Primaris buys retail properties from Ivanhoe Cambridge Primaris Retail REIT - PMZ.UN-T Primaris Retail REIT announced that it has unconditionally agreed to purchase two retail properties from Ivanhoe Cambridge for $357.7 million dollars. Primaris will buy a 100% interest in Sunridge Mall, Sunridge is a dominant enclosed shopping centre in the north east quadrant of Calgary and a 50% non-managed interest in Woodgrove Centre which is the largest enclosed shopping centre on Vancouver Island Market Wire 2009-11-25 Property investors enter era of cautious optimism Oxford Properties Group A year after the shocking failure of several established U.S. financial institutions, the real estate market in Canada is changing and investors are entering into what Andrew Trickett, Senior Vice President, Global Principal Investment, Oxford Properties Group calls an era of cautious optimism. With respect to where investment will occur, Trickett thinks there will be a ‘heightened interest’ in Canada. Real Estate News Exchange 2009-11-24 Toronto Office Vacancies May Top Boston, Manhattan A surge in office construction in Toronto’s downtown may push the city’s vacancy rate higher than New York and Boston after developers added space during the first recession in 17 years. The proportion of empty space in Toronto’s office market, lower than the 12 largest U.S. business districts last year, will more than triple by 2011 to 13.6 percent, according to Cushman & Wakefield Inc. Bloomberg 2009-11-24 - National Post Looking to lower your total cost of ownership? Modular construction offers major cost advantages compared to conventional construction. Moves, adds and changes are efficient so operating costs are LOW and your productivity stays HIGH. Click here to see modular construction in action Toronto developer acquires Pontiac Silverdome Andreas Apostolopoulos, president of Toronto-based Triple Properties Inc. didn't expect to actually win when he mailed in a low-ball bid for an abandoned 88,000-seat stadium in suburban Detroit. After spotting an auction ad in the back of a newspaper only weeks ago, he decided to bid $583,000 (U.S.) for the Pontiac Silverdome, the former home of football's Detroit Lions. Globe and Mail 2009-11-24 - Toronto Star - Wall St. Journal Stable apartments lure investors Timbercreek Asset Management Ugo Bizzarri's Timbercreek Asset Management Inc. already owns 9,000 apartment units, mostly in southern Ontario, but also in Ottawa, Halifax and Montreal. The firm is in expansion mode, but the last place you'll see it raising money is in the public markets. While stock markets have been anything but stable, apartment buildings generally held their value through the recession. Financial Post 2009-11-24 Will Vancouver experience the post-Olympic blahs? Urban Land Institute Vancouver and its thriving real estate market will get a boost from the upcoming Winter Olympics. But the big question is what will happen after the flame is extinguished. "Will Vancouver have a case of the post-Olympics blahs that a lot of markets that have had the Olympics suffer from, or will it benefit from all the world focus?" said Jonathan D. Miller, author of ‘Emerging Trends in Real Estate 2010‘. Daily Commercial News 2009-11-25 Global Property Markets: Registration Deadline Wednesday, November 25 Global Property Market will answer the questions of industry professionals active in acquisitions, development, equity investment, financing, joint ventures, and sales of all forms of investment properties and real estate: office, industrial, retail, multi-unit residential, land, hotels and hospitality. Read the conference brochure to see its outstanding list of speakers. Registration: $395 (plus GST) includes luncheon, refreshments, continental breakfast and admission to the Chairmen's Reception for the Real Estate Forum. There is a $50 discount Real Estate Forum Registrants. Register Today Pandemic plan an antidote to business disaster BOMA Canada Pandemic Planning Site It was the summer of 2003 and severe acute respiratory syndrome, or SARS, had hit Canada's largest city. By the end of the outbreak there were 443 probable cases, with 44 deaths. Tenants in Cheryl Gray, a senior vice-president at Canadian property manager and developer Bentall Capital Toronto buildings were clamouring for information. Was it even safe to touch the elevator buttons? HealthZone.ca 2009-11-24 RioCan REIT to raise $100.9M in issue of 5.5M units Riocan REIT RioCan REIT has