+ Google (US$95.0 billion) and Facebook (US$25.0 billion) combined now command more advertising revenue than all print media on the planet – which, together, is 25% of global marketing expenditures. From zero to that in just 15 years; on the path to world domination, or to an anti-trust breakup?
SAVE THE DATE / upcoming events
+ Feb. 12; Canadian Association for the World Petroleum Council, Evening with Jeff Shellebarger, Calgary Hyatt Hotel; info/tickets
+ Feb 20; ACAMP Seminar, Future of Mobility, New Horizons in Transport and Industry, Best Western Premier, Calgary; info/register/tickets
+ Feb. 24-27; Canada Gas Association OEIC Conference, Hyatt Regency, Calgary; info/register
+ Feb. 24-28; 24th Annual International Pressure Equipment Integrity Association Conference & Exhibition, Banff Centre, Banff; info/registration
+ Feb. 25; RealCapital Conference, Metro Toronto Convention Centre, Toronto; info/register
+ Mar. 13-14; Canada’s 8th National Fair Trade Conference, Hotel Arts, Calgary; info/registration
+ Mar. 31; Vancouver Real Estate Forum, Vancouver Convention Centre West, Vancouver; info/register
+ Apr. 1; Western Canada Apartment Investment Conference, Vancouver Convention Centre West, Vancouver; info/register
+ Aug. 10; 2020 Legends for Learners Tournament in support of The Education Partnership Foundation, Valley Ridge Golf Course, Calgary; sponsorship - info/register
+ China’s spreading novel coronavirus (20190nCoV) consequences; so far 42,638 infected in China. 1,016 dead, with more than 6,000 patients in critical condition. So far only 2 deaths outside China; fist airlift of 215 Canadians, now quarantined at CFB Trenton – a 2nd airlift of 185 Canadians in transit to Trenton. So far, only 6 reported infections in Canada (4 in Vancouver, 2 in Toronto). The World Health Organization cautioned the spread of cases outside China could be ‘the spark that becomes a bigger fire’ …
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; upticked yesterday after recent softened trading over concerns about corona virus impact on China’s demand and on trade, OPEC and Russia mulling continuing reduced production
+ Dalmac Energy Inc. in court ordered receivership; The Bowra Group are Receiver/Manager
+ rig counts (active/working) – U.S.: steady at 790 this week; Canada: up 10 to 257 this week; full breakdown
+ Suncor Energy Inc. postponing $2.0 billion Montreal refinery retrofits in favour of oilsands expansions
+ Teck’s proposed Frontier oilsands mine continues to be in the news: Ottawa is floating balloons on an aid package for Alberta, Premier Kenny is lobbying hard on the basis the project is critical – which somewhat contradicts Teck’s moderate level of urgency. GOA/s Canadian Energy Centre chimed in. To be clear, Teck have done a thorough job of rule-following, and plan to build the mine once they have ‘approval, a built pipeline (TransMountain), a partner, and price. This is a long-term project for Alberta, for Teck, and for Canada. Approval of the project is the right thing to do for a highly credible Canadian resource leader … following the Trudeau government rules and process, so approval should happen … tic toc
+ Temple Hotels Inc. shareholders approved going-private transaction; Morguard Corporation to acquire all shares it does not already hold
+ TransGlobe Energy Corporation announced its 2020CapEx Budget is $37.1 million
+ TransMountain Pipeline expansion project court challenge brought by Indigenous groups, BC government and other intervenors regarding insufficient Indigenous consultation was denied by the Federal Court of Appeal, upholding the Order in Council which approved the project
+ TransMountain Pipeline expansion project announcements: construction continuing, capital/project budget now pegged at $12.6 billion, 2,900 people working on the project now – completion of entire expansion project / in-service, targeted for end of 2022
+ Western Financial Group acquired two-location Orr & Associates in Ontario; terms not disclosed
THIS WEEK IN FINANCINGS
- proposed & closed
+ Africa Energy Corp. closed US$25.0 million equity financing by private placement
+ Allied Properties REIT is on the market to raise $400.0 million in sr. unsecured debt
+ Atlas Engineered Products closed $4.597 million equity raise by private placement
+ Baytex Energy Corp. closed US$500.0 million sr. unsecured debt financing by private placement
+ Bell Canada is on the market to raise $750.0 million in medium-term unsecured debt
+ Brookfield Asset Management Inc. closed $20.0 billion equity raise for its Global Infrastructure Fund
+ Emerald Health Therapeutics Inc. closed $2.2 million tranche of an equity financing
+ Intact Financial Corporation is on the market to raise $125.0 million in preferred equity
+ Jupiter Resources Ltd. secured $225.0 million credit facility
+ Jupiter Resources Ltd. closed US$77.5 million sr. secured debt financing by private placement
+ RYU Apparel Inc. is on the market to raise $1.36 million in equity 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 …
CONSTRUCTION NEWS + BUILDING INNOVATIONS
+ ArchDaily Building of the Year 2020 Awards: The Finalists
+ Canadian Infrastructure Bank in an advisory role for $1.6 billion fibre link to connect remote communities in Nunavut with Manitoba’s power grid
+ Fraser Crossing Partners reached financial close ($967.5 million) on Pattullo Bridge Replacement Project in Vancouver; 50/50 projects will design, build, and partially finance the project in partnership with Government of British Columbia
+ Government of Canada announced $15.0 million contribution to construction of 1,930 car rail storage yard in Sturgeon County; will connect to CN’s Rock Yard siding
INTERESTING REAL ESTATE NEWS FROM OTHER PLACES
+ in Edmonton, the University of Alberta has plans to foster mixed-use development of surplus lands near its Michener Park property; they got an Order In Council permitting them to go forward with long term ground leases
+ in San Francisco, the iconic Transamerica Pyramid Center sale reported; US$700.0 million includes two adjacent buildings; naming rights remain with Transamerica
+ Simon Property Group (235 properties/191 million sq. ft.) agreed to acquire 80% interest in Taubman Realty Group (24 properties/25 million sq. ft.) for US$3.6 billion
+ in Vancouver, Cadillac Fairview announced plans to go forward with The Crystal at Waterfront Square; 26-storey / 500,000 sq. ft. office building will go up at 555 West Cordova St. ; the LEED Platinum project expected to break ground by end of 2020
INTERESTING TRENDS IN RETAIL
+ Brookfield Property Partners/Simon Property Group Inc. likely to close US$81.0 million bid to takeover Forever 21’s assets out of bankruptcy; extraordinary investment to keep the 815 store brand going … tic toc
+ California Pizza Kitchen is coming to Canada; five Alberta locations in Alberta - first store to open in Edmonton; plans also for Vancouver and Toronto
INTERESTING TRENDS IN OFFICE
+ Google signed a long term lease at 65 King St. East in Toronto; leased 400,000 sq. ft. from Carterra Private Equities Inc.
this week in REITS
+ Automotive Properties REIT closed its $17.5 million acquisition of Acura North Vancouver, property and dealership, from Dilawri Group
+ Automotive Properties REIT closed its $11.35 million acquisition of Regin BMW, property and dealership, from Dilawri Group
+ BTB REIT closed its $21.75 million acquisition of an Ottawa office building property; 77,500 sq. ft. LEED Silver building with additional land
+ CAP REIT completed its #391.0 million acquisition of a portfolio (eight properties / 14 buildings / 1,503 doors)
+ Firm Capital Property Trust acquired a 50% interest in two industrial properties / four buildings (Edmonton & Leduc) for $5.4 million
+ NorthWest Healthcare Properties REIT formed a $3.0 billion to acquire U.K. hospitals
