+ CPPIB agreed to acquire 49% of an Enbridge Inc. led consortium holding stakes in three offshore wind farms in France; €200.0 million commitment; €80.0 million no, €120.0 million for further construction
+ Innergex Renewable Energy Inc. acquired 68MW solar farm in Chile; two projects for US$46.6 million and US$19.5 million
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
+ Nov. 6; 6th Annual Barney Bentall and Cariboo Express/Peter Burgener Memorial Charity Concert benefit for Classroom Champions; save the date/information
+ Amazon is reported to be in negotiations with AMC Entertainment Holdings Inc. to acquired that company’s U.S. movie theatre chain, though both companies are silent … tic toc
+ Canadian malls are reporting they’ve collected only 15% of rents due for May; given they were all closed throughout April and half of May … that’s encouraging
+ J.C. Penney edging into bankruptcy protection; reporting indicates they are contemplating a REIT structure real estate spinoff; they are closing 242 stores permanently. Meanwhile, some reporting indicates Amazon my take a role in the J.C. Penny solution … tic toc
+ Real Canadian Superstore opened its first urban concept store in RioCan REIT’s 5th & Third East Village property; 80,000 sq. ft.
+ Starbucks expect to have 65% of Canadian stores opened this week, and 85% of their operations back to full operations by the end of May
+ a holiday yesterday – Victoria Day, Canadian stock markets were closed
+ Alberta business is ‘Phase 1’ opening; provincewide (except Calgary and Brooks) – retail is open, but hairstylists, barbershops, restaurants, pubs, cafes and bars must wait until May 25th; outdoor gatherings of up to 50 with social distancing are now permitted… tic toc
+ 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 -
+ AIMCo trading losses to be investigated; GOA hired KPMG LLP and Barbara Zan to investigate and make recommendations for improving AIMCo’s risk management process
+ Alberta-wide; indoor group gatherings still limited to fifteen (15), outdoor gatherings up to fifty (50); public health orders. All Albertans with symptoms of COVID-19 are eligible to be tested, Calgarians without symptoms can now get tested
+ B.C. announced it will allocate $120.0 million of federal government money to well clean up; plans to clean up 2,000 wells, creating 1,200 jobs
+ Calgary shopping malls have re-opened with a spotty assortment of local and national merchants reopened under safe-practices guidelines; many more will open this week – lots are offering substantial sale prices on current season goods
+ Calgary’s State of Emergency status continues; parks are open provided users practice safe-distancing – Calgary restaurants and bars shut until May 25th … otherwise, retail and other businesses are re-opening slowly in keeping with GOA guidelines
+ Canada: the Prime Minister announced LEEFF (Large Employer Emergency Financing Facility), a bridge financing vehicle for large employers who cannot get conventional financing to weather the COVID-19 storm; also expanding the BCAP (program for midsize companies through Export Development Canada and BDC) ; CECRA (Canada Emergency Commercial Rent Assistance) program, designed to stem evictions, is getting spotty uptake – landlords without mortgages are ineligible, gov. provides 50% of rent if tenant is eligible (business must be down 70%) pays 25% and landlord forgoes 25%; clearly this program was not designed by the industry …
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices are coming back up based on OPEC+ supply cuts, and increased demand everywhere, particularly China, as confinement-isolating rules ease …
+ Parkland Fuel Corporation closed its acquisition of ConoMart Super Stores (7 locations) in Montana
+ Pieridae Energy asset purchase from Shell blocked by Alberta Energy Regulator over well cleanup concerns
+ Manulife Financial Corporation is on the market to raise US$500.0 million in sr. debt
+ 407 International Inc. is on the market to raise $750.0 million in unsecured debt
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*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
+ BC Hydro is restarting construction on the Site C Dam – workforce substantially reduced
+ high things … ThyssenKrupp Elevator completed construction [ watch the time-lapse video ] of their highest test tower [ 420’] in the Western Hemisphere – it’s at The Battery Atlanta, and will be completed next year
+ meanwhile in Calgary, Palliser Square Properties Ltd., operators of The Calgary Tower, commenced a $7.0 million legal action against ThyssenKrupp regarding elevators malfunctions last summer which trapped riders and resulted in a long term service outage …
+ to those who’ve donated to help front-line workers in the COVID-19 pandemic; here are this week’s heroes: Molson Coors donated 20,000 meals; Teatro served 50 at the YWCA
