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FACILITYCalgary June21/22

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CONVERSATIONS

Last week's conversation with Steve Mesler, Co-founder and CEO @ Classroom Champions

A recent conversation with Mogens Smed, Founder and CEO @ Falkbuilt

Click here to access the archive (2012-2020) : archived conversations with fascinating Calgarians ...



SHAKERS AND MOVERS 
appointments and disappointments 

+ Aaron Ellison, Head of Real Estate, U.S. and Canada @ WeWork, left the company

+ Arun Banskota to CEO @ Algonquin Power & Utilities Corp.

+ Benoit Morissette to Chief Risk and Actuarial Officer @ Intact Financial Corporation

+ Christina Arthur-Dick to Web and Design Planner @ City of Calgary

+ David Mitchell, Pres. & CEO @ Calgary Chamber of Voluntary Organizations, resigned

+ Diane Sullivan to Chief Commercial Officer @ DalCor Pharmaceuticals

+ Doug McGregor to Trustee @ Plaza Retail REIT

+ John Sutherland, COO @ Questor Technology Inc., retired

+ Karen Ball to Interim Pres. & CEO @ Calgary Chamber of Voluntary Organizations

+ Karen McGlone to Technical Team Leader – Corp. HR Advisor @ Vermilion Energy

+ Lisa Raitt to Director @ LFL Group

+ Martin Beaulieu, Sr. VP & Chief Risk Officer @ Intact Financial Corporation, retiring

+ Melissa Krishna to Associate General Counsel @ BentallGreenOak

+ Russell Permann to Co-CEO @ Taiga Building Products Ltd.

+ Sherry Kachur to Justice @ Court of Queen’s Bench of Alberta

+ Stephen Poloz to Director @ Enbridge Inc.

+ Steve Hodgson to CEO @ Slate Office REIT

+ Stockwell Day, Director @ Telus Corp, punted

+ Stockwell Day, Strategic Advisor @ McMillan LLP, punted

+ Thibaut Segeral to Pres. & CEO @ Fieldex Exploration Inc.

+ Vic Iaccino to AVP, Portfolio Management @ CT REIT

~

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




 MEMORIAM 

+ Ross McMillan; founder of McCrum’s Office Furnishings, 75




 HUMAN RESOURCES + WORKPLACE TRENDS 

+ addressing unused vacation time

+ COVID-19 anxiety impacting almost all employees

+ Cybersecurity risks rise with remote work …




 TECH Corner ...

+ Equinix agreed to acquire 25 Bell data centres/13 sites from BCE Inc. for $1.04 billion

+ Telus and Bell have opted to use Nokia and Ericsson 5G technology – not Huawei; meanwhile, the Canadian government is pushing its 5G spectrum auction into 2021 … tic toc




 COVID-19 updates ... 

+ Alberta COVID-19 stats: 149 deaths, 7,202 cases so far: aggregate Alberta data - currently there are 44 Albertans in the hospital with COVID-19, six of those are in intensive care units

+ 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 with

+ Canada and the United States have mutually agreed to extend the border closing for non-essential traffic for another month – now set to expire June 21, 2020




 SAVE THE DATE / upcoming events

+ Aug. 22; Fresh Start Recovery’s 12 Stop Ride For Recovery Motorcycle Road Rally; save the date

+ Sept. 16-17; Lloydminster Heavy Oil Show, Lloydminster, Agricultural Exhibition Association, Lloydminster; info/register

+ 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

+ Nov. 25-27; Economic Developers Alberta, 2020 Conference & AGM, Kananaskis; info/register

~

2021

+ Feb. 9-11; Egypt Petroleum Show, Egypt International Exhibition Center, Cairo, Egypt; info/register/call for papers

+ June 5;  NSTEP’s Step Up 4 Calgary Kids Race 2020, Fish Creek Park, Calgary; watch for sign up details

+ June 8-12; Global Energy Show, Stampede Park, Calgary, info/registration

+ June 14-16; NeoCon, theMart, Chicago; info

+ July 23 – Aug. 8; Tokyo Olympics – 2021 Summer Games

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




 INTERESTING REAL ESTATE NEWS FROM OTHER PLACES 


+ Place Bonaventure’s exhibition hall is done; after 53 years of trade shows, conventions, and major events of all kinds; the bunker center of the massive merchandise mart building with a hotel on top will be reconfigured into office, retail, and other commercial uses; the project will be approx.. $50.0 million in scope 



 CORPORATE RESPONSIBILITY + ESG REPORTS 


+ Schneider Electric published its 2020 Corporate Energy & Sustainability Progress Report




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 THIS WEEK'S HEADLINES


HEADLINES: Alberta COVID-19 stats | Alberta Carbon Trunk Line | Brookfield takes stake in Superior Plus + deals + rig counts + upcoming events, appointments + REIT NEWS + ESG reports + financings + quotes + kudos




 sponsors of this week's issue:

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The Level - SETON, ROHIT COMMERCIAL

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  JUST LISTED - south-Calgary 2nd floor Design/Office space FOR LEASE 


~ 2nd floor office suite, elevatored

~ Suite #200, 9,268 sq. ft. / full floor

~ options; for multi-tenant:

-          3,315 sq. ft.

