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news, commentary & perspective - financings, deals - commercial real estate, infrastructure, oil & gas

FACILITYCalgary May 27/25

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SHAKERS AND MOVERS 
appointments and disappointments 

+ Ana Mihaljevic to Chief Commercial Officer @ Canada Goose

+ Annalisa King to Chair @ Vancouver Airport Authority

+ Brad Trufen to Associate @ SMP Engineering

+ Brent Binions, Pres. & CEO @ Chartwell Retirement Residences, retiring

+ Chris Walton to Associate @ SMP Engineering

+ Christopher Doll, VP ETF Sales and Strategy @ Invesco Canada Ltd., left the company

+ Dan Rees to Group Head, Canadian Banking @ Scotiabank

+ Dana Corkey to Marketing and Creative Strategy Mgr. @ CJ Campbell Insurance Ltd.

+ Denise Froese to Sr. VP Property Mgmt. @ Triovest

+ Dessalen Wood to Chief People Officer @ Thoughtexchange

+ Dianne Hunter to District Mgr. @ Sumitomo Drive Technologies

+ Donna Finelli to Chief Marketing Officer @ Source for Sports

+ Douglas Allingham to Chair @ Greater Toronto Airports Authority

+ Gajan Kulasingam to Lead Portfolio Mgr. @ Goodwood Capital Fund

+ Garry Macdonald, CEO @ The Second Cup Ltd., retiring

+ Glen Gowland to Exec. VP Global Wealth Management @ Scotiabank

+ Hilmi Abou-Saleh to Data Integration Specialist @ Cadeon Inc.

+ Isabelle Courville to Chair @ Canadian Pacific Railway Limited

+ James O’Sullivan to Strategic Advisor @ Scotiabank

+ Jasmit Bhandal to VP ETF Sales and Strategy @ Invesco Canada Ltd.,

+ Jason Stephen to Pres. @ Canadian Real Estate Association

+ Jeff Marshall to Chief Digital Officer @ Canada Life

+ Jim Rudyk, CFO @ Roots Corporation, resigned

+ John Bai to Exec. VP & CEO @ Aviso Wealth and NEI Investments

+ Kathleen Stelmach to Mgr., Corporate and Internal Communications @ Staples Canada

+ Karen Weaver to Pres. & CEO @ MCAN Mortgage Corporation

+ Kayley Stripling to Broker @ Aon Reed Stenhouse Inc.

+ Linda Dietsche to CFO @ Tervita Corporation

+ Lorena Marra to Human Resources Business Partner @ Canadian Pacific Railway

+ Lynn Howes to Intellectual Property Analyst @ City of Calgary

+ Mark Evans to Director @ Canada Pension Plan Investment Board

+ Martine Irman, Head, Global Investment Banking @ TD Securities, retiring

+ Mary Moran to Chair @ SportCalgary

+ Meryl Whittaker to Deputy Minister, Municipal Affairs @ Government of Alberta

+ Michael Knowlton to Chair @ Crombie REIT

+ Mike Meldrum to Pres. & CEO @ Calgary Health Trust

+ Nia Lefebvre to CFO @ Riddell Kurczaba Architecture Engineering Interior Design Ltd.

+ Niha Prasad-Kroliczek to Managing Principal, Bus. Dev. @ Riddell Kurczaba Architecture Engineering Interior Design Ltd.

+ Paul Ketchabaw to Managing Principal, Projects @ Riddell Kurczaba Architecture Engineering Interior Design Ltd.

+ Peter Schulz to Managing Principal, Architecture @ Riddell Kurczaba Architecture Engineering Interior Design Ltd.

+ Rabih El-Hendi to Upgrader Process Engineer @ Suncor Energy

+ Rob Dawson to Exec. VP Strategy & Corp. Dev. @ Tervita Corporation

+ Sarah Quayle to Sr. Mgr., Real Estate, Green Line @ City of Calgary

+ Scott Hamilton to VP Marketing and Sales @ The Alberta New Home Warranty Program

+ Shone Thistle to Board Pres. @ Calgary Pride

+ Steve Pelton to CEO @ The Second Cup Ltd.

