+ 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
+ Oct. 29-30; Business Transitions Forum, Westin Calgary; info/registration
+ Nov. 6; 6th Annual Barney Bentall and Cariboo Express/Peter Burgener Memorial Charity Concert benefit for Classroom Champions; save the date/information
+ QuadReal Property Group acquired three apartment buildings (Hamilton, Cambridge, and Kingston); 750 units, $300.0 million
+ in Montreal, a retail footwear institution on Greene Avenue – Tony Shoes is closing after 83 years; sad loss to the retail industry – third-generation operator Tony Fargnoli and his wife Cathie, legendary retailers say, “the new normal is not normal”. Sad!
+ in Paris, France, Ivanhoé Cambridge, Bouinvest Real Estate Investors, and Greystar Real Estate Partners teaming up in JV to invest €1bn in student housing and young professionals
RETAINED EXECUTIVE SEARCH - For more information, click here.
INTERESTING RETAIL TRENDS ...
+ Apple is re-closing 11 stores in (Arizona, Florida, North Carolina, South Carolina) that have COVID-19 case spikes
+ DUER to open it’s 3rd retail location in Calgary July 2nd; 2,000 sq. ft. store will be at 1708-4 St. SW (former Lululemon location) – link to website + book an appointment
+ Ivanhoé Cambridge CEO Nathalie Palladicheff announced plans to reduce its stake in malls, reorganized the retail portfolio, and eliminated 57 sr. management positions
+ Neiman Marcus, in Chapter 11, got the approval of US$400.0 million DIP (debtor in possession) financing to carry on business for now …
+ Sobeys new grocery concept launched – online grocery home deliver in GTA; Voilà by Sobeys
+ Alberta COVID-19 stats: 153 deaths, 7,736 cases so far: aggregate Alberta data - currently there are 32 Albertans are in the hospital with COVID-19, 6 of those are in intensive care units
+ Alberta did a Stage 2 relaunch, allowing many more businesses to re-open and allowing a wider range of public gathering activities started June 12th; state of public health emergency status for Calgary, and for Alberta, now lifted
+ ABTraceTogether – get the APP; GOA has launched an app which, if loaded on your phone, enables contact tracing in the event you or someone you’ve been near contracts COVID-19; this is something we should all consider getting on-board
+ Blackstone Industrial Services acquired the assets of Trican Pipeline & Industrial Services Business from Trican Well Service Ltd.
+ Canada’s CERB (Canada Emergency Response Benefit) will be extended until August 29, 2020
+ Canadian Utilities Limited and Quanta Services formed a 50/50 JV: LUMA Energy LLC, were selected by the Puerto Rico Public-Private Partnerships Authority (P3 Authority) to modernize and operate Puerto Rico's electric transmission and distribution system over a term of 15 years
+ Cequence Energy Ltd. secured courted ordered CCAA protection; EY appointed as monitor
+ Cineplex Inc. adopted a shareholder rights plan
+ Co-op refinery (Federated Co-operatives Limited) in Regina reached a tentative deal with its workers
+ Enbridge Inc. reducing staff; 800 employees taking voluntary buyouts – 7% of staff company-wide, a measure to avoid layoffs due to the downturn in business
+ Ovintiv (formerly EnCana) announced it is laying off 640 (25%) of its employees across the company – Denver, The Woodlands, and Calgary
+ Prairie Storm Energy Corp. is under new ownership
+ Q’Max Group in receivership – KPMG is the receiver
+ Air Canada closed $840.0 million second lien secured debt financing
+ Air Canada closed US$315.0 million Class C Pass-Through Certificates financing
+ Boston Pizza Royalties Income Fund and Boston Pizza International secured $10.0 million in equity financing and $6.25 million new credit facility
+ Canadian Natural Resources Limited is on the market to raise US$1.1 billion in debt
+ Cargojet Inc. closed $100.0 million sr. unsecured debt financing
+ E-L Financial Corporation is on the market to raise $200.0 million sr. unsecured debt
+ Gibson Energy ULC is on the market to raise $650.0 million in unsecured debt
+ Northview Canadian High Yield Residential Fund is on the market to raise $430.0 million in equity
+ Parkland Corporation is on the market to raise $400.0 million in sr. unsecured debt
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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 or non-arm’s-length transactions …
this week in REITS
+ SmartStop Self Storage REIT opened it’s 12th location in GTA; 85 units/85,800 sq. ft.
QUOTES
+ Those that despise people will never get the best out of others and themselves. – Alexis de Tocqueville
+ People always say that I didn’t give up my seat because I was tired, but that isn’t true. I was not tired physically … No, the only tired I was, was tired of giving in. – Rosa Parks
KUDOS
+ to companies supporting COVID-19 relief, to Circle K/Alimentation Couche-Tard Inc., donated five million meals to Canadian food banks; The Co-operators provided $200,000 to small co-ops;
+ to Linda Olsen, named 2020 Honourary Fellow @ St. Mary’s University
+ to winners of The Calgary Awards; Brian Thiessen, Citizen of the Year; Eva Friesen, Grant MacEwan Lifetime Achievement, Colin Jackson, Arts; Bryan de Lottinville, Commerce
+ Calgary City Council approved going ahead with the $5.5 billion GreenLine LRT project
+ House of Common’s Board of Internal Economy is planning a $733.0 million renovation plan for Parliament Hill visitors centre …
+ Polaris Infrastructure Inc. agreed to acquire 100% of a 10MW run-of-river hydro project in Panama from Navitas Holdings Inc.
+ SNC-Lavalin JV with M. Sullivan & Son awarded Phase 2 of the Calabogie Generating Station Redevelopment by Ontario Power Generation; cost-reimbursable contract valued at over $100 million with work anticipated to start in June 2020 and will take two years
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