RioCan creates new JVs with Killam, Boardwalk

RENX  Residential  •  Apartments, Land  •  Toronto / GTA, Ottawa

RioCan REIT (REI-UN-T) is expanding its existing partnerships with Killam Apartment REIT (KMP-UN-T) and Boardwalk REIT (BEI-UN-T) to facilitate multiresidential development opportunities at the Elmvale Acres shopping centre in Ottawa and Sandalwood Square property in Mississauga.

CPPIB, Boston Prop. JV on San Jose office project

RENX  Commercial  •  Office  •  International

CPPIB is embarking on its second major investment with Boston Properties (BXP-N) in California in the past 16 months. CPPIB is taking a 45% interest to develop Platform 16, a 1.1-million-square-foot class-A office campus adjacent to a huge Google site in San Jose.

Emerging markets growth drivers for Canadian funds

Commercial  •  Pensions & Investments  •  TechNewsObserver

Canada’s largest public pension funds are pushing further into emerging markets, particularly Asia and Latin America, through a range of efforts that include boosting target allocations to the asset class and looking for ways to partner on new deals.

Innovation makes Park Place Mall global leader

RENX  Commercial  •  Retail  •  Alberta

A series of innovations and sustainability projects combined to earn Park Place Mall in Lethbridge, Alta., the Building Owners and Managers Association International TOBY Award for retail buildings. The 478,000-square-foot facility has had a BOMA BEST Platinum certification since 2009.

Teachers’, BCG plan Toronto-based tech incubator

Commercial  •  The Logic

Ontario Teachers’ Pension Plan (OTPP) and Boston Consulting Group (BCG) Digital Ventures are launching a Toronto-based incubator for tech companies, The Logic has learned. Koru will focus on helping private equity, natural resources and infrastructure companies scale rapidly.

Breather set to beef up Montreal tech team

Commercial  •  Montreal Gazette

Montreal-based Breather is working to build a self-serve booking system to make it easier for office managers and landlords to maximize value by renting out vacant spaces for hours, days, weeks or months at a time.

Sponsored by First National Financial LP The Wedgbury report: trends in Canadian commercial real estate finance

Jeremy Wedgbury, Senior Vice President, Commercial Mortgages at First National Financial, and a financing industry veteran, leads a team serving many of Canada’s largest real estate developers and owners. As such, he’s uniquely positioned to comment on commercial property trends.

Holloway sells 3 Atlantic Canada hotels for $18.2M

Commercial  •  Canada Newswire  •  Canada Newswire  •  RENX

Holloway Lodging Corporation (HLC-T), a Clarke (CKI-T) company, announced it has sold the Holiday Inn Express hotel in Stellarton, N.S., the Travelodge hotel in New Glasgow, N.S., and the Travelodge hotel in Saint John in two separate transactions for $18.2 million.

Vaudreuil-Dorion municipal hub unveiled

Commercial  •  Montreal Gazette

Vaudreuil-Dorion is one big step closer to getting its new municipal hub. Phase 1 will see the construction of a city hall and library and an exterior public gathering place. Phase 2 will see the construction of an aquatic centre.

Bridor invests $170 million in Quebec bakery

Commercial  •  La Presse

French company Bridor, which operates four plants in America including three in Quebec, announced an investment of $200 million to increase production on this side of the Atlantic, including $170 million to expand the bakery in Boucherville.

Quebec lags behind Ontario in cannabis sector

Commercial  •  La Presse

The development of the cannabis industry involves the construction of new buildings and the transformation of disused factories. As the industry in Ontario is fuelling the many projects of production and processing, Quebec is dragging its heels.

ICE District announces plans for two eateries

Commercial  •  Globe Newswire  •  Edmonton Journal  •  RENX

ICE District Properties announced the addition of two new restaurant concepts. The CANADIAN ICEhouse and The Banquet are the latest additions to ICE District’s list of tenants. The eateries will be located in ICE District’s newest development, Block BG.

WPT Industrial acquires U.S. distribution centre

Commercial  •  CP Executive  •  Globe and Mail (Sub. required)

A private investor has sold a 505,000-square-foot distribution centre near Nashville, to WPT Industrial REIT’s (WIR-U-T) for $33 million US, according to public records. The deal was part of a double escrow facilitated by Sinomax USA, the building’s sole tenant.

Rebel updates proposed qualifying transaction

Commercial  •  Globe Newswire

Rebel Capital (RBZ-P-X) announced DLC Pittsburgh Data Center 1 LLC has entered into a second amendment agreement to purchase a Pittsburgh property containing a 91,790-square-foot-data centre with a three-storey, connected 43,800-square-foot office property on an approximately 7.65-acre site.

Brookfield to take 45% stake in BrandSafway for $1.3B

Commercial  •  Reuters  •  RENX

Investment manager Brookfield Business Partners L.P. (BBU-UN-T) said on Monday it will pay $1.3 billion for a 45 per cent stake in industrial services company BrandSafway from private equity firm Clayton, Dubilier & Rice (CD&R). The deal values BrandSafway at about $6.7 billion.

500 Spanish hotels to close after Thomas Cook fall

Commercial  •  CTV

Hundreds of hotels in Spain are facing imminent closure over the collapse of British travel giant Thomas Cook, Juan Molas, head of Spain’s Confederation of Hotels and Tourist Accommodation, told business daily Cinco Dias on Monday.

Toronto world’s second-most overvalued market: UBS

Residential  •  Financial Post  •  Business Insider  •  MarketWatch

Toronto has emerged as the world’s second-most overvalued housing market on the back of low rates and supply shortages, according to UBS AG’s annual global real estate bubble index. Vancouver was sixth in the Swiss bank’s 2019 index, led by Munich.

Calgary votes to licence short-term rentals

Residential  •  CBC  •  Calgary Herald  •  Calgary Herald

Calgarians who rent out their rooms or entire homes on services like Airbnb will soon be required to obtain a business licence. City council voted Monday to create a new tiered licensing scheme to create better oversight of the market.

Trinity offers cash in lieu of affordable housing

Residential  •  CBC  •  RENX

Trinity Developments has agreed to pay the city more than $6 million toward future affordable housing, but it’s unlikely any of those units will be in what will become Ottawa’s tallest building at 900 Albert St.

Saskatoon agent selling 23,800-acre Manitoba farm

Residential  •  Saskatoon StarPhoenix

A Saskatoon real estate agent is selling what he believes is the largest chunk of Canada on the market. RE/MAX agent Darren Sander is selling 23,800 acres of farmland near The Pas, Man., at a starting price of $53.3 million.