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Tricon partners on $6.4B U.S. single-family rental venture
Tricon partners on $6.4B U.S. single-family rental venture
Tricon Residential Inc. (TCN-T) of Toronto is committing $575 million (all figures Cdn) over three years to a new single-family rental partnership in the U.S. which plans to acquire up to 18,000 resale homes valued at up to $6.4 billion.
CF proposes nine res towers for East Harbour project
• Urban Toronto • RENX
Cadillac Fairview‘s latest plans for East Harbour, a massive development on the site of the former Unilever Soap Factory, includes an additional nine residential towers, which would bring approximately 4,300 units to an area not currently zoning for residential uses.
Toronto, Ottawa among top Canadian cities in N.A. tech rankings
Eight Canadian cities rank among North America’s Top-50 in CBRE’s 2021 “Scoring Tech Talent” report, led by Toronto at No. 4 for a second straight year. “It’s well known that Canada is a top destination for tech companies . . .” said CBRE’s Marc Meehan.
Allied paying $250M to buy office portion of Gare Viger
Allied Properties REIT (AP-UN-T) will acquire the office component of Jesta Group’s million-square-foot Place Gare Viger redevelopment in Montreal. The acquisition includes the 123-year-old Gare Viger, a forward purchase of the new office tower, and adjacent developable land.
TVA Group studios investing $76M in new Mtl. building
Québecor’s TVA Group, which owns MELS studios, is investing $76 million in a major expansion project to add a new building, MELS 4, to try to keep up with the rising demand for studio space in Montreal.
Medical Complex to open at Cominar’s Rockland Centre
Montreal-based ELNA Medical, the largest network of medical clinics in Canada, and Cominar REIT (CUF-UN-T) announced the opening of a 24,000-square-foot medical complex at Rockland Centre in the Town of Mount Royal, by the end of 2021.
Montreal hotel association expects ‘slow climb back’
Up to two years may be required for the industry to return to pre-pandemic profit levels, according to Eve Paré, head of the Hotel Association of Greater Montreal — assuming hoteliers can solve an acute worker shortage on short notice.
Minto launches Oakvillage community’s Phase 4B tower
• Urban Toronto • RENX
With the first three phases of Minto Communities GTA‘s master-planned Oakvillage community complete and after the BDP Quadrangle-designed North Oak 20-storey, 207-unit Phase 4A building was positively received, the 15-storey second tower – Phase 4B – has been launched.
Hands-off approach to Greenbelt dev. worries Ontarians
Concerned residents, environmental groups and local politicians say in three development disputes, Ontario’s apparent lack of action on upholding Greenbelt legislation could have dire consequences for the 800,000 hectares of sensitive land via “death to the Greenbelt by a thousand cuts.”
4th stop revealed on Yonge North subway extension
• CBC • Global News • News Ontario
The Yonge North subway extension will include a fourth station at Clark Avenue in Thornhill, Ontario officials announced at a news conference Friday. The extension connects TTC’s Line 1 subway north to Richmond Hill, and will serve 2,500 riders during peak hours.
BPY unitholders approve privatization transaction
• Toronto Star • Globe Newswire
Brookfield Property Partners (BPY-UN-T) says unitholders have voted to approve a deal that will see Brookfield Asset Management (BAM-A-T) acquire the stake in the firm it does not already own and take the real estate firm private.
Canadian Net boasts attractive business model
• Globe and Mail (Sub. required) • RENX
Canadian Net REIT (NET-UN-X) is on the cusp of entering correction territory with its unit price down nearly 10 per cent from its record closing high reached last month. Canadian Net has an attractive business model, cash flow and distribution growth.
Kite Realty, Retail Properties announce $7.5B merger
• Globe Newswire • Globe Newswire
Kite Realty Group Trust (KRG-N) and Retail Properties of America (RPAI-N) have entered into a definitive merger agreement. The combined company is expected to have an equity market capitalization of $4.6 billion and a total enterprise value of $7.5 billion.
Monmouth receives increased unsolicited takeover offer
Monmouth Real Estate Investment Corp. received an increased unsolicited takeover offer of $18.88 per share cash, compared with $18.70 previously, reportedly from Barry Sternlicht’s Starwood Capital Group. A previous merger agreement with Sam Zell’s Equity Commonwealth (EQC-N) valued Monmouth at $3.4 billion.
Slate Grocery acquires Indianapolis property for $8.5M
Slate Grocery REIT (SGR-UN-T) has closed on the acquisition of Glenlake Plaza, a grocery-anchored property in Indianapolis for US$8.5 million (US$81 per square foot). The REIT has also secured a new ease with the property’s anchor tenant, Kroger, for 15 years.
U.S. investors put billions into life sciences, data centres
Money is pouring into U.S. real estate funds as the nation recovers from the coronavirus pandemic and investors are increasingly looking toward alternative sectors such as life sciences, medical office and data centres, Real Capital Analytics‘ Jim Costello said.
Toronto city council votes for vacant homes tax
Toronto city council approved in principle the plan to impose a one per cent tax on vacant homes starting in 2022. The tax would not apply to primary residences, including for snowbirds, or in circumstances where the owner is out of the home, such as for medical reasons.
TRREB still fighting over MLS data
• CBC
Three years after losing a prolonged court battle over the restriction of housing data, the Toronto Regional Real Estate Board continues to pursue legal action against companies it accuses of illegally accessing its Multiple Listing Service system.
Brokers strive to lift others onto investment property ladder
• Globe and Mail (Sub. required)
Amy Leong and Ally Ballam, advisors at Engel & Volkers who own 13 properties worth more than $7 million in total, coach newcomers on property investments including joint venture partnerships, in which each party usually puts in 50 per cent of the cost.
A third of Canadians feel ‘house poor’
Despite surging home prices, the latest MNP Consumer Debt Index shows the number of Canadians concerned they cannot make ends meet without going into further debt has reached its highest level in three 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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