Retail industry has ‘never’ faced a threat like COVID-19

RENX  Commercial  •  Retail  •  National

While the retail sector has had its share of challenges, they pale in comparison to what it’s facing now. “Never have we experienced a threat as acute as what we’re experiencing today,” said RBC’s Nurit Altman during an April 21 webinar.

Many biz owners fear they’ll break leases: Spacelist

RENX  Commercial  •  Office, Industrial, Retail  •  National

A tenant survey by commercial real estate leasing platform Spacelist.ca reveals a third of respondents feared they might have to break their leases within six months due to the COVID-19 pandemic. That figure was highest among retail respondents.

OMERS-backed tech accelerator OneEleven shuts down

Commercial  •  Globe and Mail (Sub. required)  •  BetaKit

OneEleven, the Toronto-based technology accelerator backed by the Ontario Municipal Employees’ Retirement System pension fund, will permanently shut down in May because of financial strain from COVID-19. The accelerator is housed in an Oxford Properties Group building on Front Street.

Shopify has closed 5,000 storefronts in the past month

Commercial  •  Ottawa Citizen  •  Ottawa Business Journal

Shopify (SHOP-T) has spent much time monitoring its online merchants’ promotion of COVID-19 products and many merchants have qualified for expulsion. “Over the last few weeks we have closed more than 5,000 stores in our COVID-19-related reviews,” a company spokesperson said.

Broccolini hiring for post-COVID-19 world

Commercial  •  Globe Newswire  •  RENX

Montreal-based developer Broccolini is looking to hire several people including senior project manager; manager, real estate development; and site superintendent in anticipation of the rapid resumption of its activities in the coming weeks.

Calgary industrial vacancy rate rises slightly

Commercial  •  Calgary’s Business

A Colliers International report indicates the vacancy rate and availability rates in Calgary’s industrial real estate market rose slightly in Q1 – from 6.04 to 6.07 per cent. The availability also rose to 10.68 per cent from 9.7 per cent.

Open department stores devastating Sportium

Commercial  •  La Presse

While Costco, Walmart and Canadian Tire sell outdoor items, the SAIL and Sportium chain stores are not allowed to open their doors. “They sell bicycles, clothes .  . . It demolishes us,” laments Norman Décarie, CEO of the two Quebec stores.

Prescott-Russell greenlights $36M ‘food hub’

Commercial  •  Ottawa Business Journal

The United Counties of Prescott-Russell is proceeding with a $36-million public-private partnership to build an “innovative food hub” for processing and distributing meat and vegetables from area farms. Its location within Prescott-Russell east of Ottawa has yet to be determined.

Canadian restaurateurs enjoy a sales boost

Commercial  •  Canada Newswire  •  CBC  •  Financial Post

On April 15, Canadians from coast to coast banded with the hospitality industry to kick off National #TakeoutDay, a movement that encourages Canadians to order from their favourite local restaurants. Many restaurateurs saw a significant spike in sales.

PROREIT to receive 97.4% of rent; suspends DRIP

Commercial  •  Canada Newswire  •  RENX

PROREIT (PRV-UN-T) announced that 97.4 per cent of its April rents have been received or agreed for deferred payment. The REIT also decided to suspend its DRIP program and reduce its cash distribution due to COVID-19.

REIT first-quarter financial results

Commercial  • 

Choice Properties REIT, (CHP-UN-T), Canada Newswire

REIT/REOC COVID-19 business updates

Commercial  • 

Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire

First Capital REIT (FCR-UN-T), Canada Newswire

Slate raises $381M in third European fund

Commercial  •  Canada Newswire  •  IPE Real Assets

Slate Asset Management, a leading alternative asset management platform with a focus on real estate, today announced its Slate European Real Estate Fund III exceeded its target size of $305 million Cdn and closed at its hard cap of $381 million.

WSIB funnels $1.65B into real assets

Commercial  •  IPE Real Assets

The Washington State Investment Board (WSIB) has approved $1.65 billion worth of new infrastructure and real estate commitments. The $147.4-billion pension fund said its infrastructure commitment includes $700 million into the Stonepeak Infrastructure Fund IV and $200 million into Stonepeak Evergreen Partners.

Sycamore Partners backs out of deal for Victoria’s Secret

Commercial  •  Reuters

Buyout firm Sycamore Partners disclosed on Wednesday it had walked away from a $525-million deal to acquire a majority stake in Victoria’s Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus outbreak.

Macy’s weighs raising as much as $5B in debt

Commercial  •  CNBC

Macy’s (M-N) will try to raise as much as $5 billion in debt to weather the pandemic crisis, according to sources. It will seek to use its inventory as collateral to raise $3 billion and real estate to raise up to $2 billion.

GTA new home market up 67% YOY: BILD

Residential  •  Globe Newswire

There were 3,730 new home sales in March 2020, up 67 per cent year-over-year and seven per cent above the 10-year average, according to Altus Group, the Building Industry and Land Development Association’s (BILD) official source for GTA new home market intelligence.

Valour Capital proposes 13-storey Burlington condo

Residential  •  Urban Toronto

Valour Capital Inc. has submitted an application to the City of Burlington detailing its plan for a condominium development just east of downtown. The 13-storey building would be designed by KNYMH Inc.

T.O.’s St. James Town needs room to breathe

Residential  •  Globe and Mail

Sometimes, Semira Aman has to call her roommates on the phone. She shares a three-bedroom apartment in a high-rise in Toronto’s St. James Town; she and the two women she lives with are trying to avoid sharing COVID-19.

Pandemic worsening threat to U.S. rental market

Residential  •  Forbes

Uncertainties caused by the coronavirus pandemic have caused widespread disruption to the rental market, and the situation looks likely to get worse before it gets better, according to America’s Rental Housing 2020, by the Harvard Joint Center for Housing Studies.