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RioCan buys 100% of Toronto ePlace rental, retail components
RioCan buys 100% of ePlace rental, retail components
RioCan REIT (REI-UN-T) has paid $114.1 million to acquire the remaining 50 per cent interest of the apartment component, eCentral, the remaining 50 per cent interest in the retail component, and 70 commercial parking stalls at the ePlace mixed-use development in Toronto.
Devimco, Fonds, Fiera building Maestria in Montreal
Developer Devimco has kicked off construction of the $700-million Maestria in downtown Montreal, called the city’s largest ever mixed-use residential project. It consists of 57- and 61-storey towers with about 1,750 condominium and rental units in the Quartier des Spectacles.
Bentall Centre to expand by one-third
• Business In Vancouver • RENX
Bentall Centre owners Hudson Pacific Properties (HPP-N) and Blackstone are planning a transformative upgrade to the four office towers and underground shopping mall. The plan involves the owners building about 500,000 square feet of space to the current 1.44 million square feet.
Crombie, Westbank plan three towers for Van. site
• Vancouver Courier • RENX • RENX
Westbank and Crombie REIT (CRR-UN-T) have filed an application for a mixed-use development with three residential towers; retail and office space; a childcare facility; a grocery store; and a new public plaza on Vancouver’s Broadway-Commercial Safeway site.
Taking a peek at Montreal’s five tallest office towers
PHOTO GALLERY: Montreal’s five tallest office towers have enviable occupancy rates close to 90 per cent. However, these glass giants do not all have the same ambitions. Some buildings are the subject of important work, others progress more discreetly.
CRE activity red-hot in Quebec City
Commercial real estate is doing well in Quebec City. The city recently unveiled the value of non-residential permits issued increased from $280 million in 2017 to $501 million in 2018. Here are four major projects:
Three projects proposed near Oakridge Centre
A rental project consisting of a 22-storey and a 14-storey mixed-use building, including 78 hotel rooms, is envisioned a block east of Vancouver’s Oakridge Centre. A 10-storey mixed-use rental building is also proposed by Coromandel Properties, the developer on the projects.
Security system to test at T.O. Convention Centre
A high-tech security system that uses 3D radar imaging and artificial intelligence to detect weapons will soon be beta-tested at the Metro Toronto Convention Centre (MTCC). The two-million-square-foot building has multiple access points from the Rogers Centre and Union Station.
Montreal’s Time Out Market to open shortly
• Montreal Gazette • RENX
Montreal’s most ambitious culinary project will open in the downtown Eaton Centre before the “first snow falls.” So says Time Out Market CEO Didier Souillat. On Monday, Souillat announced a second series of restaurant additions to the 40,000-square-foot space.
Sidewalk Labs’ Toronto plan is flawed
• Forbes • Toronto Star • Globe and Mail (Sub. required)
Sidewalk Labs’ Toronto plan starts out by saying all the right things. It notes the thousands of residents who were interviewed or surveyed, many of whom envisioned a city that was safer, cleaner, more efficient, more affordable, more engaged.
N.L. shipyard sells for $1 million
• CBC
There’s optimism on the Burin Peninsula following the successful conclusion of a deal that will see the dormant Peter Kiewit and Sons Co. shipyard transformed into a service hub for the growing aquaculture industry. Marbase purchased the shipyard for $1 million.
Morguard acquires $21.5M in additional Plaza units
• Canada Newswire • Canada Newswire • RENX
Morguard REIT (MRT-UN-T) has filed an early warning report in respect of its beneficial ownership of 15,059,800 trust units of Plaza Retail REIT (PLZ-UN-T). Morguard and Paros Enterprises Limited acquired 5,107,800 Plaza Retail REIT units $4.20 per unit on Wednesday.
Slate Retail yielding nearly nine per cent
• Globe and Mail (Sub. required)
Toronto-based Slate Retail REIT (SRT-U-T) owns a portfolio of 83 grocery-anchored properties located in 21 U.S. states, concentrated along the East Coast. While analysts are forecasting limited price appreciation, the current yield is very attractive – just under nine per cent.
Staples opens new concept store in Kelowna
Calling Kelowna one of its strongest markets in Western Canada, Staples has launched a concept store in the Okanagan city that includes office co-working space, the first of its kind for the brand outside of Ontario.
Furla opens first Canadian location at Yorkdale
• Canada Newswire • RENX
Furla announced its entrance into the Canadian market with its first boutique opening mid-October in Yorkdale Shopping Centre, Canada’s leading luxury shopping destination in Toronto. Furla joins Yorkdale’s diverse mix of more than 270 shops and services and exceptional selection.
Three Canadian retailers joining global climate strike
• CTV
A global movement aimed at pressuring governments into action over climate change is calling on Canadians to join a mass strike planned for Friday and “disrupt business as usual.” But many retailers in Canada seem to be ignoring that call.
CIBC reorienting Canadian mortgage strategy
CIBC CEO Victor Dodig says the bank is starting to “reorient” its Canadian mortgage strategy after having too large a focus on two large markets and not enough on the rest of the country.
B.C. aiming to improve permit processes
One year after telling the Union of BC Municipalities it would tackle cumbersome development permitting processes via its Development Approvals Process Review, the Government of B.C. has issued a report based on consultation with 88 stakeholders including local governments and developers.
B.C.’s speculation tax faces major legal challenge
• CBC • Globe and Mail • Globe and Mail (Sub. required)
Six homeowners have launched a legal fight against B.C.’s Speculation and Vacancy Tax — the only major lawsuit to reach the courts. The homeowners claim the tax unfairly targets residents and out-of-country Canadians who split their time between two homes.
Calgary among the most affordable in Canada: Zoocasa
• CBC • Daily Hive
A new national housing report by Toronto-based real estate brokerage firm Zoocasa shows average income earners are more likely to be able to afford a home in Calgary than in most other Canadian urban centres.
RENX in Review: Our Top Stories This Week
Most Viewed: Quadreal plans major redevelopment of Cloverdale Mall
Editor’s Pick: German fund buys interest in Edmonton Stantec Tower
Portfolio purchase: Crestpoint buys 50% of large Calgary industrial portfolio
REIT insights: Four ‘niche’ REITs target unique CRE sectors
ICYMI last week: Blackstone to acquire Dream Global for $6.2B
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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