+ QuadReal Property Group formed a JV with Mill Creek Residential – with plans to develop $590.0 million of multi-family projects in U.S. markets; the first step was the acquisition of a site in The Woodlands, Texas; they will develop 429 apartments there
CONSTRUCTION NEWS + BUILDING INNOVATIONS
+ Amazon.com Inc. announced they will be using thermal cameras to check their employees upon arrival for their shifts; these cameras first showed up at Asian airports during the SARS epidemic and are now becoming popular with large employers; in terms of suppliers we are aware, these are available from Infrared Cameras Inc., Themorteknix and FLIR Systems Inc.
+ T& T Supermarkets are now offering temperature checks for customers entering their stores
INFRASTRUCTURE + P3
+ Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board completed its tender offer acquisition, to purchase 40% of the shares of Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V.; complete acquisition by Apr. 23 pending
+ GOA accelerating pace on five new schools; planned as $100.0 million 5-school P3 bundle. These will not be publicly funded schools and the timelines will be pushed forward; two K-9 in Edmonton, one each in Calgary, Cochrane, and Legal
+ Government of Canada Infrastructure Minister McKenna is planning early rollout of shovel-ready infrastructure projects to help re-start the economy; no details yet …
+ Tsuut’ina Nation withdrew its opposition to the Springbank reservoir flood-mitigation, a 3,500-acre project will be for diversion of the Elbow River in flood times
SAVE THE DATE / upcoming events
+ Apr. 22; Earth Day (50th Anniversary), celebrated world wide; details
+ Sept. 22-24; BOMEX 2020, 20th Annual Building Excellence Summit, JW Marriott Parq, Vancouver; save the date
+ Sept. 29-30; Business Transitions Forum, Westin Edmonton; info/registration
+ Sept. 30; Vancouver Real Estate Forum, Vancouver Convention Centre West, Vancouver; info/register
+ Oct. 21; Alberta Real Estate Forum, Edmonton; info/register
+ Oct. 27-28; Supply Change EXPO, Stampede Park, Calgary; register
+ Nov. 6; 6th Annual Barney Bentall and Cariboo Express/Peter Burgener Memorial Charity Concert benefit for Classroom Champions; save the date/information
THERE HAS NEVER BEEN A BETTER TIME TO NEGOTIATE AN OFFICE LEASE IN CALGARY in the last 20 years, and I doubt we'll see better terms in the next 10 years than we can negotiate now; let's discuss your needs now; please call me at your convenience - Mark Kolke, 403-444-6939 - or send me an email: kolke@markkolke.comto discuss how we can deliver a solid impact on your bottom line. Saving money by reducing costs is sound thinking in any market climate - sometimes a move is in order, sometimes a renegotiation is best. Mark Kolke, Agent, MaxWell South Star Realty
+ Newfoundland Power Inc. closed $100.0 million debt financing
+ Shaw Communications Inc. is on the market to raise $500.0 million in sr. debt
+ ViveRE Communities Inc. closed $1.325 million equity financing by private placement
+ VOTI Detection Inc. closed $2.5 million 1st tranche of an equity financing by private placement
+ VOTI Detection Inc. closed $3.6 million 2nd tranche of an equity financing by private placement
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*editor’s note: names companies involved in debt financing transactions we report in this section are ALWAYS the borrower; we report ‘fresh raises’ and do not report secondary offerings …
INTERESTING TRENDS IN RETAIL ...
+ Cineworld Group PLC’s takeover of Cineplex Inc. facing a hurdle; Cineworld’s bondholders are not certain to approve the deal; this is COVID-19 related, and might be temporary reticence but could derail the deal
+ Couche-Tard shelved its $5.6 billion takeover bid for Australia’s Caltex
+ Neiman Marcus Group and Lord & Taylor both on the verge of seeking Chapter 11 bankruptcy protection …
KUDOS
+ for their donations to COVID-19 relief; to Maple Leaf Foods, $2.0 million; Scotiabank $200,000.0 to Code Life Ventilator Challenge, Lowe’s Canada, $1.0 million; Little Caesars, 250,000 slices of pizza; Bell Canada, 1.5 million N95 and KN95 face masks, Petro-Canada/Suncor, $3.0 million; Indigo Books, $1.0 million worth of books; Sleep Country $1.5 million in product donations; Imperial Equities 10,000 sq. ft. of space for Food Bank; Save-On-Foods began selling Girl Guide cookies for Girl Guides of Canada in its stores
QUOTES
+ It is during our darkest moments that we must focus to see the light. - Aristotle
+ A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say we did it ourselves. – Lao Tzu
+ July 15-16; Willow Park Golf and County Club Charity Classic in support of Calgary Reads, Calgary; info/registration/waiting list
+ Aug. 10; 2020 Legends for Learners Tournament in support of The Education Partnership Foundation, Valley Ridge Golf Course, Calgary; sponsorship - info/register
+ Alberta-wide; group gatherings limited to fifteen (15); public health orders. All Albertans with symptoms of COVID-19 are eligible to be tested.
