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PROPERTYlines
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July, 2021

Editor/Publisher, Mark Kolke
Contact me at your convenience: kolke@markkolke.com
PROPERTYlines ~ monthly re-cap of news, commentary, perspective – commercial real estate ~ for investors, property professionals, lawyers, lenders, accounting and insolvency practitioners; presented by Mark Kolke - publisher of FACILITYCalgary and HOUSING TRUTH
ARCHIVED PREVIOUS ISSUES
+ May-June 2021
+ April 2021
+ March 2021
+ February 2021
+ January 2021
December 2020
+ November 2020
+ October 2020
+ September 2020
+ August 2020
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CLIMATE CHANGE + LEED + RENEWABLE ENERGY
+ ATCO Energy Solutions announced plans to build a renewable natural gas facility north of Vegreville; they plan to recycle organic waste and methane from manure – to produce fuel
+ Concord Pacific expanding its run-of-river renewable energy portfolio
+ Grassy Mountain coal project opponents are happy; Joint Review Panel are thumbs-down – the full report is a 680 page PDF download
+ Green Impact Partners Inc., Carbon Clean Energy Inc., and PCL Constructors Inc. announced plans to develop a large scale biofuel facility in Calgary; the project will have a $475.0 million capital cost – investment go-ahead to be greenlit by late 2021/early 2022
CONSTRUCTION NEWS + BUILDING OPERATIONS / INNOVATIONS
+ Aecon Group Inc. JV with Oscar Renda Contracting of Canada Inc. was awarded a $272.0 million design-build contract for the North End Sewage Treatment facility in Winnipeg
+ Aecon Group Inc. JV awarded a $350.0 million contract to replace steam generators at Bruce Nuclear Generating Station
+ architects from 13 cities named 2021 RAIC Fellows: extra kudos to Albertans Shafraz Kaba and John Savill awarded a $75.0 million maintenance contract for the North West Redwater Partnership
+ B.C. issued an RFQ for design and construction of a mass timber museum building; $224.0 million capital cost – the project is at Colwood, near Victoria
+ British Columbia Utilities Commission approved FortisBC Energy Inc.'s Pattullo Gas Line Replacement Project; $175.4 million capital cost
+ Gehry – awesome reflections in France …
+ HqO – digital app-based office building management tool gaining traction with landlords/operators – expanding to Canada
+ Kelowna construction crane collapsed yesterday; multiple fatalities reported
+ Nexii Building Solutions Inc. acquired Omicron Canada Ltd.
+ Parliament’s Centre Block restoration costs pegged at $5.0 billion
+ PCL Construction is expanding in Quebec; they’ve opened a permanent office in Montreal and will operate in that province as Construction PCL
CORPORATE RESPONSIBILITY + ESG REPORTS
+ Alectra Inc. published its 2020 Annual Sustainability Report – Discovering the Possibilities
+ Amazon published its 2020 Sustainability Report – Further and Faster, Together
+ BioHarvest Sciences Inc. published its inaugural Environmental Sustainability Report
+ Cenovus Energy published its 2020 ESG report
+ CSL Group Inc. published its 2020 Corporate Sustainability Report
+ Birchcliff Energy Ltd. published its 2020 ESG Report
+ Crescent Point Energy Corp. published its 2021 Sustainability Report
+ Crombie REIT published its inaugural Sustainability Report
+ Crown Realty Partners published their 2020 ESG Report
+ Enerplus Corporation published its 2021 ESG Report
+ Maple Leaf Foods published its 2020 Sustainability Report
+ Pieridae Energy published its inaugural ESG Report
+ Pipestone Energy Corp. published its inaugural ESG Report
+ Precision Drilling Corporation published is  Annual Corporate Responsibility Report
+ Rogers Sugar Inc. published its first ESG Report
+ Suncor Energy Inc. published its 2021 Report on Sustainability and Climate Report
+ Transcontinental Inc. published its 2020 Corporate Responsibility Progress Report
+ Western Forest Products published its 2020 Sustainability Report
DATA CENTER / CALL CENTER TRENDS
+ Brookfield Infrastructure and Digital Realty formed a JV to operated data centres in India
+ NCRi acquired Ascentia Services, LLC, based in Dubai, UAE; NCRi International now operates 12 Customer Experience Contact Centers across the world in North America, LATAM, MENA, and APAC
+ CPPIB is investing $400.0 million in a Japan Data Centre venture with Mitsui
DESIGN, ARCHITECTURE & PLANNING
ELECTRIC VEHICLES + EV CHARGING
INFRASTRUCTURE + P3
