Canadian Commercial and Residential Real Estate News

Caisse cools on U.S. Malls: US$1-billion Selloff - cdpcapital.com - With fears mounting of a slowdown in U.S. consumer spending, the Caisse de depot et placement du Quebec, Canada's largest investor, has made a $1-billion bet that the value of U.S. shopping malls will cool, and has instead turned its attention to undervalued malls in Germany and Poland.
Financial Post, Oct 13, 2005

Alberta Plans $7-billion refinery - The Alberta government and 16 industry sponsors are looking at building a giant, $7-billion refinery complex near Edmonton, the first in North America in a quarter century. The group, led by Alberta Economic Development, is getting down to the finer details of an ambitious strategy that started two years ago and could lead to a 300,000 barrels-a-day refinery and petrochemical complex that could be in operation as early as 2012.
Canada.com, Oct 13, 2005

Plan to add trusts to S&P index to proceed - standardandpoors.com - Despite a possible shift in federal policy, Standard & Poor's Corp. is sticking to its schedule for including income trusts in the Toronto Stock Exchange's benchmark S&P/TSX composite index starting in December. Analysts said yesterday that decision, taken after short-term consultations with S&P's advisory panel and the financial community, would help clear up some of the uncertainty that's been dogging the $160 billion sector.
Toronto Star, Oct 12, 2005

Largest Canadian Real Estate Advisor in Seniors' Residences Extends Investments Canada-wide - With the market value of its investments in seniors' residences now exceeding $630 million, Maestro Real Estate Advisors announces $91 million in acquisitions and renovations, extending its investments Canada-wide. Three are located in Ontario (Windsor, Cornwall and Ottawa), one in British Columbia, in the Surrey area, and one in Quebec, in the municipality of Boucherville.
Canada News Wire, Oct 12, 2005

Privatizing the public domain: Invest in Infrastructure - Forget stocks and bonds, real estate and art ? invest in infrastructure. That's where the smart money is these days. That was the message a panel of Canadian experts delivered recently to a delegation of visiting Australian developers and bankers, all of whom had their cellphones turned on and their hands in their (very deep) pockets.
Toronto Star, Oct 13, 2005

Toronto office towers appeal tax assessments - The owners of Toronto's biggest downtown office towers have kicked off a legal challenge that could wring a $150 million property tax refund from the city and school boards if it's successful. The big towers, with a combined property value of $4.2 billion or more, have banded together to appeal their property assessments to the provincial Assessment Review Board.
Toronto Star, Oct 13, 2005

Jean Coutu Q1 profit halved; shares drop 13% - jeancoutu.com - PJC.SV.A-T - Canada's second largest drug store chain ? dropped more than 13 per cent Tuesday after it announced that first-quarter profits were slashed in half because of higher-than-expected integration costs in the U.S. Shares of Jean Coutu closed down $2.55 to $16.60, a drop of 13.3 per cent.
CBC.ca, Oct 12, 2005 Toronto Star, Oct 12, 2005 Globe and Mail, Oct 12, 2005

O&Y Properties receives Court Approval for Brookfield Properties Deal - oyp.com - OYP-T - brookfieldprope - BPO-T - BPO-N - O&Y Properties Corporation announced that the Ontario Superior Court of Justice has approved the arrangement involving O&Y Properties and a consortium led by Brookfield Properties Corporation, pursuant to which a newly formed company owned by the Brookfield Consortium proposes to acquire all of the issued and outstanding common shares of O&Y Properties for $12.72 per share in cash, on and subject to the terms of an amended and restated arrangement agreement between O&Y Properties and the Brookfield Consortium made as of August 26, 2005.
Canada News Wire, Oct 12, 2005

Canadian Mortgage Industry Focuses on Professional Standards - cimbl.ca - The $600 billion Canadian mortgage industry has made significant progress in the past year in the professional development of industry participants and in increasing profile with governments across the country.
Canada News Wire, Oct 12, 2005

Lanesborough REIT announces $50 million trust unit private placement financing - lreit.com - LRT.UN-X - Lanesborough REIT announced that it has entered into an agreement with a syndicate co-led by Westwind Partners and Desjardins Securities, and including Blackmont Capital pursuant to which the Agents have agreed to place by way of privateplacement on a best efforts basis trust units of LREIT for gross proceeds of a minimum of $40 Million and a maximum of $50 Million.
Canada News Wire, Oct 13, 2005

