FACILITYCalgary

news, commentary & perspective - financings, deals - commercial real estate, infrastructure, oil & gas

FACILITYCalgary June28/22

CONVERSATIONS

ARCHIVED ISSUES

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SHAKERS AND MOVERS 
appointments and disappointments 

+ Aaron Bowler to Partner @ Borden Ladner Gervais LLP

+ Andrea Robertson to Director @ Canadian Pacific Railway Limited

+ Andrew Watts to CEO @ Ivrnet Inc.

+ Carline Berglund to Sr. Consultant @ Kincentric

+ Dieter Jentsch to Director @ Aimia Inc.

+ Edmund King, Director and Chairman @ The Caldwell Partners International Inc., retired

+ Edward Hamberger to Director @ Canadian Pacific Railway Limited

+ Elias Vamvakas to Director @ The Caldwell Partners International Inc.

+ Eugene Chen to Partner @ McLeod Law LLP

+ Fabiola MacIntryre, Green Line LRT Deputy Director @ City of Calgary, resigned

+ Frank Vettese to Director @ Royal Bank of Canada

+ Frederick Mifflin to Director @ Aimia Inc.

+ Jo Taylor to Pres. & CEO @ Ontario Teachers’ Pension Plan

+ John Macdonald to Board Chair @ Paritygo Inc.

+ John McAllister to HR Business Advisors @ Canadian Natural Resources Limited

+ John O’Connell, Director @ Gear Energy Ltd, resigned

+ John Young to Director @ The Caldwell Partners International Inc.

+ Mario Forgione, Director @ Nexus REIT, resigned

+ Paul Harris, Trustee @ CAP REIT, passed away

+ Paul Tessy to Sr. VP International @ Purolator Inc.

+ Rachel Niven to Sr. Land Representative @ Trans Mountain

+ Renee Neil to Bus. Dev. Mgr. @ Encore Travel

+ Rob Roberts to Editor-in-Chief @ National Post

+ Ron Mock, Pres. & CEO @ Ontario Teachers’ Pension Plan, retiring

+ Saphron Skinner to Building Envelope Specialist @ Entuitive

+ Sean Fairhurst to Partner @ Dentons Canada LLP

+ Scott Robinson to director @ Gear Energy Ltd.

+ Terrance McKibbon to Pres. & CEO @ Bird Construction Inc.

+ Tyson Portwood to Sr. Specialist, Contract Management @ Suncor

+ Wes Jickling to CEO @ Canadian Oil Sands Innovation Alliance (COSIA)

~

 [send us your appointment notices  kolke@facilitycalgary.com ]




 MEMORIAM  

+ John Riseborough, retired broker/owner @ ReMax House; 76

+ Nomi Whalen, founding member of Alberta Human Rights Commission, former Calgary City Councillor and prodigious Provincial Marriage Commissioner, 87

+ Rick Smith, Director @ Calgary Co-op, and long term executive @ Heritage Park; 71




 HUMAN RESOURCES + WORKPLACE TRENDS 

+ traits leaders need

+ trouble at corporate responsibility panel; erosion of trust

+ finalists for 2019 HR awards




 QUOTES 

+ All I ever wanted was to reach out and touch another human being not just with my hands but with my heart. – Tahereh Mafi

+ Your mind shines brightest when you enlighten others; your heart, when you encourage others; your soul, when you elevate others; and your life, when you empower others. – Matshona Dhliwayo




  KUDOS  

+ to all the volunteers who make Calgary Stampede the greatest outdoor show on earth!

+ to Calgary Construction Association – celebrating its 75th anniversary




  GLOSSARY + ABBREVIATIONS + ACRONYMS 

+ ABS – Asset Backed Securities

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ AIMCo – Alberta Investment Management Corporation

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ BIM – Building Information Modeling

+ BOE – barrel of oil equivalent

+ Brent – North Sea crude benchmark price

+ CaGBC – Canada Green Building Council

+ CapEx – capital expenditures

+ CAPP - Canadian Association of Petroleum Producers

+ cap rate – capitalization rate

+ CBD – Central Business District

+ CCAA – Companies’ Creditors Arrangement Act

+ CCS – Carbon Capture and Storage

+ CEAA – Canadian Environmental Assessment Agency

+ Chapter 11 – court ordered creditor protection under U.S. bankruptcy law

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CPPIB – Canada Pension Plan Investment Board

