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Bell to sell 13 data centre sites to Equinix for $1B

4 years ago

Global centre owner/operator Equinix Inc. (EQIX-Q) has an agreement to spend $1.04 billion (all figures Cdn) to acquire a portfolio of 13 data centres across Canada from BCE Inc. (BCE-T). The all-cash transaction remains subject to regulatory and other approvals.

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The food court under the Brookfield Place complex is a ghost town. Single chairs sit at empty tables, passenger-less escalators climb upward and the click of a woman’s heels is all that is heard in what is normally a cacophony.

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Canada’s biggest office tower developers are pressing ahead with their multibillion-dollar skyscrapers even as a growing number of tech companies are pulling back and putting their office space on the market.

Don Wilcox

Managing Editor

Yardi - Vendor Cafe

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M City’s 60-storey M1 and M2 towers and the 77-storey M3 are all set to overtake Mississauga’s current tallest building and a new planning submission from Rogers Real Estate Development and Urban Capital Property Group is proposing a fourth tower.

IMAGE: Barry Stuart of ICR Commercial.

Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

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Quebec will study any funding request aimed at revitalizing downtown Montreal following two months of COVID-19-induced lockdown, Finance Minister Éric Girard said. Mayor Valérie Plante last week set up an advisory committee designed “to reflect on the revival of Montreal.”

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COVID-19 has and will continue to affect all aspects and sectors of the Canadian commercial real estate industry. Michael Witt and Robert Homersham, real estate lawyers from Stikeman Elliott’s Calgary office, recently sat down to discuss the market impacts.

Harbour Equity

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Party City Holdco Inc. (PRTY-N), a retailer that has been working to cut its approximately $2 billion debt load, is seeking approvals from creditors on a proposed deal that would trim its borrowings and inject fresh cash into the company.

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Reitmans (Canada) Limited will be laying off 1,400 employees – 300 of whom work in Montreal – as the brand repositions itself “for long-term success” by closing its Addition Elle and Thyme Maternity stores, it was announced on Monday.

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From May 20-29, Plaza Retail REIT (PLZ-UN-T) CEO Michael Zakuta acquired a total of 80,000 units for an account in which he has indirect ownership (Plaza Z-Corp Properties Inc.). The cost of these purchases totaled over $232,000, increasing this account’s holdings to 8,374,349 units.

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Lanesborough REIT, (LRT-UN-X), Canada Newswire

DC & Associates

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Slate Retail REIT (SRT-U-T) announced today the completion of the acquisition of seven grocery-anchored assets for US$90 million (US$144 per square foot). This transaction was initially announced on March 10, 2020 for a purchase price of US$106.5 million.

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As Edmonton-headquartered Triple Five’s 5.6-million-square-foot Mall of America prepares to reopen, it is contending with challenges that correspond to its vast scale. “It’s not like we can just flip the switch and the doors open . . .,” said executive vice-president Jill Renslow.

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Cineplex Inc. (CGX-T) says the Investment Canada Act review of its deal to be acquired by Cineworld Group has been extended to June 15. The deadline to complete the $2.8-billion sale of the company to Cineworld is June 30.

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Starwood Capital Group is investing up to $325 million in a U.S. property finance company owned by TPG Real Estate. TPG RE Finance Trust (TRTX-N) said it will provide “additional liquidity and flexibility to navigate the current economic environment.”

Real Estate Forums Webinars

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Canada’s biggest banks have authorized customers to put off payments on $180 billion-plus in mortgages and home equity lines of credit because of COVID-19, suggesting a large chunk of household debt is hanging in the balance of an economic recovery.

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According to the Calgary Real Estate Board, sales as of Sunday for the month were 1,063 which have dropped by 41.3 per cent year-over-year. Pending sales are also down 22.86 per cent year-over-year to 81.

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The economic uncertainty surrounding COVID-19 has contributed to contradictory estimates of future housing prices and sales. Leading the bears is the Canada Mortgage Housing Corporation (CMHC), projecting average housing prices to fall by nine to 18 per cent.

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The National Association of Realtors said Thursday that its pending home sales index plunged 21.8% from the prior month to a level of 69, the largest decline registered in data going back to 2001.

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