Commercial Real Estate News - Friday, January 20 2012 
Scotiabank to sell Toronto headquarters - Bank of Nova Scotia Bank of Nova Scotia is looking to sell its headquarters in the heart of Toronto’s financial district, with a price tag of as much as $1-billion. Completed in the late 1980s, the 68-storey tower at 40 King Street West — the country’s second tallest skyscraper — known as Scotia Plaza is reportedly the only bank building in the country with its own bullion vault in the basement. Financial Post Thu Jan 19 2012 - Globe and Mail - Toronto Star |
Scotiabank is Centre Ice in Canada: Video - Colliers Scotiabank is looking into selling its headquarters in downtown Toronto, which may fetch up to $1-billion. Just how hot is the Canadian commercial real estate market? BNN interviews Ian Gragtmans, senior vice-president at Colliers. Globe and Mail (Video) Fri Jan 20 2012 - Globe and Mail |
Partners REIT Acquiring Five Properties in Ontario and One in Alberta - Partners REIT - PAR.UN-X Partners Real Estate Investment Trust announced that it will be acquiring five properties in Ontario from unrelated vendors and one in Alberta aggregating approximately 428,000 square feet, which are being funded by debt, the assumption of existing mortgages and the proceeds from the previously announced NorRock Realty Finance Corporation transaction. Marketwire Fri Jan 20 2012 - Windsor Star |
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Michael McNamara: Broookfield's New Head of U.S. Acquisitions and Dispositions - Brookfield Office Properties - BPO-T Brookfield Office Properties Inc. has hired Michael McNamara as the Head of U.S. Acquisitions & Dispositions, reporting to President & Global Chief Investment Officer Dennis Friedrich. Mr. McNamara joins Brookfield after serving as the SVP/Managing Director for TRECAP Partners and prior to that position managing director and principal at Lehman Brothers Real Estate Partner. Marketwire Fri Jan 20 2012 |
Video: Corrado Russo, Portfolio Manager, Timbercreek Global Real Estate Fund - Timbercreek Global Real Estate Fund - TGF.UN-T Corrado Russo, Portfolio Manager, Timbercreek Global Real Estate Fund, speaking on BNN’s Business Day show about current opportunities in the Global Real Estate market. BNN.ca Thu Jan 19 2012 |
New office towers seen on Edmonton's horizon - Avison Young An increasingly tight office-space market in Edmonton will spark the announcement of two major new buildings this year, according to John Ross, managing director with Avison Young's local office. "My view is that we'll see one or maybe two new office projects announced, probably toward the end of this year, because the demand is going to be there." Avison Young released their 2012 predictions for commercial real estate in Canada and the U.S. Edmonton Journal Fri Jan 20 2012 - Leader Post |
New office towers changing the face of Toronto - PricewaterhouseCoopers Toronto is on a roll. At least, its architecture is. Not only are new office towers finally appearing on the skyline, they are doing so with unusual aplomb. There are exceptions, of course, but the city has been transformed by a series of glass skyscrapers that remind us just how much life remains in a form that now goes back a long way. Toronto Star Fri Jan 20 2012 |
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Direct Energy quits Toronto for Houston - Direct Energy Direct Energy is moving its head office from Toronto to Houston, citing “thriving” and competitive energy markets in Texas and the northeastern United States and the failure of Ontario to open up. The company, which has been based in Toronto for more than a decade, said it will take a year to 18 months to complete the move. About 500 jobs will be affected, said spokeswoman Hillary Marshall. Globe and Mail Fri Jan 20 2012 |
Canadian retailers face pressure-cooker year ahead: Ernst & Young - Ernst & Young Canadian retailers will have no time to enjoy the post-holiday season, as 2011 challenges spill into 2012. Retailers face numerous challenges, including an influx of foreign competitors, weak consumer sentiment and decreased consumer buying power, says Ernst & Young. Canada News Wire Fri Jan 20 2012 |
