+ Condor Petroleum Inc. completed its acquisition of Marsa Energy Inc.
+ Corus Entertainment Inc. got CRTC approval for its acquisition of Shaw Media
+ current energy prices – live link to Bloomberg energy prices; crude prices bobbling under/over US$40/bbl after long weekend … but traders are encouraged by lower drilling activity in the U.S.
+ EVOQ Architecture is the new name for Fournier, Gersovitz, Drolet Associates
+ TransCanada Corporation is reported marketing $7 billion in power generation projects to fund its acquisition of Columbia Pipeline Group
+ Trudeau Government Budget angina; Finance Minister Morneau delivered good news for everyone – organizations, institutions and municipalities are chiming in with glowing endorsements, coast to coast because there are good words and a little hope for just about every cause near and dear to everyone who cast a Liberal ballot, but really? … $29.4 billion deficit with a promise to balance in 5 yrs. We’ve heard these tunes before – almost always from Liberal governments. It would seem voters are getting what they voted for, but it seems we are ALL going to have to pay for it …
+ Univar Canada Ltd. acquired Nexus Ag Business Inc.
+ Veresen Inc. secured its first LNG customer for its Jordan Cove, Oregon LNG facility; JERA (a JV of Tokyo Electric Power Company Inc. and Chuba Electric Power Co.) – a 20 yr. initial term contract to provide 1.5 million tonnes/yr of LNG
+ WCC LNG applied for a 40 yr. LNG export licence; for up to 30 million tonnes/yr.
+ Woodside Petroleum Ltd. and Royal Dutch Shell scrapped their plans for a $40 billion LNG export terminal in Australia
THIS WEEK IN FINANCINGS
- proposed & closed
+ Divergent Energy Services Corp. closed $167,325 tranche of its equity financing
+ Kelt Exploration Ltd. is on the market to raise $22.1 million in equity
+ Milestone Apartments REIT and MileSouth Apartment Portfolio LP are on the market to raise $100.2 million in equity
+ Pennine Petroleum Corporation is on the market to raise $1.5 million in equity
+ RMP Energy Inc. closed $34.5 million equity financing
+ Secure Energy Services Inc. closed $150 million equity financing
+ Tidewater Midstream and Infrastructure Ltd. closed $80.5 million equity financing
INTERESTING REAL ESTATE NEWS, other places
+ Brookfield Canada Office Properties closed the $285 million sale of its Royal Centre project in Vancouver
+ Crown Realty Partners and Crestpoint Real Estate Investments acquired joint ownership of Allstate Corporate Centre in Markham, ON; 575,000 sq. ft. A-class campus/BOMA Best Silver
+ Edmonton’s Blatchford (former City Centre Airport lands) project is on hold; $238 million redevelopment project delayed for one year over concerns about carbon-neutral energy parameters … or is it just the economics?
+ MEC (Mountain Equipment Co-op) is opening its 2nd store in Edmonton; 35,000 sq. ft. store in South Edmonton Common this fall. Their original store is relocating also – to First Capital Realty’s Edmonton Brewery District project opening spring 2017.
+ Marriot’s deal to acquire Starwood took an interesting turn; Anbang Insurance Group raised its offer to US$14 billion … tic toc
INFRASTRUCTURE / P3
+ Etobicoke Healthcare Partnership (Axium Infrastructure Canada and DIF Infra 4 Canada Ltd., Walsh Canada, HDR Architecture, Brookfield Securities LP and Cofely Services Inc.) selected as Preferred Proponent (design, build, finance, maintain) for the new Etobicoke General Hospital Phase 1 Patient Tower Project
+ Fairfax India and its Canadian parent (Fairfax Financial Holdings Ltd.) agreed to acquire 33% equity interest in Bangalore International Airport Ltd. from GVK (Siemens et al) for $321 million
+ Fiera Capital Corporation and Aquila Infrastructure Management Inc. formed a JV; Fiera Infrastructure Inc. to have committed capital of $500 million
+ The Port Authority of New York & New Jersey gave the go-ahead for a US$4 billion makeover/renovation of LaGuardia Airport; LaGuardia Gateway Partners will lead the project under a 35-yr. lease to redevelop and operate Terminal B. Design work has been a HOK / Parsons Brinckerhoff JV.
+ Trudeau government’s first budget: a 5-yr. commitment to infrastructure spending of $11.9 billion [$347.2 million of it Alberta bound], which doesn’t seem like so much when you consider 5 yrs/10 provinces + territories – in fact it seems pretty pale; press clippings about water system and transit upgrades in cities is all good news, but really, $11.9 billion over 5 yrs. isn’t much of a commitment to anything. Yes, it’s touted as Phase 1, with a Phase 2 to come – but given the size of the deficit and time-passing from when election promises were made, I’m not holding my breath …
this week in REITS
+ Milestone Apartments REIT and MileSouth Apartment Portfolio LP are on the market to raise $100.2 million in equity
+ Slate Retail REIT closed the sale of Madison Centre in Madios, Alabama for US$9.10 million
QUOTES
+ You don’t want another Enron? Here’s your law: if a company can’t explain in one sentence what it does … it’s illegal. – Lewis Black
+ Good writing is supposed to evoke sensation in a reader – not the fact that is raining, but the feeling of being rained upon. – E.L. Doctorow
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