+ Air Canada concluded its merger renegotiation for combination with Transat A.T. Inc.; Transat will operate as a stand-alone subsidiary; terms were amended from an original $720.0 million purchase to $188.7 million due to the business impact of COVID-19
+ WestJet cutting back service to the Maritimes
|
|
CLIMATE CHANGE, LEED & RENEWABLE ENERGY
|
|
CONSTRUCTION NEWS + BUILDING OPERATIONS / INNOVATIONS
|
|
CORPORATE RESPONSIBILITY + ESG REPORTS
|
|
DESIGN, ARCHITECTURE & PLANNING
|
|
ENTITLEMENTS ~ REGULATORY
|
|
+ in British Columbia, a new Beneficial Ownership Disclosure law takes effect Nov. 30 th: the Land Owner Transparency Act (LOTA) has a lotta implications for investors, foreign and domestic, in all categories of real estate; this Blake’s piece tells the story well
|
|
FINANCING NEWS & INNOVATION
|
|
GOVERNMENT ACTIONS / programs - ALBERTA
|
|
+ is hydrogen a miracle future – or fantasy? A new report suggests Alberta can benefit from a $100.0 billion (yes, billion)/year opportunity; Vancouver fuel-cell companies are doing well, and Alberta might benefit too; a strong group of players is coming together to Accelerate a Hydrogen Economy in Alberta
|
|
GOVERNMENT ACTIONS / programs - CANADA
|
|
+ I want to explore running an op-ed section – looking for contributors, so if you have an idea you would like to share, send it to me: kolke@markkolke.com
|
|
+ Alberta irrigation infrastructure is getting a boost; an $815.0 million program of rebuilding and job creation’ $244.5 million from Alberta, $163.0 million by the irrigation districts, and a $407.0 million investment from Canada’s Infrastructure Bank
+ A2A Rail project is getting some good press; the project, to take a rail line from northern Alberta to Alaskan tidewater is a very ambitious project; $22.0 billion freight/rail project is getting wind in its sails from Alberta Premier Kenny and U.S. President Trump saying approving words; Trump announced he will sign presidential border-crossing permit – so it seems all that’s left is regulatory processes in two countries and raising all that money …
+ Arts Commons $240.0 million expansion project moving along; the Calgary Municipal Land Corp. is staffing up for the project, design team expected to be on-board by early 2021; plans to be revealed in 2022, so don’t hold your breath …
+ Backwoods Energy Services closed the first approved Alberta Indigenous Opportunities Corporation transaction; partners are six Alberta first nations and OPTrust -acquisition of the $1.5 billion Cascade Power Plant project – 900MW natural gas-fired plant will supply 8% of Alberta’s needs into the grid
+ Calgary historical city hall’s $34.1 million renovations is complete, reopened 113 yrs. to the day from when construction began …
+ construction of the Springbank dam is still going ahead, albeit slowing, according to Infrastructure Minister Ric McIver; 25% of the land involved has been acquired by the province … tic toc … hope we don’t have another big-flood year before this political football gets kicked through the goalposts; until then, it looks more like a can being kicked further and further down a NIMBY road
+ Crowchild Trail $87.0 million bridges and new lanes construction project is now complete
+ Government of Alberta announced it will spend $43.0 million on provincial park upgrades and repairs
+ Infrastructure Ontario issued RFQ for new Grandview Children’s Centre
+ Q-Energy sold its Spanish solar assets (73 photovoltaic plants / 216MWh capacity) to Caisse de dépôt et placement du Québec; terms not disclosed
+ Stoney Trail upgrade will improve access to Fish Creek Park and improve safety; $70.0 million eastbound bridge replacement announced
+ the Calgary Southwest leg of the ring-road won’t be completed until 2021, however, the 12-km section across Tsuut’tina first nation lands is now opened; the transaction involved access and land swap transactions to enable the Government of Alberta to build that section – protracted negotiations over 70 years led, finally, to this historic event