Edmonton leads nation in store construction - CBRE More retail space is under construction in Edmonton than anywhere else in the nation, says a re-port by commercial real estate firm CBRE. "This energy-based economy is really driving a lot of things in this city from residential construction to industrial demand, and when there's low unemployment, people are buying, so retailers are strong," said Dave Young, senior vice-president and managing director of CBRE's Edmonton office. Edmonton Journal Fri Jan 20 2012 |
With Supply in Check, Retail Market Flourishes Despite Headwinds - CBRE The Canadian retail market continues to appeal to foreign retailers and sales have been robust. The overall market recorded a significant drop in vacancy compared to 2012 and the lack of space, especially in desirable locations, has supported rent growth for most retail formats. CBRE: Canadian Retail Market Review Fri Jan 20 2012 - CBRE 2011 Q4 Retail Report |
| Property Biz Canada --- Articles from the Lastest Edition Cushman & Wakefield CEO Bullish for 2012
Property Biz Canada, January 18, 2011 Has The Commercial Property Cycle Peaked? Altus Believes It Might Have
Property Biz Canada, January 16, 2012 Killam Properties partners with Kuwait Finance House and acquires apartment building
Property Biz Canada, January 16, 2011 Send your stories to Ann White or Paul Brent |
Opportunity in Home Depot and Lowe’s on potential pullback - Lowe's Cos - LOW-N Despite a broad pullback in the U.S. housing market, home improvement giants Home Depot Inc. and Lowe’s Cos. Inc. are expected to continue to outperform the market. The stocks have made sizeable gains during the past six months, with HD up 26% and LOW climbing 22%. Weakness in the housing sector hasn’t affected the S&P Home builders index either as it is up around 25% in the past three months. Financial Post Fri Jan 20 2012 |
Is Manufacturing Momentum Shifting to the U.S. - McVeigh Capital Managemen After decades of watching American companies move jobs overseas, manufacturing is beginning to make a comeback of sorts here in the U.S. -- and sooner than some expected. "There is no shortage of areas that were crippled by the financial crisis, and United States manufacturing ranks high on that list," noted a report issued by Chat Reynders and Patrick McVeigh. CoStar Group Fri Jan 20 2012 |
Democrats press for new bridge - Ambassador Bridge After Ambassador Bridge owner Matty Moroun was briefly jailed, proponents of a rival government-backed crossing appear to be intensifying efforts to get it built. The $1-billion bridge, to be located one mile downriver from Moroun's bridge, is backed by Canada, Ontario, Washington and Michigan Gov. Rick Snyder. But it was rejected by a 3-2 vote in October by a state senate economic development committee following an intense Ambassador Bridge lobbying campaign. Windsor Star Fri Jan 20 2012 |
Food Lion To Close 126 Stores - Delhaize Group - DEG-N Delhaize Group, the Belgium-based parent of Food Lion chain in the U.S., is the latest grocer to shrink its store count. The latest news on store closings follows on the heels of A&P announcing last week that it plans to close 14 more stores following its emergence from bankruptcy and, more recently, another grocery store chain, Sprouts, said it will close three Austin, TX area stores. CoStar Group Fri Jan 20 2012 |
REAL ESTATE FORUMS 2012 - WINTER AND SPRING CALENDAR Quebec Apartment Conference | Montreal | February 16, 2012 | RealCapital | Toronto | February 29, 2012 | Montreal Real Estate Forum | Montreal | March 20, 2012 | Green Real Estate Conference | Toronto | April 4, 2012 | Vancouver Real Estate Forum | Vancouver | April 11, 2012 | Winnipeg Real Estate Forum | Winnipeg | April 18, 2012 | Montreal Leasing Conference | Montreal | April 24, 2012 | Land and Development | Toronto | May 1, 2012 | Quebec City Real Estate Forum | Quebec City | May 8, 2012 | Edmonton Real Estate Forum | Edmonton | May 10, 2012 | Calgary Real Estate Leasing Conference | Calgary | June 5, 2012 |
For more information visit: realestateforums.com