signed a deal to raise $100.9 million to fund development, acquisitions and general trust purposes. The shopping centre real estate trust said it has signed a deal with a syndicate of underwriters co-led by co-led by RBC Capital Markets, TD Securities and BMO Capital Markets to issue 5.5 million units at a price of $18.35 per unit. Ottawa Business Journal 2009-11-25 - Market Wire - Real estate investors battle over Bloor St. condo A battle is brewing among real estate investors over a new condo being built in downtown Toronto. Three separate groups lined up outside the Intercontinental Hotel on Bloor Street, waiting for the sales center to open. Each were hoping to secure their place in line to buy into the new project being built at Jarvis and Bloor Streets. However, a dispute broke out between the groups over which line would be honoured. Each group said they received different instructions from the developer. CTV 2009-11-25 National Green Building Conference Metro Toronto Convention Centre, December 2-3, 2009, NationalGreenBuildingExpo.com. The National GreenBuilding Conference will be held on December 2-3, 2009 concurrently with the 21st annual Construct Canada, PM Expo, HomeBuilder & Renovator Expo, DesignTrends, and Concrete Canada, Canada largest design and construction event at the Metro Toronto Convention Centre South Building. TO REGISTER CLICK HERE Calpers Weighs Booting BlackRock Calpers is leaning toward dumping BlackRock Inc. as a real-estate adviser after the firm steered the nation's largest pension fund into a disastrous investment in the Peter Cooper Village and Stuyvesant Town apartment complex, according to people familiar with the situation. The $500 million sunk into the Manhattan complex by the California Public Employees' Retirement System is widely considered worthless. Wall St. Journal 2009-11-25 - Reuters Retail Mood Lifts at MAPIC 2009 MAPIC International retailers polled before and during MAPIC 2009, report that they believe the market has bottomed out and that 2010 will see a significant recovery in certain retail sectors and territories. Independent research carried out prior to MAPIC by CBRE Central Europe, Germany and France head the list of target markets for 200 international retailers. MAPIC 2009-11-25
 Real Estate Companies David Lang Real Estate teams up with CORFAC COREFAC International A veteran Ottawa broker has signed an alliance with a major global commercial real estate services firm. The affiliation with David Lang Real Estate is an entry into the Ottawa market for CORFAC International, which says its member firms complete an average of US$30 billion in deals annually. In Canada, CORFAC is affiliated with firms in Toronto, Vancouver and Edmonton. Ottawa Business Journal 2009-11-25 Cassels in the air While global merger and acquisition activity is down by as much as 41% this year according to The Mergermarket Group, don't tell that to lawyers at Cassels, Brock & Blackwell. They've had a banner year, thanks in part to hostile takeovers, a rise in M&A litigation driven by proxy fights and an aincreasing appetite among natural resource companies to raise money. Financial Post 2009-11-25 Israel's Gazit-Globe swings to Q3 profit Israeli real estate investment firm Gazit-Globe Ltd, which operates in Canada through 54 percent-owned First Capital Reality Inc, said on Wednesday it swung to a quarterly profit, helped by higher rental income. Net profit stood at 117 million shekels ($31.2 million), or 0.89 shekel per share, compared with a loss of 461 million shekels, or 3.68 shekels per share a year earlier. Reuters 2009-11-25 Plazacorp 9.9% increase in FFO for third quarter 2009 Plazacorp Retail Properties - PLZ-X Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the positive results for the third quarter and the year-to-date. The increases in FFO and AFFO and our 97.6% occupancy level are a confirmation of Plazacorp's strategy and ability to successfully operate in today's business environment. Currently we have 7 projects under development, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio." Canada News Wire 2009-11-25