~

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




 MEMORIAM

+ Jim Hawkes, Ph. D., former MP for Calgary West, former U of C prof; 84




 HUMAN RESOURCES + WORKPLACE TRENDS 

+ Andy Cohen, co-CEO @ Gensler on the future of offices in the driverless car world – less parking needed, more pick-up/drop-off zones, and much more in the city of the future

+ fighting loneliness in the workplace




 QUOTES 

+ Kindness is just love with it’s work boots on. – Karen McCullah

+ Love and compassion are necessities, not luxuries. Without them humanity cannot survive. – Dalai Lama




  KUDOS  

+ to Terry McCoy, named 2019 Honorary Fellow @ St. Mary’s University




  GLOSSARY + ABBREVIATIONS + ACRONYMS 

+ ABS – Asset Backed Securities

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ AIMCo – Alberta Investment Management Corporation

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ BIM – Building Information Modeling

+ BOE – barrel of oil equivalent

+ Brent – North Sea crude benchmark price

+ CapEx – capital expenditures

+ CAPP - Canadian Association of Petroleum Producers

+ cap rate – capitalization rate

+ CBD – Central Business District

+ CCAA – Companies’ Creditors Arrangement Act

+ CCS – Carbon Capture and Storage

+ CEAA – Canadian Environmental Assessment Agency

+ Chapter 11 – court ordered creditor protection under U.S. bankruptcy law

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CPPIB – Canada Pension Plan Investment Board

+ CREB - Calgary Real Estate Board

+ DAB – Development Appeal Board

+ DILBIT – diluted bitumen

+ DIP – debtor in possession

+ EBITDA – earnings before interest, taxes, depreciation and amortization

+ EIA – U.S. Energy Information Administration

+ EPC – engineering, procurement and construction

+ E & P – exploration and production

+ FEED – front-end engineering and design

+ FERC – U.S. Federal Energy Regulation Commission

+ Forbearance Agreement – a short term formalized relief arrangement when loan terms are in default

+ FSR – floor space ratio

+ FTC – U.S. Federal Trade Commission

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ GW - gigawatt

+ G&A – general and administrative

+ HOOP – Healthcare of Ontario Pension Plan

+ IEA – International Energy Agency

+ IFMA – International Facility Management Association

+ IMCO – Investment Management Corporation of Ontario

+ IPO – Initial Public Offering

+ ISO – International Organization for Standardization

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ LNG – Liquefied Natural Gas

+ LPG – Liquefied Propane Gas

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ MOA – Memorandum of Agreement

+ MOU – Memorandum of Understanding

+ MT – metric ton

+ MW – megawatt (1 million watts)

+ NAFTA – North American Free Trade Agreement

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ OPEC – Organization of Petroleum Exporting Countries

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ PPA – Power Purchase Agreement

+ PSAC – Petroleum Services Association of Canada

+ PSP – Public Sector Pension Investment Board

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFI – request for information

+ RFP – request for proposals

+ RFQ – request for qualifications

+ RICS – Royal Institution of Chartered Surveyors

+ RNG – renewal natural gas

+ SAGD – steam assisted gravity drainage

+ SAIT – Southern Alberta Institute of Technology

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ TOD – transit oriented development

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – YYC Calgary International Airport




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this  site is refreshed with a new issue every Tuesday


updated May 14, 2019




 TODAY'S HEADLINES


HEADLINES: Anadarko won by Occidental | CNR acquired H&R Transport | Wild Rose sold to Sleeman | Onex acquiring WestJet + Shannon Bowen-Smed interview  + deals + rig counts + upcoming events, appointments, Golf Tournaments + REIT NEWS + financings




CONVERSATIONS

FACILITYCalgary Publisher Mark Kolke interviews interesting people. He seeks a glimpse of what drives them, how they see the world and what they see in Calgary's future:

This week's conversation with Shannon Bowen-Smed, CEO @ Bowen Group

A recent conversation with Carol Kitchen, Pres. & CEO @ UFA (United Farmers of Alberta)

Click here to access the archive: archived conversations with fascinating Calgarians ...



 sponsors of this week's issue:

 


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e-mail: Carol.Keen@DataHive.ca



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ARCHITECTURE + INTERIOR DESIGN



CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



 INTERESTING REAL ESTATE NEWS FROM OTHER PLACES 


+ City Square Mall in Richmond, BC sold for $225.0 million to Sun Commercial Real Estate Group

+ Firm Capital Property Trust closed its $266.0 million acquisition of 50% interest in 6-property portfolio of grocery anchored shopping centres from First Capital Realty Inc.

