FACILITYCalgary

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

FACILITYCalgary May 6/25

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SHAKERS AND MOVERS 
moving, retired, resigned, died or left the company

+ Barbara Feit to Interim CEO @ Big Rock Brewery Inc.

+ Bob Sartor, CEO @ Big Rock Brewery Inc., resigned

+ Don Fox to Exec. VP @ Intact Financial Corporation

+ Frederick Vine to Dir. Project Development, Calgary @ Clark Builders

+ Garrett Fiskie to Western Canada Bus. Dev. Mgr. @ HNI Canada

+ Heather Masterson to Pres & CEO, Travelers Canada @ The Travelers Companies

+ Jamie Anderson, Head of Corporate Strategy @ Royal Bank of Canada, retiring

+ Justin Seguin to Commercial/Res. Mgr. @ CBS Construction Ltd.

+ Matthew Cimino to COO & General Counsel @ WPT Industrial REIT

+ Rick Andison to VP Construction, Western Region @ Traugott Building Contractors Inc.

+ Tim Murphy to Managing Dir., McMillan Vantage Policy Group @ McMillan LLP

+ Trent Baker to Managing Partner @ 32 Degrees Capital

+ Tyler Murphy to Exec. VP Finance @ Medical Facilities Corporation


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




 HUMAN RESOURCE + WORKPLACE TRENDS 

+ HR trends to watch – changing the face of business according to Ceridian’s COO




BOARDROOM changes, purges, appointments etc.

+ Andy Fisher to Director @ International Frontier Resources Corporation

+ Chantal Sorel to Director @ Canadian Council of Public-Private Partnerships

+ David McFadden to Chair @ Toronto Hydro Corporation

+ Gary Lyons to Vice-Chair @ International Frontier Resources Corporation

+ Mark Tullis to Chairman @ Intact Financial Corporation

+ Mattias Sjoberg to Director @ Tethys Petroleum Limited

+ Michael Creel to Director @ Suncor Energy Inc.

+ Tony Kinnon to Chair @ @ International Frontier Resources Corporation


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




 SHAREHOLDER MEETINGS

+ Nov. 30; Tervita Corporation, Security Holders and Shareholders Meetings, Calgary

+ Nov, 20; Eclipse Residential Mortgage Investment Corporation, Special Meeting of Shareholders, Toronto

+ Dec. 2; DirectCash Payments Inc., Special Shareholders Meeting, Calgary

+ Dec. 7; Jasper Mining Corporation, Annual General Meeting, Calgary

+ Dec. 12; Chinook Energy Inc., Special Meeting of Shareholders, Calgary

+ Dec. 15; Enbridge Inc., Special Meeting of Shareholders – Spectra Energy Combination, Calgary

+ Dec. 15; Resverlogix Corp., Annual and Special Meeting, Calgary

+ Dec. 15; Rooster Energy Ltd., Annual General Meeting of Shareholders, Houston

+ Jan. 11; Nav Canada; Annual Meeting, Ottawa


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



  GLOSSARY + ABBREVIATIONS + ACRONYMS 

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ 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

+ DIP – debtor in possession

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

+ EIA – U.S. Energy Information Administration

+ E & P – exploration and production

+ 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

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ G&A – general and administrative

+ HOOP – Healthcare of Ontario Pension Plan

+ IEA – International Energy Agency

+ IFMA – International Facility Management Association

+ IPO – Initial Public Offering

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ LNG – Liquefied Natural Gas

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ 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

+ 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 …

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – YYC Calgary International Airport




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updated Nov. 22, 2016




 TODAY'S HEADLINES


HEADLINES: Antrim sells sub. | CRUDE UP!| GFL grows again | gas storage burgeoning | RMP closes Ante Creek purchase | Spartan spends big in Sask.| Stampeders in Grey Cup + Mark Hopkins interview | upcoming events, appointments, oil sands/heavy oil + climate change + infrastructure + REIT NEWS + financings 




CONVERSATIONS

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 Mark Hopkins, 'Total Rewards' Director/Mensch at Brookfield Residential Properties

Last week's conversation with Colleen Braun of BION Consulting

A recent conversation with Michael Kehoe of Fairfield Commercial Real Estate

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



 QUOTES

+ What you do makes a difference, and you have to decide what kind of difference you want to make. – Jane Goodall