+ BTB Property Holdings (Ricky’s Restaurant and Econo Lodge in Brooks) is in receivership; Bowra Group is trustee
+ CAE Inc. called ALL 1,500 laid-off employees in Canada back to work; they signed a contract to manufacture ventilators for Government of Canada and N95 masks for Government of Quebec
+ Calgary’s State of Emergency status continues; parks are open provided users practice safe-distancing
+ Canada: border closure agreement with the U.S. extended another 30 days; Industrial Research Assistance Program will provide $250.0 million in support to the tech sector; Export Development Corporation is now offering a load support program to provide liquidity to Canadian businesses ‘Business Credit Availability Program (BCAP) administered by Canadian Chartered Banks; Canada Emergency Business Account (CEBA) program parameters have been widened to allow lower and higher payroll small businesses to apply for funding
+ Canadian Federation of Independent Business survey indicates more than half of small businesses will not be able to pay their May rent without additional government support
+ Canada’s Sports Hall of Fame is closed for the remainder of 2020
+ Cargill meatpacking plant in High River closed/paused for deep clean; 360 COVID-19 cases – with 484 total cases linked to that outbreak; meat processing plants across Canada and the U.S. are seeing spikes in COVID-19 infections; not clear if it’s just plant sanitation and large staffs working in crowded environments/lack of distancing, or something else causing the outbreak– tic toc …
+ COVID-19 Checklist for Directors and Officers of Public Companies – 51 issues
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices dive based on current oversupply, lack of demand, and insufficient storage and contracts-trading squeeze; Brent holding, WTI in negative territory. Price solidarity among OPEC+ members doubtful as Saudi Arabia continues to flood the market with low price oil; U.S. crude futures up, Trump considers blocking Saudi shipments … tic toc
+ Delphi Energy got CCAA creditor protection; PriceswaterhouseCoopers is court-appointed monitor
+ Essential Energy Services Ltd. cut its 2020CapEx Budget from $5.0 million to $2.0 million
+ Husky Energy Inc. cut its 2020CapEx Budget another $700.0 million to $1.7 billion
+ layoffs: Shaw Communications, 10% of its workforce; WestJet gave layoff notices to 1,700 pilots
+ McArthur Furniture (Alberta) Ltd. and MTK Properties Ltd. are in receivership; KMPG Inc. is the receiver/manager
+ PANDEXIT is a new word we’ll be using soon; most Canadian provinces are looking at mid-late May for reopening, Ontario rumblings suggest they will go first
+ Peyto Exploration & Development Corp announced its 2020CapEx Budget is reduced to $200.0 million
+ Pieridae Energy Ltd. announced, due to COVID-19, it will delay its decision on the $10.0 billion Goldboro LNG project until Sept. 30, 2020
+ Point Loma Resources Ltd. sold a 97.5% interest in its Wizard Lake assets to it secured creditor and secured debenture holders for $2.9 million
+ rig counts (active/working) – U.S.: down 73 to 529 this week; Canada: down 5 to 30 this week; full breakdown
+ Strad Inc. got court approval for its going-private transaction
+ TC Energy’s Keystone XL Pipeline project has hit another speedbump; a U.S. Federal Judge made a ruling invalidating the U.S. Army Corps of Engineers clear water permit on the basis that insufficient consultation occurred relating to crossing waterways …
+ TELUS announced it will move some of its 2021 capital projects into 2020; 2020CapEx Budget for Alberta is now $3.5 billion
+ Trudeau government announced a $1.7 billion program to support the oil & gas industry – for reclamation of orphaned and inactive wells in Saskatchewan, BC, and Alberta; most industry watchers feel this is too little and late in coming …
+ Trudeau government announced a new $750.0 million emissions reduction fund
+ U.S. COVID-19 watching has taken some bizarre twists this past week; the battle over testing, shutdowns, and a system failing seem to vacillate from nation to states, from President to Governors – long on rhetoric, short on consensus; re-opening plans for ‘some places’ some time in May; meanwhile massive small business/payroll relief programs have been oversubscribed while congress wrangles over funding more; protests in many states and debate over insufficient testing capacity in most jurisdictions …