+ H&R REIT agreed to sell The Atrium (1.1 million sq. ft. office/retail property in Toronto) for $640.0 million

+ in New York, Nightingale Properties acquired the 354,000 sq. ft. Coca-Cola building for US$907.0 million from Coca-Cola Co. who acquired the property 35 yrs. ago for US$57.6 million … awesome return!




 CONSTRUCTION NEWS + INNOVATION 

+ SNC-Lavalin considering break up

+ world’s first 3D-printed community design




 INFRASTRUCTURE / P3  


+ Caisse de dépôt et placement du Québec and Lightsource BP announced a debt investment of £150 million, to finance a portfolio of solar assets owned and managed by Lightsource BP

+ City of Calgary starting fieldhouse project with $19.0 million of start up cash primarily for architectural and planning work; 10,000 seat facility will include 400 metre track, pools and twin ice surfaces in Foothills Athletic Park. $400.0 million projected budget once project gets go-ahead

+ Waterton Lakes National Park visitor centre construction underway; Graham Construction awarded $17.0 million contract




 SAVE THE DATE - CHARITY GOLF TOURNAMENTS 

+ May 21; MOC Summit Golf Tournament for MBI Canadian Foundation, Fairmont Banff Springs GC, Banff; info/register

+ June 7; 4th Annual Jann Arden Charity Tournament, Silvertip Resort, Canmore; info/registration

+ June 9; 4th Annual Max Robinson Children’s Foundation, Crystal Ridge GC, Okotoks; info/register

+ June 20; Ambrose University 2019 Golf Classic, Glen Eagles, Cochrane; info/register

+ June 20; 26th Annual IFMA Calgary Open, Blue Devil Golf Club, Calgary; info/register

+ June 24; Special Olympics Calgary – 20th Annual Golf Classic; save the date / details coming soon

+ July 11; 17thy Annual Coast Hotels Shuhachi Naito Golf Classic, Tsawwassen Springs Golf Club, Delta, BC; info/register

+ July 16; Willow Park Charity Golf Classic, Willow Park G&CC, Calgary; info/details

+ Aug. 1; SAIT Centennial Golf Classic, Priddis Greens, Priddis; info/details

+ Aug. 13-15; Priddis Greens Charity Classic, Priddis Greens G& CC, Priddis; info/details

+ Aug. 15; CHAS (Children;s Hospital Aid Society) 37th Golf Classic, Silver Springs Golf Club, Calgary; info/registration

+ Sept. 4; Little Warriors 4th Annual Golf Tournament, The Quarry, Edmonton; info/register

+ Sept. 5; 2019 Enmax BOMA Golf Tournament, Kananaskis Country GC, Kananaskis; info/register

~

[please send your charity golf event notices to:  kolke@facilitycalgary.com ]




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NEWS SUMMARY 
 May 7 ~ 14 


+ Alberta government watch: Jason Kenny appointed a six-member panel to study the ‘fiscal situation’ and make recommendations on balancing the budget; Janice McKinnon, Chair and Mike Percy, Vice-Chair

+ Alberta government watch: Carbon Tax Repeal Act is expected to be introduced when the session begins, tax reduction promises … tic toc

+ Anadarko Petroleum Corporation bidding war seems over; Chevron won’t increase it’s offer to meet the Warren Buffett backed US$38.0 billion bid from Occidental Petroleum …

+ Canadian National Railway agreed to acquire H&R Transport Limited; terms not disclosed

