Procura builds The Louvre at Century Park Edmonton

RENX  Residential, Commercial  •  Apartments, Retail  •  Edmonton

In the age of COVID-19, people are realizing home is more and more important says George Schluessel, CEO of Procura Real Estate Services. That fits neatly into his vision for the latest building on Procura’s 32-acre Century Park in Edmonton.

New home construction could drop by 75%: CMHC

Residential  •  Globe and Mail (Sub. required)  •  Financial Post  •  Canada Newswire

Canadian home building could drop by as much as 75 per cent and prices could decline by up to 25 per cent in oil-producing provinces, according to the CMHC’s Housing Market Outlook – Special Edition that predicts a long recovery from COVID-19.

Constellation HomeBuilder Systems buys LandDev

Residential, Commercial  •  Canada Newswire

Constellation HomeBuilder Systems, the largest provider of home-building software solutions and services, has acquired LandDev, a leading cloud-based software system for commercial and residential real estate land developers.

WeWork rival Industrious plots IPO

Commercial  •  Chicago Business

Industrious, a workplace provider that counts WeWork among its rivals, is taking steps toward an initial public offering, which could come as soon as next spring. Industrious last year raised $80 million from investors including Brookfield Properties, CPP Investments and Equinox.

Carlyle’s proposed condo tower includes hotel

Residential, Commercial  •  Urban Toronto

A residential tower proposed by developer Carlyle Communities in Toronto’s Entertainment District now includes a significant hotel component. The architectsAlliance-designed Carlyle Condos has gone through a number of revisions since the initial rezoning application was tabled in 2015.

Devastated hotels make plans to reopen

Commercial  •  CBC  •  CBC

Canadian hotels are tightening up their cleaning protocols and hoping to welcome some pandemic-fatigued guests. The industry is trying to find ways to reopen safely after being pummeled by cratering revenue and massive layoffs since the pandemic began.

Value: Weighed and Measured › Our workplaces will change, because they already were

John Clark: Vice President , The Regional Group of Companies Inc

Sales plunge in hospitality sector

Commercial  •  Calgary’s Business  •  Calgary’s Business

Sales in the food services and drinking places subsector in Canada fell 36.6 per cent to $4 billion in March, with businesses across the country closing because of COVID-19 regulations, according to data released Tuesday by Statistics Canada.

Loblaw to start reopening some in-store services

Commercial  •  Canadian Grocer

Loblaw’s (L-T) Galen Weston says shoppers will soon start to see “several positive changes” such as: reopening of supermarket service counters in meat, seafood, and bakery; reopening of beauty departments at Shoppers Drug Mart; and returning to regular store hours.

CI Investments launches suite of private pools

Commercial  •  Canada Newswire

CI Investments Inc. announced the launch of three new mandates that allow investors to make a focused investment in real assets – infrastructure and real estate. The mandates are available in both mutual fund and exchange-traded fund series.

REIT/REOC COVID-19 business updates

Commercial  • 

Days Inns Canada, (WH-N), Globe Newswire

Slate Retail REIT, (SRT-U-T), Business Wire

Sun Residential REIT, (SRES-X), Sun Residential REIT media release

REOC financial results

Commercial  • 

Halmont Properties Corp., (HMT-X), Globe Newswire

NexPoint Hospitality Trust, (NHT-U-X), Canada Newswire

Macy’s makes $1.1B bond offering to repay credit facility

Commercial  •  Reuters

Macy’s Inc. (M-N) said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.

Investors low-ball Hong Kong office owners

Commercial  •  South China Morning Post

Commercial property prices in Hong Kong, which have fallen nearly 25 per cent, are now facing pressure from Beijing’s plan to impose a national security law on the city. Now, buyers are seizing the opportunity to squeeze further discounts from sellers.

KKR buys stake in French logistics firm

Commercial  •  CP Executive  •  CP Executive

KKR continues to increase its presence in the European industrial market with the acquisition of an interest in Etche France, a Paris-based private real estate company with a portfolio featuring a gross asset value of approximately $438.2 million US.

COVID-19 lawsuit takes on McDonald’s

Commercial  •  Reuters

Workers and their families at McDonald’s Corp.’s (MCD-N) Chicago restaurants have filed a class-action lawsuit against the fast-food chain that does not seek money for sick staff, but compliance with health guidance such as providing clean face masks.

Ottawa airport borrows cash to stay afloat

Commercial  •  CBC

Mark Laroche, president and CEO of the Ottawa International Airport, has had to adjust to empty check-in counters and vacant luggage carousels, as the COVID-19 pandemic has pushed the average number of daily passengers down from 14,000 to less than 200.

Ex-T.O. chief planner issues plea for ‘good density’

Residential  •  Daily Commercial News

Former chief city planner Jennifer Keesmaat says builders should react to the COVID-19 pandemic by rejecting the hegemony of the automobile and reinventing cities as people places. Keesmaat argued that what is needed is not less density but “good density.”

‘Great Reset’ scrambles U.S. senior housing

Residential  •  Senior Housing News

The COVID-19 pandemic has sparked what one analyst is calling a “Great Reset” — and the result has been topsy-turvy for the senior living industry. Investor sentiment may be shifting against senior housing in favour of the once-shunned skilled nursing sector.

RE market won’t shrug off this crisis as easily

Residential  •  Globe and Mail (Sub. required)

OPINION: Before COVID-19 struck, Canada’s real estate sector had been on a tear for two decades. Despite minor periodic lulls, the housing market kept on defying warnings of a major price correction even as household debt surged to record levels.