Commercial Real Estate News - January 20, 2006
By RENX Administrator
Commercial property deals forecast to hit $18.6 billion in 2006 - cbre.ca - Investor interest in Canada's commercial real estate market will increase even further this year, with deals expected to hit $18.6-billion, a new report for CB Richard Ellis predicts. Last year, the value of commercial property transactions hit a record $16.6-billion, the firm reported.
Globe and Mail, Jan 20, 2006
HBC stalkers hit snags reaching a bid - hbc.ca - HBC-T - Buyout specialist Onex Corp. and mall developer Mitchell Goldhar are bogged down in preparing a bid for Hudson's Bay Co. but still considered to be the leading contenders to counter Jerry Zucker's $1.1-billion hostile offer, industry sources say. The situation was in flux throughout the day and at one point it appeared that there would be no counterbidders.
Globe and Mail, Jan 20, 2006
Retirement Residences REIT To Acquire Two U.S. Nursing Facilities - retirementreit.com - RRR.UN-T - RRR.DB.B-T - Retirement Residences REIT announced that it has entered into an agreement to acquire two skilled nursing facilities near Newport, Rhode Island. South County Nursing and Subacute Center is a 120 bed facility located in North Kingstown and Heatherwood Nursing and Subacute Center is a 114 bed facility located in Newport.
CCNMatthews, Jan 20, 2006
Home Depot Plans 400 Units - homedepot.com - HD-N - Already the number one home improvement retailer in North America, The Home Depot will continue to expand its domestic and international market presence through new store formats and new concepts. Over the next five years, the retailer plans to open 400 to 500 new retail stores totaling 40 million to 55 million new sf using multiple formats.
Globe St., Jan 20, 2006 Globe and Mail, Jan 20, 2006
^ Real Estate Companies
Prospectus spelled out MI's plans, lawyer argues - midevelopments.com - MIM-N - A lawyer representing Frank Stronach and a number of his companies continued his court argument yesterday against a U.S.-based investment firm's allegations its shareholder rights were oppressed. Kent Thomson, a lawyer for MI Developments Inc., said Greenlight Capital Inc.'s case amounted to nothing more than a series of red herrings.
Globe and Mail, Jan 20, 2006
Four seasons to open three hotels in Asia - fourseasons.com - FSH.SV-T - FS-N - Four Seasons Hotels Inc., the world's largest operator of luxury hotels, said it will open three new hotels in Asia, including two in China, which the United Nations predicts will be the globe's most visited country by 2020.
Globe and Mail, Jan 20, 2006
Medical Arts Building Limited - Sale of Assets - MBG-X - The Board of Directors of Medical Arts Building
Limited announce that the shareholders of the Company have given the requisite approval to the sale of the Medical Arts Building, the adjoining parking lot at Kennedy Street and Graham Avenue and the parkade located at 218 Edmonton Street to Huntingdon Real Estate Investment Trust.
Canada News Wire, Jan 20, 2006
Alfredo DeGasperis and Richard Gambin Join Consolidated HCI Holdings Board - CXA.B-T -
Canada News Wire, Jan 20, 2006
^ REITs
Lanesborough REIT completes the acquisition of Brandon apartment property - lreit.com - LRT.UN-X - Lanesborough REIT announced that it has completed the previously announced acquisition of a 100% beneficial interest of an 88-suite
multi-family apartment property located near 34th Street and Richmond Avenue in the southwest area of Brandon, Manitoba, known as Willowdale Gardens.
Canada News Wire, Jan 20, 2006
^ Market Trends and Research
Will Dunning Housing Market Digest for January 2006 - wdunning.com - Statistics Canada data on Toronto CMA employment continues to surprise. I am confident that there is growth occurring in Toronto, but I suspect that the amount of growth is being over-stated by the employment data.
Will Dunning Economic Research, Jan 20, 2006 Globe and Mail, Jan 20, 2006
2006: In British Columbia The Pace Continues - According to Tony Quattrin, the biggest challenge for brokers in 2005 was simply handling the huge volume of activity. In Vancouver, from 2003 to 2005 investment sale transactions values increased annually from $800 million (2003) to $1.2 billion (2004) to $1.6 billion (2005).
BCRE Links, Jan 20, 2006
^ Retail
Loblaw shares wilt after profit warning as supply-chain woes continue - loblaw.com - L-T - Loblaw struggling to upgrade its distribution system to confront the Wal-Mart challenge, issued a profit warning Thursday as its supply-chain revamp continued to drag on its results. Shares in Canada's largest supermarket operator fell about five per cent on the news.
