+ Rogers Communications is the first to market with 5G smartphone service in Canada; Toronto, Ottawa and Montreal, downtown Vancouver so far – 20 more cities rolling out later this year
SAVE THE DATE / upcoming events
+ Mar. 26-27; DARE TO LEAD by Incito, Vancouver; info/register
+ July 15-16; Willow Park Golf and County Club Charity Classic in support of Calgary Reads, Calgary; info/registration/waiting list
+ Aug. 10; 2020 Legends for Learners Tournament in support of The Education Partnership Foundation, Valley Ridge Golf Course, Calgary; sponsorship - info/register
THERE HAS NEVER BEEN A BETTER TIME TO NEGOTIATE AN OFFICE LEASE IN CALGARY in the last 20 years, and I doubt we'll see better terms in the next 10 years than we can negotiate now; let's discuss your needs now; please call me at your convenience - Mark Kolke, 403-444-6939 - or send me an email: kolke@markkolke.comto discuss how we can deliver a solid impact on your bottom line. Saving money by reducing costs is sound thinking in any market climate - sometimes a move is in order, sometimes a renegotiation is best. Mark Kolke, Agent, MaxWell South Star Realty
+ Amazon announced it will hire 100,000 more warehouse and delivery workers in the U.S. in response to surge in online shopping triggered by the COVID-10 virus
+ Apple temporarily closing all stores outside China (stores in China already closed) for two weeks due to the COVID-19 virus
+ Cineplex announced closure of its theatres March 16 – April 2nd; re-openings to be assessed then
+ Cineworld’s $2.8 billion takeover of Cineplex closing delayed due to COVID-19 concerns
+ ICSC postponed this year’s Recon convention event in Las Vegas scheduled for May 17-19; no new dates announced yet
+ Lululemon closing all stores until further notice
+ Neiman Marcus closing its outlet stores to focus on core business
+ Nordstrom is closing its stores in Canada and the U.S. for two weeks; 116 full-line stores, 248 Nordstrom Rack stores
+ Nike Inc. closed all their stores Mar. 16-27 to limit spread COVID-19 virus
+ North West Company selling 34 of its 46 Giant Tiger stores in Western Canada to the Giant Tiger Stores Ltd., the parent company; 6 stores will be closed (Red Deer, Fort Saskatchewan, Wetaskiwin, North Battleford, and Weyburn)
+ Nygard Group going into creditor protection; Farber is the proposed trustee
+ Orangetheory Fitness closing all locations across Canada until further notice
+ Alberta COVID-19 cases are, so far, all related to travel; the underpinning policy of GOA is to ‘don’t go out when sick’ and to self-isolate; schools are staying open, for now. An online self-assessment tool has been widely used by Albertans who are concerned their ill-health might by COVID-19; the tool is being modified to allow those who self-assess as potentially infected to book appointments – so stay tuned for news on that issue
+ Alberta’s sky is not falling – Premier Kenny is handling the politics, Dr. Deena Hinshaw, Alberta’s Chief Medical Officer, is handling the science and medical issues most ably; all K-12 classes canceled until further notice; health department budget boosted by $500.0 million …
+ Alberta-wide ban on gatherings/meetings of more than 250 people; many churches, colleges, and business organization postponing or canceling events …
+ ARC Resources Ltd. announced it reduces its 2016CapEx Budget to $300.0 million
+ Bank of Canada; dropped overnight rate by 50 basis points to now be at 3/4 of 1%; chartered banks and other lenders have reduced their prime rates in tandem
+ Birchcliff Energy Ltd. reduced its 2020CapEx Budget to $275.0 million
+ Calgarians are self-isolating, working from home, and understandably frightened – vacationers are vacillating on taking trips, people who are away are wrestling with getting home, and worrying if they will have to self-isolate for two weeks when they get back; answer, yes. Meanwhile, store shelves are being stripped daily and merchants are doing yeoman service to re-stock as people stalk up on food, cleaning supplies, and paper products. The City of Calgary has declared a state of local emergency; libraries, YMCA, pools, recreation centres, and arenas are all closed
+ Canada locked down: borders and air travel closed to all non-Canadian entrants; Canadians who are out of the country are allowed to return subject to screening, isolation, and/or quarantining if required; exemption for U.S. citizens, for now … tic toc
+ Canada in crisis mode: Trudeau government promising economic aid package to help businesses, and assistance to individuals who can’t pay rent, buy groceries, etc.; stimulus package of $10.0 billion coming … thin on details; click here for Canadian government news and announcements on COVID-19
