+ 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. 28; BOMEX 2020 Virtual
+ 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
+ Lendlease and Canada Pension Plan Investment Board (CPPIB) growing their partnership in the Build-to-Rent sector in the UK; confirmed they will add £85.0 million to help fund 123 new Build-to-Rent homes at Elephant Park in south London
+ Chuck E. Cheese 550 location restaurant chain filed for Chapter 11 bankruptcy protection; the company will take a US$450.0 million charge and all retail activities and employees will move to virtual-only
+ Frank and Oak change (22 stores in Canada) heading into creditor protection; Modasuite Inc., dba Frank and Oak will seek to reorganize and refinance; KPMG is the proposed trustee
+ GNC (General Nutrition Center) filed for Chapter 11 bankruptcy protection; plan to close 800-1,200 of its 7,300 stores; 29 of its Canadian stores will close
+ Microsoft Corp. announced it will close all of its retail stores permanently
+ Nike Inc. announced it intends to open 150-299 Nike live-style stores over the next couple of years
+ Schanks for the memories; sadly, it has been reported that both locations of Schanks Sports Grill in Calgary (Macleod Trail & Crowfoot Crossing) will not-reopen; the landlord of one location negotiating but non-committal … tic toc
+ Alberta COVID-19 stats: 154 deaths, 7,354 cases so far: aggregate Alberta data - currently there are 41 Albertans are in the hospital with COVID-19, and 9 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
+ Alberta Enterprise Corporation receiving $175.0 million to fund venture capital to start-ups
+ 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
+ Chesapeake Energy Corp. entered Chapter 11 Bankruptcy creditor protection during a restructuring
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices cautiously edging upward as production cutbacks and oversupply concerns continue to unsettle the market concerns about the fragility of demand … but UP is good!
+ Dialog and HOK have been selected as the design team for Calgary’s new $550.0 million arena; City of Calgary and Calgary Sports Entertainment Corp. will finance the project; CANA Construction and Mortensen Construction will handle the execution of the project expected to open in May 2024.
+ Free Rein Resources Ltd. completed its JV partnership with Nucor Environmental Solutions Ltd.
+ GOA – long-term Alberta economy reboot plan released
+ Investment Alberta is being created by the GOA; it will set up international offices and pitch Alberta to potential investors
+ Lululemon agreed to acquire in-home fitness company Mirror for $500.0 million
+ Michels Canada awarded the contract to build the Alberta portion of the Keystone XL pipeline; construction will begin near Oyen this summer and complete near Hardisty by spring 2022
+ rig counts (active/working) – U.S.: down 1 to 265 this week; Canada: down 4 to 13 this week; full breakdown
+ Toscana Energy Income Corporation agreed to an Arrangement Agreement with i3Energy plc; i3Energy will acquire all of Toscana – subject to shareholder and court approval
+ Capital Power Corporation announced it will do a $92.0 million expansion of its Whitla Wind power facility; will add 54MW to total 353 MW by late 2021; Whitlaw is 15 km. south of Bow Island in the County of Forty Mile in southern Alberta
SHAREHOLDER MEETINGS
+ Aug. 7; Bridgemarq Real Estate Services Inc., Annual Meeting of Shareholders, (virtual only)
+ Aug. 11; Optiva Inc., Annual and Special Meeting of Shareholders, Toronto
+ Bed Bath & Beyond Inc. secured US$850.0 million credit facility
+ BlueRush Inc. closed $1.2 million tranche of an unsecured convertible debt financing
+ Canadian Western Bank closed $125.0 million in sub debt financing by private placement
+ Garda World Security Corporation is on the market to raise US$120.0 million in sr. secured debt
+ Hut 8 Mining Corp. closed $8.338 million equity financing
+ Northland Power Inc. secured $465.0 million debt financing
+ Parkland Corporation closed $400.0 million sr. unsecured debt financing
+ Royal Bank of Canada is on the market to raise $1.25 billion in subordinated debt
+ Siyata Mobile Inc. closed $1.33 million unsecured convertible debt financing by private placement
+ StorageVault Canada Inc. is on the market to raise $75.0 million in sr. unsecured debt
~
*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 …
CONSTRUCTION NEWS + BUILDING INNOVATIONS
+ Boyuan Construction Group Inc. announced a ‘going private’ transaction; Mainway Management Limited, controlling shareholder, will own 100%; Mainway is controlled by Shou Cailiang
+ Dialog and HOK have been selected as the design team for Calgary’s new $550.0 million arena; City of Calgary and Calgary Sports Entertainment Corp. will finance the project; CANA Construction and Mortensen Construction will handle the execution of the project expected to open in May 2024.
+ Michels Canada awarded the contract to build the Alberta portion of the Keystone XL pipeline; construction will begin near Oyen this summer and complete near Hardisty by spring 2022
+ PCL Construction Services Inc. began construction 20MW Odom Solar Farm, located near Moultrie, Georgia for Silicon Ranch
INTERESTING TRENDS IN OFFICE REAL ESTATE ...
+ Groupe Mach acquired 282,644 sq. ft. office building in Saint-Laurent, QC for $33.7 million
INTERESTING TRENDS IN INDUSTRIAL + LOGISTICS REAL ESTATE ...
+ Strategic Storage Trust IV Inc., affiliate of SmartStop Self Storage REIT Inc., opened a SmartStop® Self Storage location in East York, Toronto
this week in REITS + TRUSTS
+ Dream Industrial REIT acquired four properties; two in Germany, one in the Netherlands, and one in Montreal - $108.0 million in all
+ Strategic Storage Trust IV Inc., affiliate of SmartStop Self Storage REIT Inc., opened a SmartStop® Self Storage location in East York, Toronto
+ Capital Power Corporation announced it will do a $92.0 million expansion of its Whitla Wind power facility; will add 54MW to total 353 MW by late 2021; Whitlaw is 15 km. south of Bow Island in the County of Forty Mile in southern Alberta
+ PCL Construction Services Inc. began construction 20MW Odom Solar Farm, located near Moultrie, Georgia for Silicon Ranch
QUOTES
+ The brain is a wonderful organ; it starts working the moment you get up in the morning and does not stop until you get into the office. – Robert Frost
+ Procrastination is the bad habit of putting off until the day after tomorrow what should have been done the day before yesterday. – Napoleon Hill
KUDOS
+ to Alan Tennant, Pres. & CEO @ Calgary Real Estate Board, awarded 2020 Association Executive Network’s Award of Excellence
+ to Jarome Iginla, former Calgary Flames captain, inducted into the Hockey Hall of Fame