CBC.ca, Jan 20, 2006 Toronto Star, Jan 20, 2006 CBC.ca, Jan 20, 2006
Sears argues in property-tax dispute that store has too much space - sears.ca - SCC-T - Difficulty in persuading customers to shop on its top floors, coupled with a "super abundance" of space, is at the centre of a legal battle between BC Assessment and Sears Canada Inc. over the property-tax bill for its Pacific Centre store in Vancouver.
Globe and Mail, Jan 20, 2006
Trendy takeovers - metro.ca - MRU.SV.A-T - When debt-heavy Great Atlantic & Pacific Tea Co. decided to sell its Canadian subsidiary, a bidding war broke out between rival Canadian grocery chains. Sobeys put more money on the table, but for the German family that controls A&P, cash wasn't king. They opted for Metro's offer of stock and cash in order to keep a hand in the Canadian retail game.
Globe and Mail, Jan 20, 2006
Danier sees profit slip after disappointing hoiday sales - Danier Leather Inc. said yesterday its second-quarter profit slipped by $2.6-million due to disappointing holiday sales. For the three months ended Dec. 24, profit slipped to $4.6-million or 70 cents per diluted share, from $7.2-million or $1.04 per diluted share for the same period last year. Sales came in at $61.8-million, down from $70.1-million the year before.
Globe and Mail, Jan 20, 2006 CCNMatthews, Jan 20, 2006 Toronto Star, Jan 20, 2006 CCNMatthews - Dividend Announcement, Jan 20, 2006
Nevada Bob's sale of U.S. business assets - nevadabobs.com - Nevada Bob's International announced that, further to its press release issued on October 31, 2005, the sale of certain of the assets used in the operation of the Company's business in the United States has closed in escrow.
Canada News Wire, Jan 20, 2006
Pricey Abercrombie & Fitch lands in thrifty Canada - In its first foray outside of the United States, fashion retailer Abercrombie & Fitch Co. opened its first three stores in Canada yesterday, bringing its hip but pricey casual styles to a market known for its thrifty consumers.
Globe and Mail, Jan 20, 2006
Pet Valu Companies appoint new Director - petvalue.com - PVC-T - Pet Valu announced that Gary W. Goertz has been appointed to the Boards of Directors of Pet Valu, effective immediately. Mr. Goertz is a chartered accountant and holds a Bachelor of Commerce degree from the University of British Columbia.
Canada News Wire, Jan 20, 2006
^ International News
ASSOCHAM seeks creation of Real Estate Investment Trust - The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has proposed creation of REITs on the lines of those prevalent in countries like Singapore, US and Japan to ensure that properties markets are suitably expanded with proper regulation for benefits of investors in real estate both commercial and domestic. REITs are common to many economies with a developed property market
India Infoline, Jan 20, 2006
U.S. homebuilding slows - Construction of new single-family homes in the U.S. surged to an all-time high in 2005 but construction activity fell sharply in December, sending a signal that America's long housing boom could be cooling off.
Globe and Mail, Jan 20, 2006 Toronto Star, Jan 20, 2006
^ New Development
Legal action threatens Prince Rupert development - rupertport.com - With a $160-million development to the Port of Prince Rupert at stake, phone lines were heating up yesterday as officials tried to head off a Federal Court action by the Coast Tsimshian.
Globe and Mail, Jan 20, 2006
Pricey land purchases may hurt some condo projects - Some B.C. condominium projects will fail in the future because inexperienced developers are paying too much money now for land in "silly purchases" that can't be justified, Concert Properties president David Podmore said Thursday.
Canada.com, Jan 20, 2006
New Toronto office towers on horizon - Commercial and industrial real estate markets will continue to be a hot topic across the country this year as vacancy rates tighten and rents rise, according to experts. Brooks says large-scale tenants are the biggest part of the market, with big blocks of space becoming scarce.
Business Edge, Jan 20, 2006
^ Other
Bergman and Hamann Architects announce appointments - bharchitects.com - Daniel F. McAlister, Chairman of Bregman + Hamann Architects, announced the following appointments: William P. Nankivell has been appointed Chief Executive Officer. Since joining B+H in 1996, Mr. Nankivell has led the firm's growth in the fields of health care, life sciences and educational facilities design.
Globe and Mail, Jan 20, 2006
Fairmont appoints Tammy Philips, Executive Director, Public Relations - Fairmont Hotels & Resorts appoints Tammy Phillips, executive director, public relations. Phillips joins Fairmont's Corporate PR ranks from The Fairmont Royal York where she most recently held the position of Acting Director, Public Relations.
Hotel News Resources, Jan 20, 2006
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