+ CCI Wireless (a.k.a. Corridor Communications Inc.) acquired WiBand Communications Corp.; terms not disclosed

+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude price volatility due to US-China trade war concerns middle-east tanker attacks … tic toc

+ Effigis Geo-Solutions acquired Honeyman Morris and Gilnockie; terms not disclosed

+ Epic Investment Services and MDC Group agreed to merge; combined portfolio is $16.5 billion / 35.0 million sq. ft. of assets under management

+ Hub International Limited acquired Clarity Benefits Group Inc.; terms not disclosed

+ Pacific Oil and Gas Ltd. agreed to acquire Canbriam Energy Inc.

+ Pond Technologies Holdings Inc. entered into a JV with Inventys Thermal Technologies Inc. to develop joint carbon capture projects

+ rig activity in Canada

+ rig counts – U.S.: down 2 to 988 this week; Canada: up 2 to 63 this week; full breakdown

+ Strad Energy Services Ltd. planning a name change to Strad Inc.

+ Strategic Oil and Gas Ltd. and Strategic Transmission Ltd. are seeking proposals to purchase assets under CCAA protection

+ Wild Rose Brewery Ltd. shareholders agreed to sell to Sleeman Breweries Ltd.; terms not disclosed

+ WestJet Airlines Ltd. agreed to be taken over by Onex Corporation for $5.0 billion ($3.5 billion plus assumption of debt); deal is subject to shareholder and regulatory approval. Calgary expected to remain headquarters/head office




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Arianne Phosphate Inc. closed $1.5 million equity financing by private placement

+ Bell Canada is on the market to raise US$600.0 million in debt

+ Choice Properties REIT closed $395.0 million equity financing

+ Cominar REIT is on the market to raise $200.0 million in sr. unsecured debt

+ CruzSur Energy Corp. closed $3.35 million secured convertible debt financing by private placement

+ H-Source Holdings Ltd. is on the market to raise US$2.5 million in unsecured convertible debt

+ Perpetual Energy Inc. is on the market to raise $14.6 million in sr. debt

+ Renoworks Software Inc. is on the market to raise $1.0 million in equity by private placement

+ Supremex Inc. secured $115.0 million credit facility

+ Surge Energy Inc. closed $34.5 million convertible debt financing

~

*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 …




 INTERESTING TRENDS IN RETAIL 


+ Retail Council of Canada announced finalists – 2019 Excellence In Retailing Awards




 INTERESTING TRENDS IN INDUSTRIAL REAL ESTATE 


+ Sobey’s and Crombie REIT investing $190.0 million in two robotic warehouses (Vaughan and Montreal)




 INTERESTING TRENDS IN OFFICE REAL ESTATE 


+ obsolete malls are becoming the new office space …




 SAVE THE DATE / upcoming events

+ May 21; Government of Alberta; first session of 30th Alberta Legislature

+ May 25; Publishing Means Business workshop, Alastair Ross Technology Centre; info/register

+ May 27-29; Williston Basin Petroleum Conference, Delta by Marriot Regina, SK; info/register

+ June 3-4; 2019 Oil Sands Innovation Summit, Hyatt Regency, Calgary; info/register

+ June 4-6; 2019 OpEx, Hyatt Regency, Calgary; info/register

+ June 4-6; Western Manufacturing Technology Show, Edmonton Expo Centre; info/registration

+ June 5-7; Alberta Innovates, Inventure$ 2019, Calgary Telus Convention Centre; info/tickets

+ June 8; 2019 Alberta Literary Awards and Gala, Coast Edmonton Plaza Hotel, Edmonton; info/tickets

+ June 10; Canadian Global Exploration Forum, 2019 Annual Conference, The Hudson, Calgary; info/register

+ June 10-12; NeoCon, The Mart, Chicago; info/register

+ June 11-12; Downstream 2019, George Brown Conv. Center, Houston; info/register

+ June 11-13; Global Petroleum Show 2019; Stampede Park, Calgary; info/register

+ June 18; S&P Global Platts Calgary Oil & Energy Forum, Calgary Marriott Downtown, info/register