+ Canadians returning to Canada must come through one of only four airports: Toronto, Montreal, Vancouver, and Calgary; Edmonton no longer accepting international flights – however, these tighter restrictions have exemptions, for now at least, for flights from the U.S., Mexico, the Caribbean, Saint Pierre, and Miquelon …
+ Chesapeake Energy Corp. engaged restructuring advisors
+ City of Calgary invoked its Municipal Emergency Plan to deal with COVID-19 issues; Fired Chief Tom Sampson is in charge of the Calgary Emergency Management Agency (CEMA); Health Link 811 is Alberta Health Services
+ Cordy Oilfield Services Inc. agreed to acquire Platinum North Resources and Heart River Holdings (2011) Ltd. for $4.25 million
+ countries on full or partial border closures and lockdowns: Canada, China, France, Italy, Spain,
+ rig counts (active/working) – U.S.: down 1 to 792 this week; Canada: down 28 to 175 this week; full breakdown
+ Seven Generations Energy reduced its 2020CapEx Budget by 18% to $900.0 million
+ stock markets all over the planet have been routed; no end in sight as government stimulus package promises and reduced interest rates failed to stabilize market confidence
+ TransAlta Corporation and Tidewater Midstream & Infrastructure Ltd. agreed to sell their Pioneer Pipeline to TC Energy sub. NOVA Gas Transmission Ltd. for $255.0 million
+ TransGlobe Energy Corporation revised its 2020CapEx Budget to $7.1 million
+ U.S. Federal Reserve cut its benchmark rate to 0.0% (zero percent) ~ the rate it charges banks, an effort to stimulate lending and to support the economy due to COVID-19 pandemic; also instituting a US$700.0 billion quantitative-easing bond buying initiative
+ USMCA (the NEW NAFTA treaty) agreement ratified by the Canadian government – pending Royal Assent
+ Vermilion Energy Inc. reduced its 2020CapEx Budget to $350.0 million
+ Wesbell Technologies Inc. acquired Vista Telecom Networks Inc.; terms not disclosed
THIS WEEK IN FINANCINGS
- proposed & closed
+ Demand Power Group Inc. closed US$71.0 million equity financing
+ Firm Capital American Realty Partners Trust closed US$4.147 million equity financing
+ Helix BioPharma Corp. closed $6.0 million equity financing by private placement
+ Kneat.com Inc. closed $12.651 million equity financing by private placement
+ NanoXplore Inc. is on the market to raise $25.0 million in equity by private placement
+ OncoQuest Inc. closed US$50.0 million equity financing by private placement
+ Ridgewood Canadian Investment Grade Bond Fund is on the market to raise $11.9 million in equity
+ RioCan REIT closed $350.0 million ‘green bond’ debt financing
+ Torque Esports Corp., is on the market to raise $4.0 million in equity by private placement
+ WELL Health Technologies Corp. closed 2nd tranche, $10.0 million in convertible debt 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 …
INFRASTRUCTURE + P3
+ Boralex Inc. four projects (180MW) were successful in a New York state RFP process
+ Caisse de dépôt et placement du Québec agreed to acquire Plenary Americas (36 projects); terms not disclosed
+ CPPIB completed its transaction to acquire 100% of the shares of Pattern Energy Group Inc. (28 projects, 4.4GW)
+ Amazon is growing its presence in New York City; they are buying the landmark Lord & Taylor building for US$1.15 billion; WeWork had bought the property from HBC, parent of Lord & Taylor. Amazon will use the 11-story/660,000 sq. ft. building as its New York HQ, and house several thousand employees there
+ Russia is finally releasing information on their circumstances, but the numbers of infected (their disclosed country total of COVID-19 infected persons upped from 34 to 50 yesterday) and announced plans for a 500-bed temporary hospital don’t square with logic; they are building a 430,000 sq. m. (that’s 4.6 million sq. ft.) on the outskirts of Moscow … tic toc
+ ViveRE Communities Inc. closed their $13.5 million acquisition of 124 door project in Moncton, New Brunswick
INTERESTING TRENDS IN INDUSTRIAL + LOGISTICS REAL ESTATE
+ METRO Inc. is starting a $420.0 million construction investment in its Terrebone, QC automated distribution centre; 600,000 sq. ft. to open in 2023
INTERESTING TRENDS IN OFFICE
+ Amazon is growing its presence in New York City; they are buying the landmark Lord & Taylor building for US$1.15 billion; WeWork had bought the property from HBC, parent of Lord & Taylor. Amazon will use the 11-story/660,000 sq. ft. building as its New York HQ, and house several thousand employees there
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