+ CREB - Calgary Real Estate Board

+ DAB – Development Appeal Board

+ DILBIT – diluted bitumen

+ DIP – debtor in possession

+ EBITDA – earnings before interest, taxes, depreciation and amortization

+ EIA – U.S. Energy Information Administration

+ EPC – engineering, procurement and construction

+ E & P – exploration and production

+ FEED – front-end engineering and design

+ FERC – U.S. Federal Energy Regulation Commission

+ Forbearance Agreement – a short term formalized relief arrangement when loan terms are in default

+ FSR – floor space ratio

+ FTC – U.S. Federal Trade Commission

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ GW - gigawatt

+ G&A – general and administrative

+ HOOP – Healthcare of Ontario Pension Plan

+ IEA – International Energy Agency

+ IFMA – International Facility Management Association

+ IMCO – Investment Management Corporation of Ontario

+ IPO – Initial Public Offering

+ ISO – International Organization for Standardization

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ LNG – Liquefied Natural Gas

+ LPG – Liquefied Propane Gas

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ MOA – Memorandum of Agreement

+ MOU – Memorandum of Understanding

+ MT – metric ton

+ MW – megawatt (1 million watts)

+ NAFTA – North American Free Trade Agreement

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ OPEC – Organization of Petroleum Exporting Countries

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ PPA – Power Purchase Agreement

+ PSAC – Petroleum Services Association of Canada

+ PSP – Public Sector Pension Investment Board

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFI – request for information

+ RFP – request for proposals

+ RFQ – request for qualifications

+ ROFR – right of first refusal

+ RICS – Royal Institution of Chartered Surveyors

+ RNG – renewal natural gas

+ SAGD – steam assisted gravity drainage

+ SAIT – Southern Alberta Institute of Technology

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ TOD – transit oriented development

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – YYC Calgary International Airport


 weekly newsletter

Est. July, 1999


current week data

this  site is refreshed with a new issue every Tuesday


updated July 16, 2019


Editor/Publisher: Mark Kolke



 TODAY'S HEADLINES


HEADLINES: Alberta in-migration is up | Calgary Stampede | Chevron new LNG plan | Parkland Fuel office deal | Ridley Island Terminal sale + deals + rig counts + upcoming events, appointments, Golf Tournaments + REIT NEWS + financings




CONVERSATIONS

FACILITYCalgary Publisher Mark Kolke interviews interesting people. He seeks a glimpse of what drives them, how they see the world and what they see in Calgary's future:

A recent conversation with Neil Camarta, Pres. & CEO @ Field Upgrading and former Sr. VP Oilsands @ Suncor and Royal Dutch Shell

A recent conversation with John Kenny, Founder and Exec. VP @! Yr Plans Inc. and co-founder of Solium Capital

Click here to access the archive: archived conversations with fascinating Calgarians ...



 sponsors of this week's issue:

e-mail Grant Robinson, Managing Director, Calgary
 
RISK & INSURANCE SOLUTIONS



CONTACT US
SALES COACHING



CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



CLICK HERE TO GET MARK'S HOME SEARCH APP FOR YOUR MOBILE PHONE - search any MLS listing you see, get information and/or book a showing without making a call - check it out! It's new and aVERY cool tool.

CONTACT MARK KOLKE 
RESIDENTIAL SALES



click to contact: Trevor Winkler, Regional Managing Partner, Calgary
 
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PUT YOUR 
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 Advertising/sponsorship queries:  kolke@facilitycalgary.com 
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e-mail Lance Laliberte - Sales at PREMIERE OFFICE FURNITURE
 
NEW AND USED OFFICE FURNITURE



Partner with us for your CSR or employee giving program, and join us in the global fight against avoidable blindness - e-mail Lynne Nieman, Partnerships Officer
 
SUPPORTING VISION PROJECTS WORLDWIDE



RETAINED EXECUTIVE SEARCH - For more information, click here.



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



 
DATA CENTRE

e-mail: Carol.Keen@DataHive.ca



e-mail Lance Laliberte - Sales at PREMIERE OFFICE MOVERS
 
OFFICE MOVERS



 SAVE THE DATE - CHARITY GOLF TOURNAMENTS 

+ July 16; Willow Park Charity Golf Classic, Willow Park G&CC, Calgary; info/details

+ Aug. 1; SAIT Centennial Golf Classic, Priddis Greens, Priddis; info/details

+ Aug 12; Shrine Golf Tournament, Pinebrook Golf and Country Club, Calgary; details/sponsor/register

+ Aug. 13-15; Priddis Greens Charity Classic, Priddis Greens G& CC, Priddis; info/details

+ Aug. 15; CHAS (Children;s Hospital Aid Society) 37th Golf Classic, Silver Springs Golf Club, Calgary; info/registration

+ Aug. 22; BILD Calgary 2019 Industry Charity Tournament, Priddis Greens, Priddis; info/register