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Home > Commercial > Real Estate Companies Amica Mature Lifestyles Acquires Luxury Retirement Residence - Amica Mature Lifestyles Inc. - ACC-T Amica Mature Lifestyles Inc. announced that it has completed its previously announced acquisition of the Quinte Gardens retirement residence located in Belleville, Ontario. The Acquisition further strengthens Amica's portfolio of luxury Wellness & Vitality™ communities and expands its presence in the Ontario marketplace. The purchase price of the Acquisition is $70.5 million and includes $2.25 million to be held in escrow as an income guarantee. Marketwire Fri Jan 20 2012 |
Officials suggest slashing VIA Rail service, partial sale - VIA Rail Canada The Canadian government is studying the possibility of slashing services on VIA Rail, or selling part of the railway, Bloomberg News reports, though officials say there are no immediate plans for privatization. The news agency quotes a briefing note done for Transport Minister Denis Lebel, which it obtained under access-to-information laws, and notes that VIA chalked up an operating loss of more than $260-million in 2010. Revenue slipped and expenses climbed. Globe and Mail Fri Jan 20 2012 - CBC News |
Ex-RBC advisor gets prison term - RBC Dominion Securities Henry Cole, a financial advisor hired by RBC Dominion Securities despite a previous run-in with regulators, was sentenced to two-and-half years in prison after pleading guilty to fraud. Mr. Cole admitted to using deception and forged signatures to persuade RBC clients to transfer more than $2-million into what he described as a “pooled fund” of real estate properties. Financial Post Fri Jan 20 2012 |
Timbercreek Senior Mortgage Investment Corporation Raises $152.2 Million - Timbercreek Senior Mortgage Investment Corp - MTG-T Timbercreek Senior Mortgage Investment Corporation announced that it has completed its initial public offering of 11,500,000 class A shares, which includes the exercise by the Agents of an overallotment option of 15%, for aggregate gross proceeds of $115,000,000. Canada News Wire Fri Jan 20 2012 |
Home > Commercial > Real Estate Investment Trusts Break fee may favour Cominar bid - Homburg Canada Inc Any company that hopes to one-up Cominar Real Estate Investment Trust’s $900-million bid to take over Canmarc Real Estate Investment Trust had better read the fine print. Cominar, after all, has bid $16.50 to take over every Canmarc unit it doesn’t own. The board of Canmarc, previously known as Homburg Canada Real Estate Investment Trust, endorsed the deal. Chronicle Herald Fri Jan 20 2012 |
NorthWest Healthcare REIT Completes Purchase of Quebec City Medical Office Building - NorthWest Healthcare Properties REIT NorthWest Healthcare Properties REIT announced that it has completed the previously announced acquisition of Centre Medicale de L'Hetriere, a 36,600 square foot medical office building in the Greater Quebec City Area. Located along the western boundary of Quebec City, Centre Medicale de L'Hetriere (3520 rue de l'Hetriere) is a newer development that benefits from being the only prominent medical office building in the immediate and fast growing market. Canada News Wire Fri Jan 20 2012 |
Tenants lose as landlord TransGlobe REIT racks up charges - Transglobe Apartment REIT - TGA.UN-T A rental company with buildings in six provinces racked up hundreds of safety complaints, but its units are still on the market under two successor entities, a CBC Marketplace investigation has revealed. TransGlobe Investment Management had thousands of apartment units in approximately 400 buildings in B.C., Alberta, Ontario, Quebec, Nova Scotia and New Brunswick. but also a large number of complaints from tenants. CBC Fri Jan 20 2012 |
Scott's Real Estate Investment Trust provides an update on Priszm - Scott's REIT - SRQ.UN-T Scott's Real Estate Investment Trust announced a cash distribution for of $0.0708 per unit for the month of January 2012. The distribution will be payable on February 15, 2012 to Unitholders of record on January 31, 2012. Scott's REIT reviews the amount of its distributions on an ongoing basis and considers a number of factors including expected cash flows based on occupancy rates, operating expenses, capital expenditures and debt service requirements Canada News Wire Fri Jan 20 2012 |
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