+ If I had asked people what they wanted they would have said: faster horses … - Henry Ford




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 sponsors of this week's issue:

e-mail Lance Laliberte - Sales at PREMIERE OFFICE MOVERS
 
OFFICE MOVERS



CONTACT DAWSCO
 
COFFEE SERVICES



e-mail to Sharon Martens
 
INTERIOR DESIGN



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



CONTACT PIVOTAL
 
PROJECT MANAGEMENT



PUT YOUR 
COMPANY HERE
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SEE YOUR 
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CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



CONTACT MARK KOLKE 
RESIDENTIAL SALES



 SAVE THE DATE / upcoming events

+ Nov. 26; Creating the new Alberta - Perry Kinkaide's BIG IDEA Convention, Red Deer College, Red Deer; info/registration

+ Nov. 29 - Dec. 1;  Real Estate Forum & Global Property Market, Metro Toronto Convention Centre; info/register SOLD OUT

+ Nov. 30; OPEC Ministers - 171st Meeting, Vienna

+ Dec, 6-7: Alberta-US Trade Summit, TELUS Convention Centre, Calgary; info/tickets

+ Dec. 9: Alberta Securities Commission - open forum; Propsoals to Enhance Obligations of Advisors, Dealers and Representatives; Centennial Place Conference Centre, Calgary; register to attend

+ Dec. 15; Canadian Pensionis & Benefits Institute - Pensions in Alberta: The Road Ahead, Fairmont Palliser, Calgary; info/register

+ Jan. 27=29; IGNITE Design Competition; CSC sponsored student competition; SAIT & MRU; tickets/info

+ Feb. 7 - 9; ConvergX 2017 - Global Defence & Energy Conference; Calgary; info/register

+ Mar. 22-24/2017; Economic Developers Alberta Annual Conference 'Embracing Change; Creating Opportunity', Banff Centre, Banff; info/registration

+ Apr. 4-7/2017; Japan Gastech Conference & Exhibition, Tokyo; info/register/save the date

+ June 13 - 15/2017; Global Petroleum Show, Stampede Park, Calgary; info/save the date

+ Sept. 12-13/2017; Oil Sands Trade Show & Conference, Suncor Community Leisure Centre, Fort McMurray; info/registration

+ Oct. 16-24/2017; World Design Summit, ‘UNESCO City of Design’, Montreal


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



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NEWS SUMMARY 
 Nov. 15 ~  22 


+ Antrim Energy Inc. agreed to sell its Irish subsidiary for US$250,000

+ Canadian Equipment Rentals Corp. agreed to sell its MCL Waste Systems & Environmental business unit to GFL Environmental Inc. for $12.0 million

+ current energy prices – live link to current Bloomberg energy prices; crude prices trading upward in recent days in anticipation of an OPEC production cutback deal and encouraging words from Russia; Brent at US$49/bbl, WTI over US$47/bbl

+ diversification of the economy – pro/con: U of C School of Public Policy report: If It Matters, Measure It

+ EPCOR Natural Gas Limited Partnership agreed to acquire Natural Resources Gas Limited (utility service provider in SW Ontario); terms not disclosed

+ hope for a cold winter: according to the EIA there is a record level of natural gas in storage – 4.017 bcf; see the graph – so lets see how those draw-downs go … tic toc

+ RMP Energy Inc. closed its $114.3 million sale of Ante Creek assets

+ Spartan Energy Corp. agreed to acquire a portfolio of SE Saskatchewan light oil assets for $700.0 million from ARC Resources Ltd.

+ Suncor Energy Inc. announced its 2017 CapEx Budget is $4.8 billion, up 13% over 2016

+ Tidewater Midstream and Infrastructure Ltd. agreed to acquire a 50% working interest in 150 km. of gas gathering pipelines connected to the Brazeau River Complex for $15.0 million

+ Warren Buffett’s Berkshire Hathaway made some news: sold their stake (30 million shares) in Suncor Energy, which made headlines amid speculation about what the means. My interpretation: other investors snapped up those shares, so I don’t think this says anything about confidence, or not, in Suncor. What it says, clearly, is he’s ‘out of Suncor’ and I can’t help but wonder who/what he has in his sights now? There seem to be abundant options …




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Africa Energy Corp. closed $15.0 million equity financing by private placement