+ Calgary Parking Authority completed a 50,000 sq. ft. of office space within the 500 stalls parking garage new build; great design if you like pipes – but you have to wonder what City Council was thinking when the downtown core has so much vacant supply of both office space and parking capacity – because surely they saw the trends before they put a shove in the ground to build this. Oh yes, room for 99 bicycles too; the price tag $80.0 million …
+ Canada Infrastructure Bank ‘to consider’ investing in the $1.0 billion Calgary-Banff rail plan … tic toc
+ EllisDon selected as a design-build contractor for the redevelopment of the Burnaby Hospital; construction starts in 2022
+ EllisDon will lead the project – an unsolicited project proposal to the GOA; Prairie Link High-Speed Rail Project secured an MOU with the GOA to build a high-speed rail link connecting Edmonton and Calgary; this is a project that has been floated several times in the past without success – so, maybe, in the fullness of time, it could happen. The estimated capital cost is $22.4 billion. Here’s the key: right of way + many bridges/tunnels and interchanges, so it’s not so much the cost of the rails and cars – it’s having a clear path of travel. Like I said, ‘in the fullness of time’ …
+ Government of Canada to invest $42.0 million to improve NWT airports
+ Government of Canada announced plans to look into a high-frequency high-speed rail line in the Toronto, Ottaway, Montreal and Quebec City corridor – no announcement of details, routes, or costs … so it sounds more like an election campaign promise-in-waiting than an actual project with a time-line or a budget …
+ GREEN LINE got a GREEN LIGHT; City of Calgary Green Line got a GOA approval and GOC funding commitment: $1.53 billion from each + $1.59 billion from the City of Calgary – largest infrastructure project in Calgary’s history
+ Innergex Renewable Energy Inc. closed its acquisition of Energia Llaima in Chile
+ Manyhorses High School celebrated its grand opening on the Tsuut’ina Nation; 43,000 sq. ft. facility
+ National Capital Commission acquired the British High Commission building in Ottawa for $25.0 million
+ North American Construction Group Ltd. secured a US$2.75 billion contract to provide Red River floodway mitigation in Fargo, ND
+ Springbank Off-Stream Reservoir project is a go; environmental approvals obtained
INVESTMENT/DEALS - development / re-development
INVESTMENT/DEALS - hospitality / entertainment / recreational
+ in Burnaby – Cineplex opened its ‘adults only’ VIP Cinemas and the Rec Room in Brentwood
+ in Calgary – The Westley Hotel opened; 104-key facility in Eau Claire
+ Just Kitchens is opening ghost kitchens in luxury and business hotels
+ Park Hyatt Toronto – restored and ready to reopen in September
INVESTMENT/DEALS - industrial, storage, logistics
+ BentallGreenOak acquired 3 industrial properties – Henday Industrial Park, in Edmonton; 618,363 sq. ft.  and 3.5 acres of outdoor storage; terms not disclosed
+ BentallGreenOak investing US$475.0 million in logistics partnership with Xebec
+ BTB REIT acquired a 99,0000 sq. ft. Montreal property for $15.25 million
+ Edmonton; Panattoni Canada building 600,000 sq. ft. footprint / 2.9 million sq. ft. in all ~ fulfillment centre for Amazon in their Highlands Business Park; Ledcor is the builder – Amazon to open in 2022
+ Padlock Partners UK Fund II closed its acquisition of Huntingdon Self-Storage
+ Padlock Partners UK Fund II closed its acquisition of the Brentwood Property
+ PRO REIT closed its acquisition of a 13-property portfolio (Atlantic Canada and Winnipeg) for $74.8 million
+ Quint Groupe acquired 155,000 sq. ft. building in St. Laurent; terms not disclosed
+ Sleep Country Canada Holdings Inc. established two new storage hubs – 278,000 sq. ft. (Calgary and Belleville)
+ StorageVault closed $20.0 million acquisition of two storage assets in SW Ontario
+ StorageVault closed $11.10 million acquisition of two storage assets in GTA
INVESTMENT/DEALS - long term care & medical
INVESTMENT/DEALS - multi-res
+ Alignvest Student Housing REIT agreed to acquire a 507-bed facility in Ottawa; terms not disclosed
+ CAP REIT acquired 548-doors in London, ON, and 335-doors in Victoria; 13 buildings in all for $214.5 million
+ Dream Impact Trust agreed to acquire a 900-door portfolio in Toronto for $378.0 million
+ Edmonton; McLab Properties/Midwest Property Mgmt. - sold its portfolio (548 apartments and 326 townhomes); terms and purchaser not disclosed
+ Edmonton; Avenue Living acquired three portfolios in Edmonton (Avalon/QuadReal, Maclab, Huntington)  1,500 rental units for $275.0 million
+ Greybrook Realty Partners investing $23.0 million to partner with Marlin Spring for 320-unit high rise condo development in Toronto