Real Estate Investment Trusts Buying REITs then settle for a little one. Developer Cousins Properties is a big deal in the Atlanta area, where it owns 11 million square feet of office and retail property. By the standards of real estate investment trust giants--like Boston Properties (35 million square feet), Mack-Cali Realty (34 million) and Brookfield Properties (62 million)--it's still a pip-squeak. Forbes 2009-11-25 Huntingdon REIT, IAT Air Cargo change terms of merger agreement Huntingdon REIT A reverse takeover between Huntingdon REIT and IAT Air Cargo Facilities Income Fund has been turned into a merger that will see Huntingdon hold the majority of the resulting combined company. The two companies announced Wednesday that the all-equity merger previously valued at $370 million had been amended. IAT will now have its unitholders get 9.75 HREIT units, instead of the previously agreed upon 11.75 units, for every IAT unit held. Canadian Press - Google News 2009-11-25 - Canada News Wire Temple REIT reports 2009 third quarter results Temple REIT - TR.UN-X Highlights: Funds from operations (FFO) decreased by $1.23 million (45.4%) to $1.48 million or $0.12 per unit, representing a payout ratio of 86.7% for the quarter. Revenue per available room (RevPar) at the Fort McMurray properties decreased by 7.9%, from $108.13 to $99.58. Overall, RevPar decreased by 1.9%, from $94.80 to $92.95. Canada News Wire 2009-11-25 Lanesborough REIT announces $7.97 million sale of Winnipeg property Lanesborough REIT - LRT.UN-T Lanesborough REIT has entered into an unconditional agreement to sell a 48-suite apartment property in Winnipeg, Manitoba, known as Chancellor Gate for $7.97 Million. The sale is expected to result in net cash to LREIT of approximately $3.25 million, after expenses, closing adjustments and the repayment of approximately $4.57 million of first mortgage debt. Canada News Wire 2009-11-25
Market Trends and Research Insurance firms battered by the recession Auto, home and business insurers saw a further steep decline in profits this summer, figures reported to the federal government show. But the company reporting larger nine-month losses than any of the top 10 insurers of Ontario autos predicts a turnaround next year. "Property insurers' results are still being hammered by the weather and Ontario auto ," said Joel Baker, president of MSA Research Inc. Toronto Star 2009-11-25 Canadians can't shop their way to recovery, say economists The robust retail data for September suggest domestic consumption was strong enough to help Canada post positive growth for the third quarter and, technically, pull the country out of a recession. But a strong broad-based recovery is not in the cards, at least for now, analysts warn, as the surging loonie and tepid U.S. household demand hold the Canadian economy back Financial Post 2009-11-25 Cautious Optimism, Patience and 2011 A bright spot of news has come out right before the long holiday weekend. Research of corporate real estate users conducted by CoreNetGlobal shows those users are far more optimistic than they were last year at this time, or even six months ago. The survey of 125 senior executives was across a variety of sectors in Asia, Europe and the US Cautious Optimism, Patience and 2011 2009-11-25 Underwater mortgages dog U.S. housing Don't try to tell Mandy Peacock that the housing market in the United States is showing any signs of life. “I don't think we've hit anywhere near the bottom,” said Ms. Peacock, managing partner at AAA Home Rescuers in Las Vegas, which helps people modify mortgages. Ms. Peacock typifies the problem facing millions of American homeowners. Globe and Mail 2009-11-25
Retail Shoppers approach holidays with frugality Frugal may be “the new cool,” but Canadian shoppers are still doing their part to help drive the recovery as American consumers remain wary. In Canada, where consumers account for 60 per cent of economic activity, shoppers remain out in force as rising house prices and a more stable labour market bolster confidence. Globe and Mail 2009-11-24 Tiffany & Co. profit dips as domestic sales fall Tiffany & Co. - TIF-N Tiffany & Co.'s third-quarter profit dipped 1 per cent, partly on weaker U.S. sales as shoppers continued to curb their discretionary spending, the company said Wednesday. Still, the luxury-goods seller known for its signature blue box lifted its full-year earnings and sales outlooks as it continued to tighten inventory and cut costs. It said U.S. sales declines are slowing and overseas sales are coming in better than expected. The luxury sector has seen sales drop sharply during the recession, with shoppers cutting back on big-ticket items like expensive jewellery. But with signs that the economy is improving, Tiffany's quarterly performance bodes well, as it was above the retailer's expectations. Toronto Star 2009-11-25
