+ Scott Hutcheson was appointed Chairman of the Calgary Olympic Bid Corporation for the 2026 Olympic and Paralympic Winter Games, YAY! Scott is a former Canadian ski-teamer, successful/influential and ‘real’ Calgary booster who walks the talk
+ BidCo to be incorporated, CEO to be hired, bid submission to International Olympic Committee by January, 2019
+ good news; Swiss region of Valais plebiscite voted no! … so Calgary bid faces one fewer competitors
+ Fiera Infrastructure, Dalmore Capital, Semperian PPP Investment Partners and Swiss Life Asset Managers agreed to acquire 100% of Cory Riverside Energy, one of the UK’s leading recycling and energy companies (525,000 MWh/yr.), processing residential and commercial waste
+ 50th anniversary Global Petroleum Show opens today; 1,000 exhibitors at Stampede Park
+ AKITA Drilling Ltd. and Xtreme Drilling Corp. agreed to combine; acquiring Xtreme for $209.0 million in a cash and shares deal
+ American Airlines commenced direct flight service from Calgary (YYC) to O’Hare (ORD) in Chicago
+ Canaccord Genuity Acquisition Corp. agreed to merger with Spark Power; will acquire Spark in a cash and shares deal – terms not disclosed
+ Canadian Pacific Railway committed to a $1.0 billion investment in new 1,000 high-capacity grain hopper cars to support current and future needs of grain supply chain; more than 500 new cars to be in service by end of 2018; CP plans to add 5,900 more high-capacity cars over the next four years …
+ cannabis issues are in the news with many real estate implications; I’ve not been running any of that news because it’s currently not a legal industry (though approval … with many amendments … in the Senate last week make legalization inevitable) and I can’t say I understand the ‘about to be booming’ business. Across Canada massive amounts of capital have been raised for growing and processing facilities. Retail landlords have been inundated with requests by potential retailers (no licenses have been granted yet) wanting space (most landlords say ‘no thanks’); Deloitte’s have published a report indicating a $7.2 billion market by 2019, so it’s no small issue. None of which addresses the thriving illegal market – I doubt they’ll stop growing their product once it becomes legal. Of note to those who might want to ‘grow their own’, be aware that make your home a grow-op – not necessarily illegal, but requiring disclosure when you sell your property (potential mold issues) … tic toc; if things don’t go as well as entrepreneurs expect, we may have a lot more ‘hot-house grown tomatoes’ on the market.
+ current energy prices – live link to current Bloomberg energy prices; crude prices down on the week; WTI @ US$66/bbl, Brent @ US$76 … concerns about rising U.S. and Russia inventories persist … tic toc
+ Equity Financial Trust is changing its name to Haventree Bank; will continue as a Schedule 1 Bank
+ Irving Oil reported close to finalizing purchase of Top Oil, an Irish gas station chain
+ rig counts: down 13 to 112 on the week; full breakdown
+ Sterling Resources Ltd. changed its name to PetroTal Corp.
+ Teck Resources Ltd. announced it is advancing its $20.0 billion Frontier Oil Sands Mine project to public hearing phase in September
+ trade warfare: Donald Trump continues his hissing match, dissing G-7 leaders and Prime Minister Trudeau over tariffs on steel, aluminum, cars, NAFTA, dairy … whatever seems to come to mind as if there are no consequences. European members of the G-7 are talking counter-measures, Trudeau is repeating his message. No word on whether U.S. dairy farmers are as fussed as their President. Trump rhetoric on trade issues/imbalances does agree with the math, so what can it be but politics? … tic toc
+ U.S. rig counts: up 2 to 1,062 – up 135 over same period last year; full breakdown
+ Vertex Resource Group Ltd. acquired TSL Industries; terms not disclosed
THIS WEEK IN FINANCINGS
- proposed & closed
+ Canadian Tire Corporation Limited is on the market to raise $650.0 million in unsecured debt by private placement
+ Dentalcorp Health Services ULCc closed US$908.0 million debt financing
+ Summit Industrial Income REIT is on the market to raise $100.0 million in equity
+ TMX Group Limited closed $200.0 million in sr. unsecured debt
*editor’s note: names companies involved in debt financings we report in this section are ALWAYS the borrower …
this week in REITS
+ Automotive Properties REIT agreed to acquire Country Hills Volkswagen, Calgary property for $18.0 million
+ BTB REIT acquired a 25% interest Complexe Lebourgneuf Phase II in Quebec City for $7.5 million
+ H&R REIT closed US$620.4 million sale of 62 U.S. retail properties
+ PRO REIT plans to internalize management, has agreed to acquire Compass Commercial Realty
+ PRO REIT agreed to acquire an aggregate of $45.1 million involving 12 properties (MB, QC, NB)
+ Summit Industrial Income REIT agreed to acquire five warehouse and logistics properties (Markham, Burlington, Calgary) for $127.0 million
+ Summit Industrial Income REIT is on the market to raise $100.0 million in equity
+ True North Commercial REIT closed its $85.15 million acquisition of 5775 Yonge St., Toronto – 274,500 sq. ft. Class A/LEED Gold office building
INTERESTING THINGS IN RETAIL
+ HBC announced it will closed 10 of its Lord & Taylor stores, including the New York 5th Avenue Flagship store in a cost-cutting move …
INTERESTING REAL ESTATE NEWS FROM OTHER PLACES
+ Devimco Immobilier is planning a $3-billion mixed use project in the Griffintown area of Montreal
+ Group Germain Hotels opened a new hotel, and launched a new flag; ALT+ Hotel Quartier DIX30 is flying in Brossard on Montreal’s south shore; loft-style boutique hotel
+ Westbank Corp. and Hootsuite founder Ryan Holmes are partnering on a full city block development on Main Streed in Vancouver to house WeWork, which will be Vancouver’s fourth Vancouver site
SHAREHOLDER MEETINGS
+ June 13; K-Bro Linen Inc., Annual General Meeting, Toronto
+ June 15; Roots Canada, Annual General Meeting, Toronto
+ June 25; New West Energy Services Inc., Annual and Special Meeting of Shareholders, Calgary
+ June 26; Eagle Energy Inc., Annual General Meeting, Calgary
+ July 5; Africa Energy Corp., Annual General and Special Meeting, Vancouver
+ July 13; Callidus Capital Corporation, Annual General Shareholders Meeting, Toronto
+ Canaccord Genuity Acquisition Corp. agreed to merger with Spark Power; will acquire Spark in a cash and shares deal – terms not disclosed
+ City of Calgary launched its summer 2018 projects; 29 projects, 40 paving projects with total cost of $441.0 million
+ Fiera Infrastructure, Dalmore Capital, Semperian PPP Investment Partners and Swiss Life Asset Managers agreed to acquire 100% of Cory Riverside Energy, one of the UK’s leading recycling and energy companies (525,000 MWh/yr.), processing residential and commercial waste
+ Transurban closed its acquisition of Concession 25 from Macquarie Infrastructure Partners; terms not disclosed