+ Killam Apartment REIT completed its $190.5 million acquisition of a 785-door portfolio in Kitchener-Waterloo from STAMM Investments Limited
+ Longueil; Devimco Immoblier broke ground on $800.0 million Sir Charles Condominiums
+ NexLiving Communities acquired a 47-door property in Saint John, NB
+ Starlight Investments added 5 buildings/465-doors, in Metro Vancouver, to its portfolio; terms not disclosed
+ VIDA Living acquired 1,058-door portfolio in Nova Scotia and New Brunswick
INVESTMENT/DEALS - office
INVESTMENT/DEALS - parking
+ Calgary Parking Authority completed a 50,000 sq. ft. of office space within the 500 stalls parking garage new build; great design if you like pipes – but you have to wonder what City Council was thinking when the downtown core has so much vacant supply of both office space and parking capacity – because surely they saw the trends before they put a shove in the ground to build this. Oh yes, room for 99 bicycles too; the price tag is $80.0 million …
INVESTMENT/DEALS - pension funds, insurance co.
+  Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners, LLC formed a new JV to pursue life science real estate development opportunities in the US; they allocated an initial US$1.2 billion in equity to develop Class-A life science office and lab buildings in leading U.S. life science markets; Greystar will develop and manage. First project; the joint venture acquired 74M, an office and lab development project in Somerville, Mass. CPP Investments will own 90%, Greystar will own 10%.
+ CPPIB and Lendlease in JV project in Milan, Italy; development of former 2015 World Expo site
+ CPPIB and AIMCo in $2.4 billion JV to participate in BAI Communications infrastructure program
+ CPPIB investing US$800.0 million in India’s Flipkart Group
+ CPPIB is targeting a US$1.0 billion co-investment program with Boston Properties Inc. and GIC. to build a US$2.5 billion portfolio of U.S. Class A office properties
+ CPPIB is investing $400.0 million in a Japan Data Centre venture with Mitsui
+ CPPIB agreed to sell its stake in six Raffles City projects in China for $800.0 million
INVESTMENT/DEALS - REITS
+ Artis REIT closed the sale -  its 28-property/2.5 million sq. ft. portfolio of GTA for $750.0 million
+ Brookfield REIT is launching a private REIT with Oaktree REIT assets (US$478.0 million)
+ Canadian Net REIT agreed to acquired a grocery-anchored property in Quebec City for $6.2 million
+ CAP REIT acquired 548-doors in London, ON, and 335-doors in Victoria; 13 buildings in all for $214.5 million
+ CAP REIT closed its acquisition of two properties/342 sites – mobile home communities, in Ontario for $20.6 million
+ European Residential REIT acquired two properties in the Netherlands for $41.9 million
+ Killam Apartment REIT completed its $190.5 million acquisition of a 785-door portfolio in Kitchener-Waterloo from STAMM Investments Limited
+ Nexus REIT closed a two-property $44.0 million sale/leaseback transaction in Calgary and Winnipeg with Valard Construction
+ Nexus REIT agreed to acquire a single tenant 189,625 sq. ft. property in Red Deer for $19.75 million
+ PRO REIT closed its acquisition of a 13-property portfolio (Atlantic Canada and Winnipeg) for $74.8 million
INVESTMENT/DEALS - retail
+ ACE Casinos is relocating its Calgary operation to a new facility near the airport, 72,000 sq. ft. facility to be branded ACE Casino Calgary Airport
+ Decathalon (1,600 stores worldwide) will open a 70,000 sq. ft. sporting goods store in South Centre
+ Hudson’s Bay Co. selling its Saks Off 5th e-commerce unit for US$200.0 million
+ Hudson’s Bay Co. withholding of rent during COVID did not hold up; Ontario court orders they must pay
+ Le Chateau Inc. closed its CCAA supervised sale of assets to Suzy’s Inc.
+ Strathellen Capital acquired four shopping centres east of Toronto (Durham Region) for $88.0 million
PROPERTY SERVICES / SUPPLIER NEWS
+ HqO – digital app-based office building management tool gaining traction with landlords/operators – expanding to Canada
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Mark Kolke
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PROPERTYlines - Copyright © 2020-2021 , All rights reserved.

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

 

 

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PLANDflex Corporation -  Mark Kolke, President / Publisher
Agent/Realtor/Property Mgr. - under contract to MaxWell Capital Realty
 
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→ Phone: (403) - 253-2450 / (403) - 444-6939
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