International Abu Dhabi Limits Building to Avoid Glut, Aldar Says Abu Dhabi is limiting construction to avoid the housing glut and price declines that battered the real estate market in neighboring Dubai, Aldar Properties PJSC Chief Executive Officer John Bullough said. The Emirate has a shortage of 15,000 to 20,000 units and the government will let the “rope out on development in a measured way,” Bullough, whose company is the Emirates’ second-biggest developer, said in an interview. Bloomberg 2009-11-25 Australian bricks and mortar regain their allure The unlisted property sector had a terrible time in the global financial crisis, as property values tumbled, gearing covenants blew out, panicked investors swamped the limited-liquidity facilities and managers had no option but to freeze funds. Most unlisted funds were closed and remain so: up to $14 billion remains trapped in unlisted retail property trusts, redemptions are frozen and distributions cancelled Australian Business - WSJ 2009-11-25 Vornado CEO Mike Fascitelli Offers Rare Glimpse Into One of REIT Industry’s Biggest Names In May, Mike Fascitelli, CEO of Vornado Realty Trust, began the unenviable task of trying to fill the shoes of one of the commercial real estate industry’s legends, Steven Roth. As part of a long-standing succession strategy, Roth ceded the Chief Executive title to Fascitelli, but he remains an active Chairman. Yet, even though there’s a new face behind the CEO mantel, don’t expect a dramatic change in direction. REIT.com 2009-11-25
New Development Mass power-line protest More than 2,000 people showed up at Rexall Place on Tuesday to demand the province bury proposed electrical transmission lines. The rally was the largest yet organized by a group called Responsible Electricity Transmission for Albertans or RETA. There are four potential routes for the double-circuit 500 kilovolt line to connect the Heartland region northeast of Fort Saskatchewan to existing transmission facilities Edmonton Journal 2009-11-25 NCC in Ottawa ready to revamp Sussex The dreary concrete barriers on the perimeter of the U.S. Embassy in downtown Ottawa could soon be carted away as the rigid post-9/11 security era is relaxed. Sussex Drive will be reconstructed between George Street and St. Patrick Street and city officials want to use the project as an opportunity to get rid of the barriers, which were first installed after the terrorist attacks on the U.S. in 2001. Ottawa Citizen 2009-11-25
Sustainability Prize-winners rising from the brownfields They are vast tracts of vacant land spread across waterfronts and former railway yards or dotted throughout cities. Once home to bustling mills, shipyards and refineries, neighbourhood gas stations and dry-cleaning businesses, they now sit abandoned, ground contaminated, often adjacent to other derelict properties. Developers, non-profit agencies and government agencies see opportunity in these lands, graphically known as brownfields. Globe and Mail 2009-11-24 Solar investors will see stronger 2010, say analysts The mixed financial results from solar companies portend more demand next year leading to better sales, signals that analysts think may cheer investors hoping for better days in 2010. In 2009, the industry experienced growing pains, exacerbated by the credit market crisis and a nearly 50 percent decline in prices for solar modules that crimped profits for companies like U.S. leader First Solar Inc and Germany's Q-Cells. Financial Post 2009-11-24 Survey lists top eco-friendly retailers Eco-friendly managers and staff are the key to making a retailer go green, according to a study listing 15 of the world's top eco-friendly retailers in Europe, North America, Asia and Australia. Researchers in Canada, Scotland, Japan, Spain and France interviewed 200 retailers to look at best environmental practices and help the industry in adopting sustainable practices to enhance their bottom line. Globe and Mail 2009-11-25 - Financial Post
Other CREA shuts down reality TV show Canadian Real Estate Association CREA has been successful in its efforts to have Realtor vs. Realtor, a Canadian real estate reality TV series, pulled from the air. CREA took issue with the unauthorized use of its Realtor trademark in the series’ title and threatened legal action if the program continued to broadcast. In October, HGTV quietly removed Realtor vs. Realtor from its Wednesday night timeslot. REM Online 2009-11-25 |