+ Aug. 29; Urban Measure Invitational for Cystic Fibrosis, Inglewood Golf & Curling Club, Calgary; info/register

+ Sept. 4; Little Warriors 4th Annual Golf Tournament, The Quarry, Edmonton; info/register

+ Sept. 5; 2019 Enmax BOMA Golf Tournament, Kananaskis Country GC, Kananaskis; info/register

+ Sept. 19; Basecamp Resorts/Murrieta’s 1st Annual Charity Golf Tournament, Stewart Creek, Canmore; info/register

~

[please send your charity golf event notices to:  kolke@facilitycalgary.com ]




 SHAREHOLDER MEETINGS

+ July 23; WestJet Airlines Ltd., Special Meeting of Shareholders, Calgary

+ Aug. 6; Echelon Financial Holdings Inc., Annual General Meeting, Toronto

+ Aug 6; GMP Capital Inc., Meeting of Common Shareholders, Toronto

+ Aug. 16; Street Capital Group Inc., Special Meeting of Shareholders, Toronto

~

[ please send your event notices and AGM notices to:  kolke@facilitycalgary.com ]




 CLIMATE CHANGE + LEED + RENEWABLE ENERGY 

+ Canada Green Building Council (CaGBC) published updates on its disclosure challenge project; check out the case studies, or join the program – tools to measure effective utility consumption/management

+ City of Airdrie and ENMA completed installation of 1.55MW rooftop solar installation at Genesis Place Recreation Centre – will save $80,000.0 annually




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NEWS SUMMARY 
 July 9 ~ 16 


+ Alberta in-migration for the first quarter of 2017 was 3,438 net; not a lot, but in the right direction!

+ Bank of Canada held its benchmark rate at 1.75%

+ BC is taking its case against the TransMountain pipeline expansion to the Supreme Court of Canada; Alberta is applying for intervenor status … tic toc

+ Calgary Stampede 2019 came and went with a mix of work, play, rodeo, chucks / 1,275,465 attendance (2nd highest ever!), with spotty weather – some rain, some sunshine, lots of mixing/mingling and networking; chuckwagon race results included six horse fatalities … safety review pending

+ Callon Petroleum Co. agreed to acquire Carrizo Oil & Gas Inc. for $3.2 billion

+ Chevron Corp. has submitted revised plans to regulators for its Kitimat LNG export terminal project (JV with Woodside Petroleum Ltd.) – construction to start in 2023 … tic toc

+ CIBC agreed to acquire Cleary Gull, a Milwaukee based investment banking firm

+ Crown Capital Partners Inc. acquired WireIE Holdings International Inc.

+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices have been stronger; GOM storm activity disrupted production, middle east tensions and strong data on Chinese industrial output are contributing factors …

+ Eagle Spirts Energy Corridor venture planning four pipelines (2 oil, 2 natural gas) to ship northern Alberta product from the west coast in defiance of Bill C-48 … tic toc

+ First Capital Realty Inc.’s board conditionally approved conversion to a REIT corporate structure

+ FACILITYCalgary at 20 … many thanks to readers and sponsors for your support!

+ GFL Environmental Inc. acquired the Soil Safe group of companies

+ Gulf of Mexico producers shutting some offshore production due to threatening hurricane level storm activity

+ NAFTA replacement agreement in jeopardy; U.S. President Trump imposing 75% ‘made in America’ requirement will likely impact Canadian steel makers and auto suppliers … tic toc

+ Parkland Fuel Corp’s head office consolidation in downtown Calgary won $4.0 million subsidy from Opportunity Calgary in consideration of moving/creating 270 full time jobs; given Parkland’s substantial recent growth, one has to wonder whether they would have taken up the space and grown its Calgary staff without being subsidized

+ Premier Kenny announced plans for a review of Alberta Energy Regulator (AER)

+ Ridley Terminals Inc., a crown corporation, is being sold – 90% going to a JV (Riverstone Holdings LLC, AMCI Group) for $350.0 million. 10% going to indigenous Limited Partnership ~ Lax Kw’alaams Band and Metlakatla First Nation

+ rig activity in Canada

+ rig counts – U.S.: down 5 to 958 this week; Canada: down 3 to 117 this week; full breakdown

+ Spencer Stuart acquired the HR & Talent Advisory business of AON; branded as Kincentric

+ Vistra Energy completed its acquisition of Crius Energy Trust




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Brookfield Infrastructure are on the market to raise $750,034,900.0 in equity

+ European Residential REIT secured $73.0 million credit facility

+ First Capital Realty Inc. is on the market to raise $200.0 million in sr. unsecured debt

