+ Do not go where the path may lead, go instead where there is no path and leave a trail. – Ralph Waldo Emerson
INFRASTRUCTURE / P3
+ General Electric completed its €12.35 billion acquisition of Alstom’s power and grid business
+ Government of Alberta (GOA) is going forward with High River flood mitigation to avoid a repeat of 2013 flooding; additional $30 million now for infrastructure to the Town of High River, and changes to the Disaster Recovery Program to speed unresolved property owner claim files (550 still outstanding)
+ GOA made and $830 million capital commitment over 5-years to create the new Calgary cancer centre; to be built on Foothills Medical Centre campus; part of a 5-yr./$2.2 billion plan
+ Hydro One Inc. closed its $46.2 million acquisition of Woodstock Hydro Holdings Inc.
+ current energy prices – live link to Bloomberg energy prices ; crude up slightly this week but outlook remains bearish as supply still exceeds demand …
+ Dejour Energy Inc. completed its name change to: DXI Energy Inc.
+ Fiera Capital Corporation closed its US$ 31.5 million acquisition of Samson Capital Advisors LLC
+ Finance Minister Joe Ceci tabled his government’s plan, including a projected $6.1 billion defecit: 2015 Budget; link to the budget speech text .. Includes $50 million to Alberta Enterprise Corporation to aid startups ..
+ General Electric completed its €12.35 billion acquisition of Alstom’s power and grid business
+ GFL Environmental Inc. agreed to acquired TransForce’s waste management unit for $800 million
+ Husky Energy caused a market ripple; they are going to pay their dividend in stock rather than cash which the market hasn’t responded to very well – their press release is so similar to other majors … cutting staff, curtailing costs, reducing capital expenditures – and their looking at some asset sales after eliminating 1,400 positions … tic toc …
+ Imperial Oil Ltd. cut $1 billion in costs and, so far, have avoided job cuts
+ Royal Bank of Canada closed its US$5 billion acquisition of City National Corporation;
+ Royal Dutch Shell plc halted construction at its 80,000 bbls/d Carmon Creek in-situ project
+ Scotiabank is increasing its commitment to Roynat Capital; re-establishing Roynat Capital Executive Office in Calgary, increasing staff and mandate
+ Tidewater Midstream and Infrastructure Ltd. agreed to acquire a gas processing plant and related pipelines for $17 million
+ Tidewater Midstream and Infrastructure Ltd. agreed to acquire a retail propane business for $5.2 million
+ TransCanada Corporation got final regulatory approval for its $5 billion natural gas pipeline to connect NE BC gas fields to Prince Rupert for LNG export
+ TransCanada Corporation asked U.S. State Department to ‘pause’ its process of Keystone XL review while Nebraska re-routing works its way through regulatory process – which should delay the whole process a year or more; in light of U.S. elections next year, a provocative tactic … tic toc …
+ University of Calgary is facing allegations that undue influence by Enbridge in connection with its funding of the Enbridge Centre for Corporate Sustainability has impacted academic freedom at U of C … tic toc …
+ U.S. Congress and White House reached a budget and debt ceiling deal; political peace for now, financial market peace too, but lots of skepticism about the wisdom of it all; provision in that budget calls for selling off part of the Strategic Petroleum Reserve 2018-2025 to raise cash
THIS WEEK IN FINANCINGS
- proposed & closed
+ Brookfield Infrastructure is on the market to raise $500 million in debt
+ Milestones Apartments REIT closed $143.9 million equity financing
+ Orca Exploration Group Inc. closed US$60 million debt financing
+ Petroamerica Oil Corp. is on the market to raise US$20 million in secured debt
+ PetroMaroc Corporation plc is on the market to raise $1.0 million in debt
+ Petromin Resources Ltd. is on the market to raise $300,000 in common share & warrants issue
+ Superior Plus Corp. closed $138 million equity financing
+ Synodon Inc. is on the market to raise $2.0 million in a common share & warrants issues
+ Temple Hotels Inc. closed $40 million rights offering
+ Tidewater Midstream and Infrastructure Ltd. secured $70 million credit facility
+ Traverse Energy Ltd. closed $700,800 equity financing
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ a carbon-capture facility in Saskatchewan is coming back online, officials saying it will be fully operational -- even if it's not operating full time. SaskPower have had to replace many components at the $1.5-billion facility at the Boundary Dam power plant south of Estevan. The goal is to reduce carbon-dioxide emissions by one million tonnes annually. The facility has removed 400,000 tonnes so far this year.
INTERESTING REAL ESTATE NEWS, other places
+ Brookfield Property Partners LP and Qatar Investment Authority formed a JV; plan is to develop US$8.6 billion in West Manhattan, mixed use project; office buildings, hotel, apartments and retail. First tower, 67 storys will open in 2019 with Skaden Arps law firm as its anchor tenant
+ OMERS (Ontario Municipal Employees Retirement System) and Temasek are buying a central London office asset. OMERS’ real estate arm, Oxford Properties, and the Singaporean government’s Temasek are paying $838 million for the Blue Fin Building; fully leased 497,000-square-foot asset
+ Parkit Enterprise Inc.’s JV acquired Fly Away Airport Parking in Nashville; 1,140 stall facility on 8.5 acres was acquired for US$8.0 million
+ Starwood Hotels & Resorts Worldwide is in play; three Chinese firms competing to win the day; expected deal size is US$12 billion. Hyatt are also reported to be in the hung for the 1,200 property portfolio … tic toc …
this week in REITS
+ American Hotel Income Properties REIT LP agreed to acquire 70-room rail crew lodging property in Fort Scott, Kansdas for US$3,315,000
+ Artis REIT agreed to acquire Canadian Pacific Plaza in Minneapolis, a 393m884 sq. ft, Class A office property
+ Lanesborough REIT closed its $70.25 million acquisition of Colony Square in Winnipeg
+ Northern Property REIT completed its acquisitions of properties from True North Apartment REIT and Starlight Investments Ltd.; and, changed its name to Northview Apartment REIT
+ Slate Retail REIT agreed to acquire Little River Pavillion shopping centre in Little River, South Carolina for US$10.1 million
+ Temple Hotels Inc. closed $40 million rights offering
KUDOS
+ to Dr. Margaret Churcher, named Alberta’s Family Physician of the Year for 2015
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