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PROPERTYlines
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Issue No. 6 – January 15, 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
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ARCHIVED PREVIOUS ISSUES
+ December 2020
+ November 2020
+ October 2020
+ September 2020
+ August 2020
CLIMATE CHANGE, LEED & RENEWABLE ENERGY
+ Alberta electrical energy wanted; the Government of Canada issued an RFP for several streams of new energy projects which reduce emissions
+ Axiom Infrastructure acquired 49% of Cordelio Power’s Ontario renewable portfolio; 396MW Denfield portfolio includes four wind and two solar projects; terms not disclosed
+ Canada’s Hydrogen Strategy released
+ Canadian Pacific announced plans to pilot a hydrogen-powered locomotive
+ Capstone Infrastructure Corporation acquired a portfolio of wind projects in Ontario
+ Connor, Clark & Lunn Infrastructure closed its acquisition of 80% of a U.S. wind and solar portfolio; terms and details not disclosed
+ CPP Investments invested $382.0 million in UK Renewable Power Capital Limited
+ Fengate Asset Management closed its acquisition of 250MW wind project in Texas; terms not disclosed
+ Government of Canada released its Hydrogen Strategy for Canada
+ Green Loan Principles in Real Estate finance – great article from Blakes
+ Solar Alliance agreed to acquire 56MW project in Illinois for US%60.0 million
+ TransAlta Renewables acquired a 303MW portfolio from TransAlta Corporation for $439.0 million
CONSTRUCTION NEWS + BUILDING OPERATIONS / INNOVATIONS
+ FirstService Corporation expanding in New York, NY; acquired Midboro Management LLC
+ Lafarge Canada is now offering ECOPact carbon-reduced concrete; cuts emissions by 30-70%
+ lessons from Netflix; a great story on integrating photovoltaics into buildings
+ Ontario lockdown starting Dec. 26 will shut down the construction industry
+ Pantone – colour of the year for 2021 – Ultimate Gray
+ Pomerleau won a $42.0 million contract to build a Parks Canada artifact storage facility to be built in Gatineau
+ Stuart Olson Construction Ltd. awarded a $154.0 million contract for the Nanaimo Correctional Centre Replacement Project
+ two options to replace Massey Tunnel in Metro Vancouver
+ Ward Bros. to redevelop Lethbridge Exhibition Park
+ 1,300 beds of long-term care construction contracts won by EllisDon and PCL in GTA
+ 2021 – top 10 Canadian construction trends to watch
CORPORATE RESPONSIBILITY + ESG REPORTS
DESIGN, ARCHITECTURE & PLANNING
+ A’ Design Awards – world design rankings 2020
ELECTRIC VEHICLE CHARGING
+ B.C. government offering a rebate program for electric and hydrogen-powered trucks and buses
ENTITLEMENTS ~ REGULATORY
+ B.C. launched its landowner transparency registry
+ in Toronto, THE ONE, is going to stretch taller than anything else; 94-storey/1,109 ft. if approved; will be the tallest building in Canada
FINANCING NEWS & INNOVATION
+ Green Loan Principles in Real Estate finance – great article from Blakes
INFRASTRUCTURE + P3
+ Alberta electrical energy wanted; the Government of Canada issued an RFP for several streams of new energy projects which reduce emissions
+ Boralex Inc. closed its acquisition of equity interest in Moose Lake wind farm in B.C.