Summit REIT to Acquire Six Light Industrial Properties - summitreit.com - SMU.UN-T - SMU.DB-T - Summit REIT announced that it had completed or waived conditions on the acquisition of six light industrial properties, consisting of five buildings aggregating approximately 466,238 square feet of gross leaseable area and one parcel of land for future development. The total price paid for the acquired properties was approximately $28.9 million.
Canada News Wire, Oct 13, 2005

What we can learn about income trusts from other markets - Just as the seeds of Canada's income trust boom were being planted, two countries that had seen similar types of investments flourish in their own markets were taking steps to have them outlawed. The year was 1985 and the governments of Australia and the United States were caught in a political quandary over a new type of investing trend.
Globe and Mail, Oct 13, 2005

The little trust structure that grew - The history of this investment vehicle, and business income trusts in particular, is a tale of a child of the private sector that has never been formally adopted by Ottawa. The anger over the federal government changing the rules for trusts ignores the fact that Ottawa had almost no role in creating them -- other than a technical tax ruling two decades ago.
Globe and Mail, Oct 13, 2005

Allied Properties REIT closes acquisition of 67 Richmond Street West - alliedpropertiesreit.com - AP.UN-T - Allied Properties REIT closed the previously announced acquisition of 67 Richmond Street West, a Class I office building located in downtown Toronto.
Canada News Wire, Oct 12, 2005

Old demographic harks for stodgy Marks & Sparks - marksandspencer.com - It's Twiggy but in a cardigan. Gone is the miniskirt, the thigh length boots, the sexy pout and daft peek-a-boo fringe, yet she stares at us from giant posters on British high streets and London's tube platforms. Looking more gorgeous mom than model, Twiggy is back again, this time selling knitwear for Marks & Spencer, the British retailer which desperately needs to bring women like Twiggy back into its stores.
Globe and Mail (requires paid subscription), Oct 13, 2005

Marks and Spencers reports first sales rise in two years - marksandspencer.com - British department store operator Marks & Spencer Group PLC surprised analysts yesterday by reporting its first quarterly rise in sales in almost two years. The retail stalwart credited new product lines and an improvement in stock distribution for a 1.3-per-cent rise in same-store sales in the 12 weeks to Oct. 1, adding that annual profit will now meet the top end of expectations.
Globe and Mail, Oct 12, 2005

Nancy Lockhart Elected to Loblaw Board of Directors - loblaw.com - L-T - Ms. Lockhart is the Chief Administrative Officer of Frum Development Group, a privately owned property development and management company. Ms. Lockhart has several years of retail experience including Shoppers Drug Mart where she was Vice President, Retail Development; Network Partner with Brewers Retail Inc.; and Jumbo Video Inc. where she held the position of Chief Operating Officer.
Globe and Mail, Oct 12, 2005

Whitecaps on the waterfront - The Vancouver Whitecaps are expected to announce this morning their plans to build a 15,000-seat stadium along Gastown's waterfront. Whitecaps owner Greg Kerfoot has bought 10.5 hectares along Water Street, running from Waterfront Station to Cambie Street over the top of existing railroad tracks.
Canada.com, Oct 13, 2005

St. Clair ruling derails city plansA coalition of some residents and businesses on St. Clair Ave. W. took - Toronto officials fear their ability to embark on major mass transit projects may be jeopardized in the wake of a court decision that has halted plans to build a streetcar right-of-way on St. Clair Ave. W. Yesterday, three judges of the Divisional Court released a decision stopping the right-of-way.
Toronto Star, Oct 12, 2005 Globe and Mail, Oct 12, 2005

Waterfront improvements: What they will cost - towaterfront.ca - At long last, access to Toronto's waterfront is within the public's grasp. New boardwalks, promenades and public spaces will be the highlight of new investments -- $70-million earmarked over the next five years -- to create continuous public contact with the water's edge.
Globe and Mail, Oct 12, 2005

MLS sets deadline for stadium plans to be approved - Major League Soccer commissioner Don Garber imposed an Oct. 31 deadline for a Toronto expansion franchise yesterday, warning that a team will not be awarded to Maple Leaf Sports and Entertainment if plans to build a soccer stadium at Exhibition Place aren't completed.
Glboe and Mail, Oct 12, 2005

Better suburban planning needed to curb obesity, experts find - It's time to shift the focus from blaming individuals for being fat to understanding how the environment we live in discourages healthy living, a scientific think tank has concluded.
Globe and Mail, Oct 12, 2005