+ Brookfield Asset Management Inc. closed $300.0 million preferred share financing

+ Distinct Infrastructure Group is on the market to raise $10.0 million in equity

+ Enbridge Inc. is on the market to raise $750.0 million by a preferred share offering

+ Gran Tierra Energy Inc. is on the market to raise US$130.0 million in equity

+ Hydro One Inc. is on the market to raise $950.0 million in unsecured debt

+ Kingsway Financial Services Inc. closed US$10.5 million equity financing by private placement

+ Manitok Energy Inc. is on the market to raise $3.0 million by a common share and flow-through common share offering

+ Morguard Corporation raised $200.0 million in sr. unsecured debt

+ Park Lawn Corporation closed $46.0 million equity financing

+ Spartan Energy Corp. is on the market to raise $505.0 million in equity financings

+ TransCanada Corporation closed $3.5 billion equity financing

+ TransCanada Corporation closed $1.0 billion preferred share issue




 CLIMATE CHANGE / LEED / RENEWABLE ENERGY  

+ Brookfield Asset Management Inc. is preparing to bid on TerraForm Power Inc., a unit of bankrupt SunEdison Inc. … tic toc

+ Trudeau government announced it will phase out coal-fired electricity generation in Canada by 2030 – amid opposition and questions in the post-Trump election policy changes ‘coming’ AND Alberta having not yet come to grips with ‘the real costs of phasing out coal’ … seems like a political trial balloon to get some good press in the wake of COP22 in Marakesh having very little in the way of good news …




 NEW TECH + TOOLS TO WATCH 

+ Bonjour, a Smart Alarm Clock with Artificial Intelligence

+ and speaking of low tech; a $5 bike helmet made of paper. Why aren’t plastic ones made this way, and why don’t they cost $5?




 this week in REITS 


+ KKR is pumping US$838.0 million into KKR Real Estate Finance Trust Inc., creating non-traded mortgage REIT focused on investing in ‘performing’ commercial real estate debt

+ Matthew Cimino to COO & General Counsel @ WPT Industrial REIT

+ Milestone Apartments REIT closed its acquisition of three properties (Denver and Oklahoma City) – six properties, 1,460 units, US$242.0 million

+ Pure Industrial REIT closed its US$81.0 million acquisition of a S.E. (Atlanta, Charlotte) portfolio from STAG Industrial Inc.

+ Pure Multi-Family REIT LP closed its US$22.8 million acquisition of Fairways of Prestonwood (156 units)  in Dallas, TX

+ Regency Centers Corp. and Equity One Inc. agreed to combine to form a US$15.6 billion entity, one of the largest shopping center REITs in the U.S.




 INFRASTRUCTURE / P3  


+ Axium Infrastructure acquired 100% interest in 84MW-AC of solar power from Renewable Energy Trust Capital [eight facilities: two in California, three in George and three in Ontario]; transaction terms not disclosed




 CONSTRUCTION NEWS + INNOVATION 


+ Construction Innovation – Volume 20, Number 2



 OIL SANDS + HEAVY OIL NEWS

+ Kinder Morgan/TransMountain pipeline expansion plans hinge on a Dec. 19 deadline for Prime Minister Trudeau’s approval, or not; getting more Alberta production to tidewater is the goal, but according to Reuters report that oil is mostly not going to cross the Pacific because giant tankers are in short supply, and ‘Aframaxes’ size freighters can only be filled to 80% capacity due to Vancouver harbour depth …

+ Suncor Energy Inc. announced its 2017 CapEx Budget is $4.8 billion, up 13% over 2016




 KUDOS 

+ to the Calgary Stampeders – defeated BC Lions 42-15 in CFL West Final; next stop, Toronto for the 104th Grey Cup vs. Ottawa RedBlacks




INTERESTING REAL ESTATE NEWS, other places


+ Dream Unlimited Corp., Dream Hard Assets Alternatives Trust and Great Gulf Residential formed a JV; acquiring 5.3 acre waterfront property (former Victory Soya Mills Silos) on Lakeshore Blvd. East, Toronto – new development will preserve the historical silos …

+ in Kelowna a former Zellers store is being re-purposed with a unique industrial use: U-Haul are converting it to 1,000 indoor ‘climate controlled’ storage units … will open in 2017




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this site last updated May 6, 2025