+ Calgary’s Green Line LRT project is likely to be postponed as the city and provincial transportation authorities dither; it seems shovel-ready is a convenient term to toss out for Kenny and Trudeau, but this seems more complicated in politics than by facts … tic toc
+ Canada Infrastructure Bank to invest $407.5 million, and Alberta will contribute $244.5 million, and eight southern Alberta irrigation districts will contribute $163 million – the financial close is done – the Alberta Irrigation Project is $815.0 million to support 1.4 million irrigated acres
+ Canada Infrastructure Bank supporting Six Nations energy storage project – Oneida Energy Storage LP
+ Canadian Pacific closed its US$312.0 million acquisition of the Detroit River Rail Tunnel
+ CPP Investments invested $382.0 million in UK Renewable Power Capital Limited
+ CPP Investments (Canada Pension Plan Investment Board) and partners acquired 50% of the Transurban Chesapeake toll-road business; CPPIB portion is US$624.0 million for a 15% interest
+ the Government of Canada announced plans to consult with a wide range of Canadian stakeholders in the lead up to establishing The Canada Water Agency
+ Government of Canada investing $5.0 million in Alberta Midland Railway; assembly/storage spots for 460 railcars, 40,000 feet of new track
+ Parks Canada awarded contracts to build an artifact collection facility; 8,200 m2/$42.0 million in Gatineau
+ Partnerships BC rebranded as Infrastructure BC
+ P3 in jeopardy? … contractors looking for changes on risk-transfer – great pro/con article
+ TorQuest Partners acquired VersaCold Logistics Services (31 warehouses and distribution facilities and a transportation fleet) from Kingsett Capital and Ivanhoe Cambridge; terms not disclosed
INVESTMENT/DEALS - hospitality / entertainment / recreational
+ Apollo Global Management appears to have won the bidding war for Great Canadian Gaming Corp.; $2.5 billion takeover bid is supported by more than 50% of shareholders … so 26 locations across Canada will change hands this year …
+ let the hotel conversions begin? … converting hotels to multifamily discussion
+ Hard Rock Hotels teaming with Dora Hotel Company and The Cribbage Group for two-stage construction of 353-key property for London, ON
+ let the hotel conversions begin? … converting hotels to multifamily discussion
+ ski resorts struggle in the time of COVID
+ 820 East Church Street in Toronto; Bloor-Yorkville - proposed 32-storey/168-key limited-service hotel planned for a triangle
INVESTMENT/DEALS - industrial, storage, logistics
+ AIMCo JV with Alpine Grow Partners – to boost their stake in Aurelis Real Estate/German light industrial real estate portfolio
+ Americold Realty Trust closed US$1.7 billion acquisition of Agro Merchants Group 46 temperature-controlled warehouse facilities in 10 countries
+ Coca-Cola Canada Bottling Limited putting $30.0 million into GTA capital improvements
+ Crestpoint Real Estate Investments Ltd. acquired a portfolio in Surrey, BC and Hamilton, ON for $300.0 million
+ Ivanhoé Cambridge and PAG Real Estate launched a new venture focused on logistics assets in Japan; $400.0 million initial investment
+ Torquest Partners completed their acquisition of VersaCold Logistics Services from KingSett Capital and Ivanhoé Cambridge; terms not disclosed, but media reports suggest the deal was in the $637.0 million range
INVESTMENT/DEALS - long term care & medical
INVESTMENT/DEALS - multi-res
+ Blue Vista acquired 188-door student housing property at Ryerson University in Toronto for $82.0 million
+ Bosa Properties and Kingswood Properties are planning two towers (30 & 34 storeys) development on Alberni Street in Vancouver
+ Firm Capital Apartment REIT closed the sale of its interest in a 14-building JV in Bridgeport, CT for $4.5 million
+ InterRent REIT in JV with Crestpoint Real Estate Investments agreed to acquired 15 bldg./614-door portfolio in Vancouver for $292.5 million
+ QuadReal crying uncle! … investing $1.0 billion now and likely more to follow – UNCLE assets in the UK
+ Venterra Realty acquired 505-door Harrison Apartments in Atlanta, GA
+ VivRE Communities Inc. acquired a 47-door property in St. John, NB for $11.5 million
+ 66-storey sliver proposed for Toronto at Wellington West and Blue Jays Way; 645 units will include a retail podium
INVESTMENT/DEALS - office
+ Brookfield Asset Management Inc. is bidding to restructure – planning to purchase a major stake in Brookfield Property Partners LP in a proposed US$5.9 billion deal; ~ to take it private
+ Groupe Mach Inc. acquired First Meadowvale Centre in Mississauga, ON; terms not disclosed
+ Marlin Spring and Colonnade BridgePort acquired 81 Metcalfe Street in Ottawa
+ Norton Rose Fullbright US LLP to be anchor tenant; signed a 15-yr lease to occupy 28% of a new 375,000 sq. ft. new Skanska tower in Houston
+ WeWork may be doing better than everyone expected … tic toc
INVESTMENT/DEALS - pension funds, insurance co.
