Summit Ind. sells GTA data centre, reports solid Q1

RENX  Commercial  •  Industrial  •  National

Summit Industrial Income REIT (SMU-UN-T) has sold its interest in a second Toronto-area data centre, and continued to increase its portfolio in Canada’s largest urban area, the trust reports. The combination helped lead strong Q1 2020 revenue growth.

Cdn. malls collect just 15 per cent of May rent: JLL

Commercial  •  Globe and Mail (Sub. required)

Canada’s biggest mall owners have collected only about 15 per cent of their tenants’ rent in May, according to new data from Chicago-based real estate services firm Jones Lang LaSalle that shows the dire state of business during the coronavirus pandemic.

Calgary, Edmonton to lead economic decline in 2020

Commercial  •  Calgary’s Business  •  Globe Newswire

The Conference Board of Canada’s latest Major Cities Insights report predicts Calgary and Edmonton will lead all Canadian major cities in the biggest decline in their economies this year, at negative 5.5 per cent and 5.6 per cent, respectively.

Simon Rideout joins RENX as National Sales Executive

RENX  Residential, Commercial  •  Investment  •  National

Squall Inc., the publisher of the Real Estate News Exchange (RENX) and Sustainable Biz Canada, is pleased to announce that Simon Rideout has accepted the position of National Sales Executive.

Shopify raises $1.5B in share offering

Commercial  •  Ottawa Business Journal  •  Financial Post

E-commerce giant Shopify said Tuesday it has raised nearly $1.5 billion after selling more than 2.1 million class-A shares. Shopify (SHOP-T) said it offered 2,127,500 class-A shares, including an over-allotment option of 277,500 shares, at a price of US$700 a share.

Value: Weighed and Measured › Change yes, but real estate doesn’t face a catastrophe

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

Claridge ditches plans for Ottawa hotel

Residential, Commercial  •  Ottawa Business Journal

Ottawa’s Claridge Homes has scrapped its proposal to include a hotel as part of a mixed-use project at the site of the former Metro supermarket on Rideau Street and instead plans to build more residential units on the property.

Stay Inn proposes 13-storey hotel in Humber Bay Shores

Commercial  •  Urban Toronto

One of the few vacant lots in the booming Humber Bay Shores neighbourhood could become home to a 13-storey Stay Inn Hospitality hotel. Designed by IBI Group, the proposed hotel would include a round-level restaurant and underground parking.

Mid-size buildings lag behind in needed retrofits

Commercial  •  Globe and Mail  •  RENX

When Allied Properties Real Estate Investment Trust (AP-UN-T) last year established a dedicated budget for energy and water conservation measures in some of its century-plus brick and beam office buildings, the results produced almost-immediate gains.

Allied launches $300M offering of debentures

Commercial  •  Globe Newswire

Allied Properties REIT (AP-UN-T) announced it has priced and upsized its previously announced offering, and has agreed to issue $300 million aggregate principal amount of series G senior unsecured debentures.

REOC first-quarter financial results

Commercial  • 

Brookfield Residential Properties Inc., (BAM-A-T), Globe Newswire

Dream Unlimited Corp., (DRM-T), Globe Newswire

Firm Capital Property Trust, (FCD-UN-X), Globe Newswire

REIT first-quarter financial results

Commercial  • 

BSR REIT, (HOM-U-T), Canada Newswire

ERES REIT, (ERE-UN-X), Globe Newswire

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

Subversive REIT, Sedar

Summit Industrial Income REIT, (SMU-UN-T), Canada Newswire

Army and Navy stores to close permanently

Commercial  •  Edmonton Journal  •  Vancouver Sun  •  CBC

After more than a century in business, COVID-19 has led to the permanent shuttering of all Army and Navy stores, including one in Edmonton on Whyte Avenue.

WeWork intends to pay all of its April, May rent

Commercial  •  CNBC

CEO Sandeep Mathrani said WeWork has paid its rent on over 80 per cent of its locations in April and May. “The remaining locations, we’re just in discussions with our landlords and we plan to make whole on our entire obligation.”

U.S. office leases & sales remain steady: Yardi

Commercial  •  PropertyShark

The newest national office report released by Yardi Matrix shows that, although there are signs of a slowdown in the office pipeline, lease rates held mostly steady in March. In fact, Q1 was quite strong in terms of sales.

Mirae Asset to countersue Anbang over U.S. hotels

Commercial  •  Korea Herald

South Korea’s investment firm Mirae Asset Global Investments said Monday it would countersue China’s Anbang Insurance Group in a widening dispute over an $5.8 billion deal for the takeover of 15 luxury hotels in the U.S.

Senior home investment derailed by COVID-19

Residential  •  Financial Post

The rush of investors into senior housing in recent years has been based on a straightforward thesis: the greying of the baby boomer generation is creating millions of new customers for specialized residential facilities.

COVID-19 pushing changes to Van. condo design

Residential  •  Business In Vancouver

Investors and developers are eyeing a future where homeowners demand home offices and larger balconies as a result of habits formed during COVID-19. The challenge for developers is how to build those units while still abiding by municipal regulations.

OREA clauses create unnecessary loopholes: Lawyer

Residential  •  Toronto Star

OPINION: Four confusing and dangerous COVID-19 clauses have been offered for real estate professionals to consider using in purchase agreements by the Ontario Real Estate Association (OREA).

Richmond Hill moving ahead with condo development

Residential  •  Toronto Star

Richmond Hill resident John Li and fellow members of the Yonge-Bernard Residents Association are furious council is trying to pass a plan that could bring in condos with heights of 40 storeys and make the area as dense as Yonge-Eglinton.