-          3,515 sq. ft.

~ surface parking, ~ transit nearby

~close to Glenmore Trail, Fairmont Drive and Chinook Centre

~ market rental rate

~ available September 2020

~ contact Mark Kolke, or call your agent


 123 Forge Road SE, Calgary 


CONTACT MARK KOLKE 
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OFFICE MOVERS



 INTERESTING RETAIL TRENDS ...


+ AMC Theatres’ viability in question – they just posted at US$2.4 billion 1st qtr. Loss; 1,000 theatres sitting idle … tic toc

+ Bestseller Canada, the parent of Jack & Jones and Vero Moda brands, filed for bankruptcy protection

+ Brooks Brothers in talks with lenders, trying to avoid a likely bankruptcy filing; 250 stores in U.S. and Canada; 700 stores worldwide …

+ Comark Holdings Inc., operator of Bootlegger, Ricki’s, and Cleo stores filed for CCAA bankruptcy protection; Alvarez & Marsal appointed as monitor

+ David’s Tea locations across the country remain closed; evictions in Montreal and Ottawa and stock market activity fuel speculation about the future of the chain

+ LVMH is reconsidering its US$16.2 billion acquisition of Tiffany & Co … board is reconsidering

+ Retail Council of Canada continues advocacy for rent relief for small and medium-sized retail businesses; seeking a moratorium on tenant evictions, particularly when eligible/qualifying tenants face resistance from Landlord unwilling to participate and forego rent … tic toc

+ Simon Property Group is suing Gap Inc. for US$65.9 million for unpaid rent – 412 stores in Simon malls …




FACILITYCalgary newsletters may not be reproduced, rewritten, distributed, re-disseminated, transmitted, displayed, published or broadcast, directly or indirectly in any medium without the prior written permission of MaxComm Communications - © Copyright 1999 - 2020 MaxComm Communications. All rights reserved. Domains operated by MaxComm Communications:

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 weekly newsletter

Est. July, 1999

~
Mark Kolke, Publisher

NEWS SUMMARY 
 June 2 ~ 9 / 2020 


+ Alberta COVID-19 stats: 149 deaths, 7,202 cases so far: aggregate Alberta data - currently there are 44 Albertans in the hospital with COVID-19, six of those are in intensive care units

+ 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 with

+ Alberta Carbon Trunk Line is now operational; $1.2 billion project for capture, transportation, and storage will harvest 14.6 million tonnes of CO2 / year; capture it at North West Redwater Partnership’s Sturgeon Refinery and Nutrien’s Redwater Fertilizer Facility – transported 240 km. via Wolf Midstream pipeline to Enhance Energy’s reservoir

+ Bank of Canada rate announcement; holding steady at 0.25%

+ Brookfield Asset Management Inc. investing $350.0 million in Superior Plus Corp.; convertible preferred share issue

+ BP plc cut 10,000 jobs worldwide/15% of its workforce so far during the COVID-19 pandemic

+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; notwithstanding building diesel inventories, and storage at Cushing, OK getting full, price rise continues – WTI crossed US$40/bbl this week, but slipped back yesterday. Saudi Arabia and Russia reached a preliminary new deal – no certainty yet on OPEC+ group holding their line – but we should learn later this week where production levels will shake out … tic toc

+ GOA has introduced legislation to overhaul the Real Estate Act and revise the mandate and scope of RECA (industry regulator – Real Estate Council of Alberta); full details of new governance structure proposed; it looks like RECA will no longer be in the training/pre-licensing education business – not clear yet who will be … tic toc

+ Longshore Resources Ltd. agreed to acquire Rifle Shot Oil Corp., Steelhead Petroleum Ltd., and Primavera Resources Corp.; terms not disclosed

+ Ottawa silence continues: despite widespread oil patch please for help and support from the Trudeau government, they remain silent – eight weeks into this pandemic, no help from the prime minister or any of his key ministries to help with our devastated oil industry in Alberta and other energy-producing provinces – is this silence, waiting a while, or perpetuating historical ignorance?