+ Canada Pension Plan Investment Board and LOGOS teaming up on a logistics facility in Greater Jakarta, Indonesia; CPPIB is putting in US$200.0 million to the 3PL development venture
INVESTMENT/DEALS - REITS
+ Artis RIET entered into a US$58.0 million JV development deal with Nuveen Real Estate to develop a 561,000 sq. ft. industrial project in Phoenix
+ Choice Properties REIT completed an acquisition of a 6-property portfolio of industrial properties from Weston Foods (Canada) Inc. for $79.1 million
+ Firm Capital Apartment REIT closed the sale of its interest in a 14-building JV in Bridgeport, CT for $4.5 million
+ First Capital REIT sold a 50% non-managing interest in a 6-property portfolio of grocery-anchored properties and a 100% interest in a development parcel for $115.0 million
+ First Capital REIT made news – cutting its unitholder distributions, admitting impact of COVID closures while side-stepping disclosure of defaults and rent-collections …
+ Flagship Communities REIT acquired a seven-community portfolio for US$12.9 million
+ InterRent REIT in JV with Crestpoint Real Estate Investments agreed to acquired 15 bldg./614-door portfolio in Vancouver for $292.5 million
+ RioCan REIT announced disposition transactions; selling interest in projects with Fieldgate Urban, Broccolini Real Estate Group, and Talisker Corporation
+ RioCan REIT realized $45.4 million from the sale of air-rights on Toronto and Calgary development sites
+ Slate Grocery REIT agreed to acquire 5-property grocery-anchored portfolio in SE U.S.; US$54.3 million
+ Summit Industrial Income REIT agreed to acquire 342,830 sq. ft. property in Ajax, ON for $68.0 million
INVESTMENT/DEALS - retail
+ Best Buy testing remodelled stores designed for fulfillment
+ Couche-Tard has perhaps tried to reach too far; they’ve offered to take over French food retailer Carrefour – their proposed $20.0 billion takeover bid is struggling; opposed by the French government, and some industry watchers expect the real prize is the c-store segment of Carrefour; and now, Couche-Tard have said talks are off, but their press release reads more like they are still ongoing
+ CPP Investments acquired the Trafford Centre, in Manchester, UK – the prime shopping centre in that city, CPPIB had previously provided financing to the owners, and this takes the property out of insolvency administration …tic toc
+ Deloitte’s published their 2021 retail industry outlook
+ perhaps coming to a mall near you – IKEA is testing a 115,000 sq. ft. small-store format
+ Slate Grocery REIT agreed to acquire 5-property grocery-anchored portfolio in SE U.S.; US$54.3 million
+ Sportsman’s Warehouse chain (111 stores) being acquired by the owner of Bass Pro Shops/Cabela’s
+ Staples in negotiation to acquire Office Depot for US$2.1 billion
+ Tiffany is sold; longstanding tug-o-war is over; LVMH Moët Hennessy Louis Vuitton closed US$15.8 billion deal
TECH / TELECOM corner ...
WORKING FROM HOME OFFICE
WORK / ASSIGNMENTS / LISTINGS WANTED:
+ listings – FOR SALE, FOR LEASE – Calgary, Red Deer, and Edmonton markets
+ judicial sales foreclosure/court-ordered receiverships – commercial property Calgary, Red Deer, Edmonton, and Southern Alberta
+ property management: 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

 

 

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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
 
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