+ 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. 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
+ 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
+ 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 …
+ 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 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)
+ 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
+ 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
+ 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
FACILITYCalgarynewsletters may not be reproduced, distributed, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without prior written permission. Mark Kolke, Editor/Publisher. All rights reserved. MaxComm Communications, a unit of PLANDflex Corporation - http://plandflex.com
- this site is maintained and updated weekly - last updated January 14th, 2023