+ InterRent REIT closed $201.0 million equity financing

+ SQI Diagnostics Inc. closed $1.5 million equity financing by private placement

+ Subversive Capital Acquisition Corp. is on the market to raise US$500.0 million in equity by IPO

+ Universal mCloud Corp. closed $23,492,800.0 convertible debt financing

~

*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 …




 INFRASTRUCTURE / P3  


+ Calgary City Council members vacillating on the staging of the Green Line LRT project; stalling the whole project is possible as the engineering solution for the north portion remains unresolved. Meanwhile, turmoil continues over departure of senior officials on the Greenline project … tic toc

+ Canada Infrastructure Bank announced a $20.0 million commitment to a water and wastewater project in Mapleton, ON

+ Hydro-Quebec commission a new $1.1 billion, 735-kV / 400 km. transmission line and facility at Chamouchange-Bout-de-I’lle

+ Ridley Terminals Inc., a federal crown corporation, is being sold – 90% going to a JV (Riverstone Holdings LLC, AMCI Group) for $350.0 million. 10% going to indigenous Limited Partnership ~ Lax Kw’alaams Band and Metlakatla First Nation




 BUILDING OPERATIONS NEWS + INNOVATION 

+ Calgary Tower closed on the weekend after an elevator malfunction; 8 passengers rescued, the tower is closed while the problem is being investigated and repaired …




 CONSTRUCTION NEWS + INNOVATION 

+ Chateau Laurier in Ottawa is expanding; much controversy over design of the new wing

+ IKO’s new product AquaBarrier vapour permeable tapes

+ The Stack broke ground; to be completed in 2022




 SAVE THE DATE / upcoming events

+  July 23; Policy & A Pint, U of C School of Public Policy, Junction YYC, Calgary; info/tickets

+ Sept. 2-4; World Heavy Oil Congress & Exhibition, Oman Convention Centre, Muscat, Oman; info/register

+ Sept. 9-11; BOMEX 2019, St. John’s, Nfld.; info/sponsor/register

+ Sept. 14; Cerebral Palsy Association, Life Without Limits Challenge, Rotary Challenger Park, Calgary; info/register

+ Sept. 17-19; Gastech Exhibition & Conference, Houston, Texas; info/registration

+ Sept. 17-19; Canadian Association of Professional Landmen (CAPL), 2019 Conference, Calgary; info/register

+ Sept. 19; Uncorking Potential fundraiser (formerly known as the Peter Gzowski Invitational) for canLEARN Society, Fort Calgary, Calgary; info/tickets

+ Oct. 1; Workforce Choice Awards, Jack Singer Concert Hall, Calgary; info/tickets

+ Nov. 6; Calgary Real Estate Forum, TELUS Convention Centre; info/register

+ Nov. 11; ADIPEC – Abu Dhabi International Exhibition and Conference; info/book space in Canada pavilion

+ Nov. 20-24; 2019 Grey Cup Festival; tickets/information


[send your event notices to:  kolke@facilitycalgary.com ]



 INTERESTING REAL ESTATE NEWS FROM OTHER PLACES 


+ in BC, the NDP government is outsourcing facility and project management for 1,800 properties; the 17.0 million sq. ft. portfolio awarded to CBRE

+ in Germany, Avison Young acquired VÖLCKERS & CIE; terms not disclosed

+ in Melbourne, Australia Charter Hall partnered with PSP Investments to acquire Telstra Tower for A$830.0 million

+ in Vancouver, WeWork has leased 10 floors / 170,000 sq. ft. in a new building SunLife are building; BentallGreenOak are handling the new building (534,000 sq. ft.) called B6




 INTERESTING TRENDS IN RETAIL 


+ Calgary rooted Good Earth Coffeehouse has ventured into Quebec – their 51st Café to open Sept. 4th; they are working with Compass Group at Montreal’s CHUM Hospital facility




 this week in REITS 


+ European Residential REIT secured $73.0 million credit facility

+ Firm Capital Property Trust closed its $23.2 acquisition of 50% interest in a grocery anchored shopping centre in St. Albert, AB, from First Capital Realty Inc.

+ First Capital Realty Inc.’s board conditionally approved conversion to a REIT corporate structure

+ InterRent REIT closed $201.0 million equity financing

+ Mario Forgione, Director @ Nexus REIT, resigned

+ MINTO Apartment REIT agreed to acquired 40% interest in a Toronto property (High Park Village - three high-rise towers) for $131.2 million

+ Paul Harris, Trustee @ CAP REIT, passed away




 TECH Corner ...  

+ 85% of Canadians HAVE NOT been off-the-grid in the last year; CIRA report/factbook




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