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Groupe Quint acquires Montreal’s Holt Renfrew building
Groupe Quint acquires Montreal’s Holt Renfrew building
Groupe Quint has purchased the iconic former Holt Renfrew building at 1300 Sherbrooke St. W. in downtown Montreal and plans to invest about $20 million to transform the vacant site into a mixed-use retail and office development.
Lifetime proposes 65-storey Midtown condo tower
An application submitted to the city seeks rezoning to bring a 65-storey, Wallman Architects-designed condominium tower in Midtown Toronto. The proposal by Lifetime Developments at 36 Eglinton West, would become the tallest building in Toronto north of Bloor-Yorkville.
Winnipeg approves $5M for Starlight redevelopment
Proponents of Starlight Investments‘ $400-million Portage Place redevelopment say if they don’t get $60 million in public funding, the project is doomed. On Wednesday, council’s executive policy committee approved $5 million of Winnipeg’s $20-million share of the funding request for the redevelopment.
REACH proptech accelerator moves into Canada
The newly established Canadian arm of the REACH real estate technology accelerator is accepting applications for its inaugural program through the end of July.
Imperial acquires Edmonton industrial property for $5M
Imperial Equities Inc. has finalized the purchase of a single-tenant industrial property in Edmonton’s McNamara Industrial neighbourhood. The property has approximately 39,277 square feet of leasable space in two buildings on a 4.67-acre site and was acquired for $5,360,000.
University of Alberta plans to shed a few buildings
At a time of government cutbacks and punitive performance measures, a sprawling footprint is a liability. President Bill Flanagan’s financial plan focuses on reducing the University of Alberta’s size, which he says is about 50 per cent larger than peer institutions.
Westbank/Allied’s Union Centre evolves in resubmission
Revised plans by Westbank Corp. and Allied Properties REIT for a 52-storey Bjarke Ingels Group-designed office tower have been submitted to the City of Toronto. Union Centre‘s plan reduces the gross floor area from 1,626,093 to 1,604,296 square feet.
DIALOG designs 20-storey condo for 6080 Yonge
Official Plan and Zoning Bylaw Amendment applications have been received by the city for a DIALOG-designed condominium tower at 6080 Yonge St. The 20-storey development proposes to intensify a site currently housing a retail plaza and a single-detached residential dwelling.
Quebec allows gradual reopening of office towers
Office towers will be able to “gradually” start welcoming the staff of service companies as of July 18, the Minister of Labor, Employment and Social Solidarity Jean Boulet and the Minister Delegate for Transport Chantal Rouleau announced on Wednesday.
Feds, Shopify partner on small-retailer program
• Globe and Mail (Sub. required) • BetaKit
The federal government is partnering with Shopify Inc. (SHOP-T) to help small Canadian retailers set up online stores for 90-day trials, as the governing Liberals deepen their ties to Canada’s most valuable publicly traded company during the pandemic.
Van. businesses forced to pay rent during shutdown
• CBC
Small businesses at Library Square say their landlord, the City of Vancouver, is making them pay their full rent, in spite of the fact that they were forced to close for months because of the pandemic.
RioCan REIT won’t de-risk your portfolio: Opinion
• Globe and Mail (Sub. required) • RENX
RioCan REIT (REI-UN-T) was the largest REIT in Canada for many years and the king of the shopping-mall operators. We sold (at a nice profit) when it became apparent online shopping was starting to steal market share from brick-and-mortar retailers.
Brookfield announces initial close of European fund
• Globe Newswire • IPE Real Assets
Brookfield Asset Management (BAM-A-T) today announced the initial closing of its first European core-plus real estate fund, Brookfield European Real Estate Partnership, with total equity commitment to date of $1.1 billion Cdn.
Blackstone pulls the plug on income fund
Blackstone (BX-N) has decided to dissolve its Blackstone Real Estate Income Fund and related entities, which invest primarily CMBS, RMBS and mezzanine debt, although recently it has built up a strong cash position, according to a regulatory statement.
Amazon plans $250M Austin-area fulfillment centre
Amazon continues to expand its fulfillment centre network with the development of a new location just outside Austin, Texas, in Pflugerville. The e-commerce giant plans to invest $250 million in a facility with a minimum footprint of 820,000 square feet
ESR-REIT and Sabana propose $4.09B merger
The merger between two Singapore industrial REITs, ESR-REIT and Sabana, is about to go ahead. It will create the fifth-largest industrial vehicle on the Singapore stock exchange, with combined assets under management of $4.09 billion Cdn.
Toronto rents drop in June: Urbanation
Toronto-area tenants are on the move again, with lease activity rebounding significantly in June. Rents declined across the region and most dramatically in the Toronto core, according to a second-quarter report from market-research firm Urbanation.
Rent prices dropping in Vancouver: PadMapper
• Vancouver Sun • Business In Vancouver
Despite another drop in Vancouver apartment rent prices in June, many renters are opting for less expensive cities. The PadMapper Canadian Rent Report found a one-bedroom apartment decreased 1.4 per cent compared with May; two-bedroom apartments dropped 4.3 per cent.
Prince Edward County enjoys real-estate boom
• Globe and Mail (Sub. required)
Demand for real estate in Prince Edward County, Ont., exploded in June as pandemic-weary Torontonians sought an escape from the city. The number of properties that traded hands doubled from May to June, says Treat Hull and Associates’ Treat Hull.
Potential trouble looms in Toronto housing market
Housing sales and prices in Toronto during June have either matched or surpassed their year-over-year levels. However, condominium sales, which usually dominate housing transactions in Toronto, were down by 13.6 per cent year-over-year. Condominium sales also declined in the suburbs.
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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