+ Encana Corporation completed its reorganization transactions; now ‘Ovintiv’, share exchange and corporately domiciled in U.S. – head office is now in Denver, Colorado
+ InPlay Oil Corp. announced its 2020CapEx Budget is $35.0 million
+ Oxford Properties Group and AIMCo announced JV project in Mississauga; 130 acre Square One Shopping Centre, 18.0 million sq. ft. mixed use neighbourhood: Square One District
+ SDX Energy Plc announced its 2020CapEx Budget is US$25.5 million
+ PrimeCARE Health Clinics (Calgary, Grande Prairie, and Carstairs) placed in receivership by ATB Financial; EY was appointed receiver
+ rig counts (active/working) – U.S.: down 1 to 794 this week; Canada: steady at 244 this week; full breakdown
THIS WEEK IN FINANCINGS
- proposed & closed
+ Africa Energy Corp. is on the market to raise US$20.0 million in equity by private placement
+ Alimentation Couche-Tard Inc. is on the market to raise US$750.0 million in sr. unsecured debt
+ Alimentation Couche-Tard Inc. is on the market to raise US$750.0 million in sr. unsecured debt by private placement
+ Baytex Energy Corp. is on the market to raise US$500.0 million in sr. debt by private placement
+ Garda World Security Corporation is on the market to raise US$450.0 million in sr. secured debt
+ HEXO Corp. closed US$20.0 million equity financing
+ New Stratus Energy Inc. is on the market to raise $2.25 million in equity by private placement
+ Profound Medical Inc. closed US$40.0 million equity financing
+ PUDO Inc. closed $2.26 million equity financing by private placement
+ Reconnaissance Energy Africa Ltd. is on the market to raise $2.0 million equity financing by private placement
+ Subversive Real Estate Acquisition REIT LP closed US$225.0 million equity raise
+ Waste Connections Inc. is on the market to raise $600.0 million in sr. debt
+ Xenon Pharmaceuticals Inc. closed $60.0 million equity financing
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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
+ ConbonCure Technologies installed high-tech low-carbon concrete (East Deicing Apron) at YYC now in service; CarbonCure injects waste carbon dioxide (CO2) captured by industrial gas suppliers into concrete during mixing, enabling the production of stronger, more sustainable concrete; more than 25,000 cubic metres of CarbonCure concrete was poured for the construction of the East Deicing Apron project, realizing 160 tonnes of carbon savings – equivalent to 209 acres of forest absorbing CO2 over the course of a year
+ construction completed – largest 3D-printed building; 31 ft. tall, 6,900 sq. ft. building in Dubai; 3 workers, 1 printer
INFRASTRUCTURE / P3
+ National Capital Commission Board approved LeBreton Flats master concept plan; NCC wants 44% of redeveloped LeBreton Flats to be parks and open spaces, 4,000 residential units, 116,000 square metres of office space and 21,000 square metres of retail space – proposal call process to commence this spring
INTERESTING REAL ESTATE NEWS FROM OTHER PLACES
+ Firm Capital American Realty Partners Trust agreed to invest US$27.9 million to acquire a 50% interest in a 250-door property in Houston
+ Manulife Investment Management acquired Phase 3 and 4 of EQ8 LaSalle (300 units) for $105.0 million
+ Oxford Properties Group and AIMCo announced JV project in Mississauga; 130 acre Square One Shopping Centre, 18.0 million sq. ft. mixed-use neighbourhood: Square One District
+ Realstar Group agreed to acquire 286-unit Taunton Apartments in Oakville, ON for $164.0 million
INTERESTING TRENDS IN RETAIL
+ Freemark Apparel Brands, operator of Bench stores will close all 21 of its Canadian locations
+ MEC (Mountain Equipment Co-op) is restructuring; undisclosed number of layoffs, subletting its Vancouver head office property; relocation of Toronto and Vancouver stores happening this year … tic toc
+ M & M’s retail stores? … YES, Mars Retail Group opening 3 experimental stores: 1st one, a flagship 24,000 sq. ft. store in Mall of America, Orlando at Disney Springs, and early in 2021 in Berlin
+ Papyrus (American Greetings, Carlton Cards etc.), once operators of 450 U.S. stores, currently at 260, announced plans to close them all
INTERESTING TRENDS IN INDUSTRIAL + LOGISTICS REAL ESTATE
+ Michael Lange, Jean Francois Ott, and Michel Pascalis, who respectively previously founded JLL Russia, Orco Property Group and MLP (Multinational Logistic Partnership), have teamed up to create L.O.P. Urban Logistic, a Russian REIT with the objective of building a portfolio of warehouses focused on servicing the booming e-commerce and last-mile industry with an initial €140 million fundraising campaign
INTERESTING TRENDS IN OFFICE
+ Mastercard opened its new Intelligence and Cyber Centre in Vancouver; being launched in partnership with the Government of Canada through its Strategic Innovation Fund, with an additional $510 million investment by Mastercard – 380 jobs
this week in REITS
+ Inovalis REIT completed its acquisition of 75%, to now hold 100%, of an office property in Arcueil (outskirts of Paris), France
+ Michael Lange, Jean Francois Ott, and Michel Pascalis, who respectively previously founded JLL Russia, Orco Property Group and MLP (Multinational Logistic Partnership), have teamed up to create L.O.P. Urban Logistic, a Russian REIT with the objective of building a portfolio of warehouses focused on servicing the booming e-commerce and last-mile industry with an initial €140 million fundraising campaign
+ Subversive Real Estate Acquisition REIT LP closed US$225.0 million equity raise