+ July 5 – 14; Calgary Stampede, Stampede Park; info/tickets

+ July 12; Oxford STOMP, Shaw Millennium Park; info/tickets available April 18th…

+ Sept. 2-4; World Heavy Oil Congress & Exhibition, Oman Convention Centre, Muscat, Oman; info/register

+ Sept. 9-11; BOMEX 2019, St. John’s, Nfld.; info/sponsor/register

+ Sept. 17-19; Gastech Exhibition & Conference, Houston, Texas; info/registration

+ Sept. 19; Uncorking Potential fundraiser (formerly known as the Peter Gzowski Invitational) for canLEARN Society, Fort Calgary, Calgary; info/tickets

+ Oct. 1; Workforce Choice Awards, Jack Singer Concert Hall, Calgary; info/tickets

+ Nov. 11; ADIPEC – Abu Dhabi International Exhibition and Conference; info/book space in Canada pavilion

+ Nov. 20-24; 2019 Grey Cup Festival; tickets/information


[send your event notices to:  kolke@facilitycalgary.com ]



 this week in REITS 


+ ARTIS REIT formed a board committee to look at new initiatives to maximize unitholder value

+ BTB REIT sold a retail property in Montreal for $7.1 million

+ BTB REIT closed its $11.9 million acquisition of 65,000 sq. ft. industrial property in Saint-Laurent, QB

+ Choice Properties REIT closed $395.0 million equity financing

+ Cominar REIT is on the market to raise $200.0 million in sr. unsecured debt

+ Firm Capital American Realty Partners Corp. announced plans to explore REIT conversion in 2019

+ H&R REIT agreed to sell The Atrium (1.1 million sq. ft. office/retail property in Toronto) for $640.0 million

+ Innergex Renewable Energy Inc. closed US$290.9 million debt financing

+ Minto Apartment REIT closed its acquisition of 50% interest in Rockhill (1,004 suites) in Montreal (I.G. Investment Management acquired the other 50%) from Ivanhoé Cambridge

+ NorthWest Healthcare Properties REIT in $1.2 billion Australian hospital portfolio acquisition with Healthscope

+ Sobey’s and Crombie REIT investing $190.0 million in two robotic warehouses (Vaughan and Montreal)

+ Summit Industrial Income REIT unitholders approved internalization of asset and property management




 SHAREHOLDER MEETINGS

+ May 14; Baylin Technologies Inc., Annual General Meeting, Toronto

+ May 14; Innergex Renewable Energy Inc., Annual General Meeting of Shareholders, Montreal

+ May 14; Keyera Corp., Annual Meeting of Shareholders, Calgary

+ May 15; Inovalis REIT, Annual and Special Meeting, Toronto

+ May 17; SDX Energy Inc., Annual and Special Meeting of Shareholders, London, UK

+ May 22; Stuart Olson Inc., Annual and Special Meeting, Calgary

+ May 23; Bellatrix Exploration Ltd., Annual and Special Meeting, Calgary

+ May 23; BSM Technologies Inc., Special Meeting of Shareholders, Toronto

+ May 23; Mosaic Capital Corporation, Annual General Meeting, Calgary

+ May 23; Wawanesa Mutual Insurance Company, Annual Meeting, Wawanesa, MB

+ May 27; Calgary Zoological Society, Annual General Meeting, ENMAX Conservatory, Calgary Zoo

+ May 28; VIA Rail Canada, Annual Public Meeting, Montreal

+ June 4; First Capital Realty, Annual General Meeting, Toronto

+ June 7; Skylon Growth & Income Trust, Special Meeting of Unitholders, Toronto

+ June 13; Cap REIT, Annual Unitholders Meeting, Toronto

+ June 18; Eagle Energy Inc., Annual Meeting, Calgary

+ June 19; Street Capital Group Inc., Annual General Meeting, Toronto

~

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




 CORPORATE RESPONSIBILITY REPORTS 

+ Cadillac Fairview released its 2018-2019 Responsibility Report


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this site last updated May 27, 2025