First Capital aims to be Canada’s first ‘super-urban’ REIT

RENX  Commercial  •  Retail  •  National

First Capital Realty (FCR-T) is about to go through 12 months of intense transformation in both its structure and investment philosophy, says president/CEO Adam Paul. The plan is to become a REIT and move toward what he calls a “super-urban” portfolio.

Stephen Johnson to retire as Choice Properties CEO

RENX  Commercial  •  Human Resources, Retail  •  National

Stephen Johnson, one of the founding fathers of Canadian REITs, will retire as president and CEO of Choice Properties REIT (CHP-UN-T)  in May. Choice Properties announced the move Wednesday. He will be succeeded by Rael Diamond.

Montreal baseball group eyes stadium site

Commercial  •  Montreal Gazette  •  CBC

Stephen Bronfman and his Groupe de Montréal, which is trying to bring major league baseball back to Montreal, have chosen the Peel Basin as the site of a future stadium, Montreal radio station 98.5 FM is reporting.

Google to spend $13 billion on U.S. real estate in 2019

Commercial  •  CNBC

Google‘s massive footprint is only getting bigger in 2019. CEO Sundar Pichai said in a blog post on Wednesday the company is building new data centres and offices and expanding several key locations across the U.S., spending $13 billion this year.

Pinnacle proposes 54-storey residential tower

Residential  •  Vancouver Courier

The Urban Design Panel will meet Feb. 20 to assess Pinnacle International’s proposal to build a 54-storey tower at the north end of Granville Street Bridge. Designed by GBL Architects, the building includes 303 market residential units and 152 social housing units.

In architecture, simple (and subtle) is beautiful

Residential  •  Globe and Mail (Subscription required)

Too many condo buildings are all flash, no substance. Conceived to be sold quickly, they’re often built around a simple silhouette or a graphic pattern. They’re either sculptural objects or boxes wrapped in superficial coverings.

Canada Goose to open new factory in Montreal

Commercial  •  Financial Post  •  Bloomberg  •  PR Newswire

Canada Goose Holdings Inc. (GOOS-T) says it will open a new factory in Montreal, its second in the province. The production facility is expected to employ more than 650 by the end of 2020.

Hopes fade for Fortress investors

Commercial  •  Globe and Mail (Subscription required)

Investors who helped finance several major real estate projects for Fortress Real Developments Inc. have learned they will recover little of the money they invested in syndicated mortgage loans.

CoStar Group announces agreement with Oxford Economics

Commercial  •  Business Wire

CoStar Group, Inc. (CSGP-Q), the leading provider of commercial real estate information, analytics and online marketplaces, announced an expanded agreement with Oxford Economics, the leading global economic advisory firm and provider of economic data, analysis and forecasts.

GRL completes merger into REIT INDEXPLUS Income Fund

Commercial  •  Canada Newswire

Middlefield Limited announced the successful completion of the merger of Global Real Estate Dividend Growers Corp. (GRL-T) and REIT INDEXPLUS Income Fund (IDR-UN-T), with REIT INDEXPLUS being the continuing fund.

REOC financial results:

Commercial  • 

Mainstreet Equity Corp., (MEQ-T), Canada Newswire

REIT financial results:

Commercial  • 

Allied Properties REIT, (AP-UN-T), Globe Newswire

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

H&R REIT, (HR-UN-T), Canada Newswire

Morguard REIT, (MRT-UN-T), Canada Newswire

SmartCentres REIT, (SRU-UN-T), Globe Newswire

Blackstone buys stakes in three Asia malls

Commercial  •  IPE Real Assets  •  Bloomberg

Blackstone (BX-N) funds have agreed to a $480-million US deal to buy 50 per cent of Taubman Centers’ interests in three Asia-based shopping centres. Blackstone will be making this investment through its Asia core-plus real estate investment arm.

How to tell if a tower is in trouble

Commercial  •  The Real Deal

Want to understand if a major property is at risk of defaulting on its loans? One way to tell is to look at the difference between private appraisals of the building and those done by ratings agencies.

London office sector loses no matter what: Broker

Commercial  •  Bloomberg

London’s office market could be headed for a fall whether the U.K. leaves the European Union with or without a deal, according to Berenberg analysts led by Kieran Lee who predicts a downturn.

Qatar revamps investment strategy after Kushner bailout

Commercial  •  Reuters

When news emerged that Qatar may have unwittingly helped bail out a New York skyscraper owned by the family of Jared Kushner, Donald Trump’s son-in-law, eyebrows were raised in Doha.

Mortgages from big banks consistently cost more

Residential  •  CBC  •  Canada Newswire

Mortgage rates from Canada’s big banks were consistently more expensive than those offered by smaller lenders last year, according to the latest findings from LowestRates.ca.

Young families scrimp to own big-city homes: Report

Residential  •  Toronto Star  •  Newinhomes.com  •  Globe Newswire

Young families in Canada’s big cities believe houses and condos will be a good investment over the next five years, and they are sacrificing privacy, time and small pleasures to buy them, according to Sotheby’s International Realty Canada.

Toronto condo fees continue to outpace inflation

Residential  •  Globe and Mail (Subscription required)

Condo fees are the great unifier in the condominium market. Owners wonder if their fees are higher than they should be; buyers struggle to understand whether the fees quoted to them are realistic – and everyone hates them.

Surplus federal properties earmarked for affordable housing

Residential  •  Canada Newswire

Communities in Ontario, Quebec, and Newfoundland and Labrador will be among the first to see surplus federal properties repurposed into new affordable housing. A competitive process for five properties located across three provinces has begun accepting proposals from housing developers.