+ rig activity in Canada

+ rig counts (active/working) – U.S.: down 17 to 284 this week; Canada: up 1 to 21 this week; full breakdown

+ World Bank math – they predict the worst recession in 80 years …




 CLIMATE CHANGE + LEED + RENEWABLE ENERGY 

+ Canadian Real Estate Fund (managed by KingSett Capital; owned by KingSett Capital, Alberta Investment Management Corporation (AIMCo) and James Richardson & Sons Limited) got certified for its 40 King St. W. building in Toronto; Canada’s largest Zero Carbon Certified building




 SHAREHOLDER MEETINGS

+ June 10; Dollarama Inc., Annual Meeting of Shareholders, (virtual only)

+ June 10; Restaurant Brands International Inc. Annual General Meeting of Shareholders, (virtual only)

+ June 11; Africa Energy Corp., Annual General and Special Meeting of Shareholders, Vancouver

+ June 11; SIR Royalty Income Fund, Annual General Meeting of Unitholders, (virtual only)

+ June 12; Arrow Capital Management Inc., Special Meeting of Unitholders, Toronto

+ June 16; AcuityAds Holdings Inc., Annual and Special Meeting of Shareholders, (virtual only)

+ June 17; American Hotel Income Properties REIT, Annual and Special Meeting of Unitholders, Vancouver, (and virtual)

+ June 23; Pinnacle Renewable Energy Inc., Annual General Meeting, Vancouver

+ June 23; Vertex Resource Group Ltd., Annual and Special Shareholders Meeting, (virtual only)

+ June 24; K-Bro Linen Inc., Annual General Meeting, (virtual only)

+ June 25; Melcor REIT, Annual General Meeting, (virtual only)

+ June 25; Melcor Developments Ltd., Annual General Meeting, (virtual only)

+ June 25; PetroShale Inc., Annual Shareholders Meeting, Calgary, (and virtual)

+ June 29; Calgary Zoo, Annual General Meeting, (virtual only)

+ June 29; Chorus Aviation Inc., Annual and Special Meeting of Shareholders, Halifax, (and virtual)

+ Aug. 7; Bridgemarq Real Estate Services Inc., Annual Meeting of Shareholders, (virtual only)

+ Aug. 11; Optiva Inc., Annual and Special Meeting of Shareholders, Toronto

~

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




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Air Canada closed $1.6 billion in debt and equity raises

+ AltaGas Ltd. is on the market to raise $500.0 million in debt

+ Centric Health Closed $11.5 million equity financing by private placement

+ General Electric Co. raised US$3.0 billion in debt

+ InterRent REIT closed $230.0 million equity raise

+ Macy’s Inc. raised US$4.5 billion in debt

+ Polaris Infrastructure closed US$27.0 million debt financing

+ Pond Technologies Holdings Inc. is on the market to raise $1.0 million in equity by private placement

+ QuadReal Property Group closed $350.0 million debt financing

+ Siyata Mobile Inc. is on the market to raise US$1.0 million in convertible debt by private placement

+ Superior Plus Corp. secured $350.0 million convertible preferred shave financing

+ Xebec Adsorption Inc. closed $25.0 million equity raise by private placement

~

*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  


+ Canadian Real Estate Fund (managed by KingSett Capital; owned by KingSett Capital, Alberta Investment Management Corporation (AIMCo) and James Richardson & Sons Limited) got certified for its 40 King St. W. building in Toronto; Canada’s largest Zero Carbon Certified building

+ very cool treehouses … perhaps a summer project




 INTERESTING TRENDS IN OFFICE REAL ESTATE ...


+ Kroonenberg Groep and ProWinko, Dutch developers, announced they plan to construct an 87-story mixed-use high rise building at Bloor & Bay in Toronto; if the development is approved it would be the tallest (1,063 sq. ft.) building in Canada;

+ Telus Communications acquired a site in Victoria; they will construct the Telus Ocean building to serve as a regional headquarters to house 250 staff

+ WeWork reported to have not paid rent on 20% of its U.S. leases for May – notwithstanding being widely criticized for keeping its locations open during the pandemic …




 this week in REITS 


+ InterRent REIT closed $230.0 million equity raise

+ Maplewood International Operating Limited Partnership completed its termination of Maplewood REIT




 QUOTES 

+ I think that little by little I'll be able to solve my problems and survive. – Frida Kalo

+ I learned a long time ago that reality is much weirder than anyone’s imagination. – Hunter S. Thompson




  GLOSSARY + ABBREVIATIONS + ACRONYMS 

CLICK HERE FOR FULL GLOSSARY  




 INFRASTRUCTURE + P3 


+ Calgary GreenLine LRT project continues to limp through a controversial approval process; the revised alignment has been approved, but approval of the $4.9 billion project is now scheduled for a June 15 city council meeting … tic toc

+ Canadian Pacific completed its acquisition of the Central Main & Quebec Railways US Inc. (244.2 route miles in Maine and Vermont); terms not disclosed

+ Ontario is moving forward with its Ontario Line, a 15.5 km. subway connecting Exhibition Place to the Ontario Science Centre, but have not committed to timing; there will be two P3 projects – RFQ’s to find suitable groups to design, build, and maintain the subway line – expected to be complete by 2027, it will connect to GO Transit, the TTC and Eglinton Crosstown LRT line


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