 de la Gauchetière St. W.
Choice Properties selling $426M retail portfolio
Choice Properties REIT (CHP-UN-T) says it has an agreement to sell a portfolio of 30 retail and distribution properties across Canada for $426 million. The portfolio includes 27 stand-alone retail properties and three distribution centres, all in smaller or secondary markets.
Tenant advisory firm Landmark rebrands
Landmark Advisory Services, a Canadian real estate company specializing in commercial tenant representation, is rebranding itself to better market its platform. The company spun off in 2012 from Landmark Properties Inc., a third-party manager which has since been bought by Colliers.
Ashford Group stocks up on Moncton CRE
• CBC
Moncton’s Ashford Group has spent 10s of millions in recent weeks buying a swath of downtown real estate with an eye toward future development. The company has purchased Assumption Place tower, the former Paramount Theatre and a former jail.
Lululemon proposes 13-storey Vancouver head office
Lululemon Athletica (LULU-Q) outlined its proposal to build a new 13-storey head office during a recent open house. Its “Store Support Centre” will replace the company’s existing head office in Kitsilano, as well as three smaller satellite offices in Vancouver.
Hôtel-Dieu Grace proposes $250M mixed-use
• CBC • Windsor Star
A $250-million plan from Hôtel-Dieu Grace Healthcare is one of six proposals with the City of Windsor for proposed development at the old Grace Hospital site at University and Crawford Avenues.
Mitsubishi building aircraft design centre in Montreal
• Toronto Star • Reuters • Canada Newswire
The Mitsubishi Aircraft Corp. is putting down roots in Quebec, unveiling plans for a Montreal-area product development centre after reaching a deal in June to buy Bombardier Inc.’s regional jet program.
IKEA opens Ontario Customer Distribution Centre
IKEA announced the opening of its 550,000-square-foot Customer Distribution Centre in Kleinburg, Ont. In partnership with DHL, the new location will further enable IKEA to have its products in the right place while also providing increased capacity for future growth.
B.C. tech company leasing space in downtown Calgary
Port Coquitlam-based Finger Food Advanced Technology Group is about to complete negotiations for a 10-year lease for 52,000 square feet of office space in downtown Calgary, CEO Ryan Peterson said Wednesday. It marks the company’s first major expansion outside of B.C.
Vancouver condo developers head to Hong Kong
There is debate over whether anti-government protests in Hong Kong will lead to an exodus of its residents, but Vancouver developers are piling into the Chinese territory to offer Canadian condos to anyone planning an exit.
Genesis acquires take-back mortgage for $22M
Genesis Land Development Corp. announced it has entered into a purchase and sale agreement to acquire a $20.5 million vendor take-back mortgage from Limited Partnership Land Pool (2007) for $22.02 million.
Ivanhoé Cambridge opens German office
• Ivanhoé Cambridge media release • RENX
Global institutional real estate investor Ivanhoé Cambridge announced it is expanding its European footprint with the opening of an office in Berlin and appointed Christian Daumann head of investments for Germany.
CPPIB buys toll road stake in Indonesia
Canada Pension Plan Investment Board (CPPIB) has made its debut infrastructure investment in Indonesia with the acquisition of a 45 per cent stake in the Cikopo-Palimanan (Cipali) toll road. Financial terms were not disclosed.
What does WeWork debacle mean for entrepreneurs?
• Forbes
Coworking is bigger and stronger than WeWork. It would be a mistake to equate WeWork’s style and bemusing S-1 filing with the co-working movement in general. WeWork is indicative, however, of the industry’s growth and the potential for continued growth.
RE stakeholders cautiously optimistic: Report
Developers, investors, lenders and other leading experts are cautiously optimistic about Canada’s real estate sector according to the 2020 Emerging Trends in Real Estate report published today by PwC Canada and the Urban Land Institute (ULI).
Three developers to launch pricey Yorkville high-rise
• Globe and Mail (Sub. required) • RENX
RioCan Living, Metropia and Capital Developments are teaming up for what they believe could be the last high-rise condominium to be built on Yorkville Avenue, in a project that reflects many of the risks facing large-scale developers.
Capital gains tax would have major effect
Three-quarters of Canada’s national wealth is real estate of which principal residences are a large part. A tax on the proceeds of principal residence sales would directly hit homeowners who have shifted savings from other investment vehicles to their homes.
U.S. rents accelerate
• PR Newswire • Business Insider • PR Newswire
U.S. rents continued to pick up the pace in August notes the Zillow Real Estate Market Report, marking the second consecutive month rent growth has accelerated. The typical rent in the U.S. is $1,595.
RENX in Review: Our Top Stories This Week
Most Viewed: Blackstone to acquire Dream Global for $6.2B
Editor’s Pick: Toronto’s East Harbour project on ‘Canary Wharf’ scale: CF’s Sullivan
Portfolio purchase: PIRET buys $249M Montreal industrial portfolio from HOOPP
CRE tech: Oxford Hackathon: 400 hackers on 4 continents
ICYMI last week: ‘We’re going to skirt recession’: BMO’s Gregory
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