+ the Trudeau government announced it will invest $10.0 billion in infrastructure initiatives; funding will be via Canada Infrastructure Bank … no promises on criteria or timing, just that will ‘fuel pandemic economy recovery’ …
+ TransAlta Renewables Inc. commenced commercial operation of its 10 MW WindCharger battery storage project; WindCharger is Alberta's first utility-scale, lithium-ion energy storage project and utilizes Tesla Megapack technology. It has a nameplate capacity of 10MW and total storage capacity of 20MWh - acquired from TransAlta Corporation, the capital cost of approximately $14.5 million, 50% funded by Emissions Reduction Alberta
|
|
INVESTMENT/DEALS - development / re-development
|
|
INVESTMENT/DEALS - hospitality
|
|
INVESTMENT/DEALS - development / long term care & medical
|
|
INVESTMENT/DEALS - industrial, storage, logistics
|
|
INVESTMENT/DEALS - multi-res
|
|
INVESTMENT/DEALS - office
|
|
+ Amazon is beefing up staff (3,500) at Vancouver and Toronto Tech hubs
+ in Chicago, IL, a JV of The Howard Hughes Corp. and Riverside Investment & Development are developing the tallest building in Chicago in three decades; US$722.6 million, 550-storey/1.5 million sq. ft. development at 110 North Wacker Drive; 80% pre-leased
+ Ernst & Young Inc., as court-appointed receiver is soliciting proposals to acquire the assets of Willow Park LP, Wesley Church Building Inc., Wesley Church Building LP, Paramount Building Ltd., and Paramount Building LP
+ in San Jose, CA, Google megaproject achieving entitlements and project momentum to create 7.3 million sq. ft. of office space in mixed-use megaproject
+ Rester Management agreed to acquire ELAD Canada Realty for $508.0 million
+ Shopify is closing one of it’s Toronto offices, its former Ottaway H.Q., and overhauling other Canadian locations – shifting to digital working/working from home
+ SL Green/Hines JV opened Manhattan’s newest supertall – One Vanderbilt, 1,401 ft./77-floors in Manhattan
+ space-as-a-service is a new trend; not like Regus, not like WeWork, more like AirB&B for office space – major U.S. cities, Toronto, and Montreal – check out Breather
+ WeWork sold a controlling interest in its China unit to Trustbridge Partners
|
|
INVESTMENT/DEALS - pension funds, insurance co.
|
|
+ Artis REIT facing a proxy fight; Sandpiper Group trying to oust most Artis board trustees and prevent the spin-off of $819.0 million retail portfolio into a NEW REIT … tic toc
+ Boardwalk REIT acquired a 226 unit portfolio in Kitchener, Waterloo, and Cambridge, ON for $63.0 million
+ Brookfield Asset Management is on the market to raise $600.0 million for its Indian REIT by a U.S. IPO + BSR REIT acquired a 276-door residential project in Dallas/Fort Worth, TX, for $51.8 million
+ BTB REIT sold an office property in Montreal for $4.35 million
+ CAP REIT acquired a property/lease buyout of a mobile home community in midtown Toronto for $7.8 million
+ CAP REIT closed its acquisition of two properties in London, ON and Sarnia, ON – a total of 301-doors
+ Cominar REIT initiated a strategic review process; will evaluate alternatives to increase unitholder value
+ Crombie REIT is on the market to raise $300.0 million in unsecured debt + Firm Capital American Realty Partners Trust agreed to acquire a 50% interest in a 235-door multi-res property in Hyattsville, Maryland; going-in cap rate 5.7%
+ Dream Hard Asset Alternatives Trust is changing its name to Dream Impact Trust
+ ERES REIT acquired 5-property portfolio/113-doors in the Netherlands for €26.25 million
+ Flagship Communities REIT closed US$93.75 million equity financing by IPO
+ Marwest Apartment REIT closed $500,000.0 equity raise by IPO
+ NexPoint Hospitality Trust and Condor Hospitality Trust US$318.0 million merger terminated – the deal is dead
+ Subversive Real Estate Acquisition REIT LP closed US$182.8 million acquisition of industrial and retail properties in the United States
+ Summit Industrial Income REIT agreed to acquire the 50% interest it does not already hold in an 11-building portfolio of Montreal light industrial properties from its JV partner Group Montoni for $88.0 million
+ Summit Industrial Income REIT agreed to sell a 50% interest in a Montreal office building to Group Montoni for $5.8 million
+ Summit Industrial Income REIT is acquiring 244,633 sq. ft. single-tenant warehousing and logistics facility in Vaughan, ON for $47.3 million
|
|
INVESTMENT/DEALS - retail
|
|
+ American Dream mall in East Rutherford, NJ, open but challenged by COVID
+ Bed Bath & Beyond is closing 200 stores over the next two years, 63 to close by end of 2020
; also, they’ve sold their 80-store Christmas Tree Shop unit and distribution center
+ Cineplex has reopened all its theatres nationwide; I’ve been to several movies in recent weeks and, notwithstanding social distancing and masks, attendance was abysmal; if we want theatres to survive, we’ve got to skip our Netflix a bit and go out to the movies …
+ Foundation Automotive Corp. acquired Destination Chrysler Jeep Dodge Ram North Shore in Vancouver
+ Groupe Dynamite (Garage and Dynamite stores) entered CCAA protection; 322 stores involved – Deloitte was appointed monitor
+ H&M is planning to cut 250 stores in 2021; 5% cut is entirely a result of COVID-19 decline in sales
+ HBC is facing legal action from mall owners in B.C., Quebec, and Florida for nonpayment of rent; the defense is ‘the malls aren’t first-class’ … tic toc
+ Lee Valley Tools have developed a contactless shopping option for its 20 locations across the country
+ Neiman Marcus exited Chapter 11 bankruptcy protection; new owners, US$4.0 billion less debt
+ Ranchman’s Cookhouse and Dancehall, the brainchild of its late founder Harris Dvorkin, long a fixture on Macleod Trail, will be no more; the building is still there, now for lease; BMO is in control and in the news this week as owners of ‘saddles and memorabilia on loan’ had a skirmish or two to get their gear back; word is the courts, the receiver, and or BMO relinquished claim on 50 years of accumulate rodeo cowboy gear
+ Walmart sold it’s British grocery unit, Asda, to Issa brothers and TDR Capital for US$8.8 billion
|
|
IoT (Internet of Things)and cool things 'tech'...
|
|
NEW PROJECTS IN THE PIPELINE
|
|
PROPERTY SERVICES / SUPPLIER NEWS
|
|
WORK / ASSIGNMENTS / LISTINGS WANTED:
|
|
+ listings – FOR SALE, FOR LEASE – Calgary, Red Deer, and Edmonton markets
+ foreclosure/court-ordered receiverships – commercial property Calgary, Red Deer, Edmonton, and Southern Alberta
+ commercial and residential property management assignments/tasks; lease enforcement, negotiation of renewals, single properties, and small portfolios
~ call me to discuss your requirements: Mark Kolke, 403-444-6939
~ or email me: kolke@markkolke.com
|
|
PROPERTY LINES - a monthly newsletter on happenings in the commercial real estate marketplace in Alberta and in other jurisdictions. This publication will be of interest to a wide audience of readers interested in the real estate industry and is particularly focused on issues of interest to:
- investment real estate professionals
- landlords, financial institutions and real estate lenders
- real estate lawyers, accountants, appraisers
- property managers and asset managers
- insolvency professionals, foreclosure services, service trades/contractors
- commercial, development, and income property investors
|
|
CLICK HERE to sign up to receive PROPERTYlines free every month
|
|
PROPERTYLines - Copyright © 2020 , All rights reserved.
|
|
~~~~~~~~~~~~~~~~~~~~~
PLANDflex Corporation - Mark Kolke, President / Publisher
Agent/Realtor/Property Mgr. - under contract to MaxWell Capital Realty
→ 6204B Burbank Road SE, Calgary, AB T2H 2C2
→ Phone: (403) - 253-2450 / (403) - 444-6939
→ Cell/Text: (403) - 312-8359
LinkedIn |publisher of FACILITYCalgary
|
|
Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.
|
|
|
|
|
|