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FACILITYCalgary June28/22

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SHAKERS AND MOVERS 
appointments and disappointments 

+ Adam Legge, Pres. @ Calgary Chamber of Commerce, resigned

+ Adam Legge to Director Global Business Futures Initiative, Haskayne School of Business @ University of Calgary

+ Andrew Bear Robe to Interim Exec. Dir. @ Making Treaty 7

+ Bing Chen to CEO @ Seaspan Corporation

+ Bonnie Clark to Chair-Elect @ Real Estate Council of Alberta

+ Brad Mitchell to CEO @ Alberta Real Estate Association

+ Brian Klingspon to Chair @ Real Estate Council of Alberta

+ Chanakya Chakravarti to Managing Dir. India @ Ivanhoé Cambridge 

+ Christine Perry to Interior Design Team Lead @ DIALOG

+ Colin Richardson to Principal @ DHR International

+ Chris Gower to COO Buildings @ PCL Construction

+ Darryl White to CEO @ BMO Financial Group

+ David Ehrlich to Pres. & CEO @ CAP REIT

+ Deborah Brown to Director @ Oncolytics Biotech Inc.

+ Fabian Baker to CEO @ Tethyan Resources plc

+ Glen Hirsh to COO @ Starlight Investments

+ Greg Calhoun to Director, Infrastructure @ Fengate Real Estate Investments

+ Ian Burns, CEO @ Alberta Real Estate Association, stepping down

+ Ian Clarke to CFO @ Greater Toronto Airports Authority

+ Jerome Powell to Chairman @ U.S. Federal Reserve Bank

+ Mark Bly to Director @ Baytex Energy Corp.

+ Marvin Henry to Application Developer @ Accenture

+ Mike Wieninger to COO Canadian Operations @ PCL Construction

+ Roger Keglowitsch to COO Heavy Industrial @ PCL Construction

+ Roy Daykin to CFO @ SAIT

+ Vicki Ringelberg, CFO @ First Global Data, resigned


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




 MEMORIAM

+ Murray Koffler, founder of Shoppers Drug Mart, philanthropist, died (93)




 KUDOS 

+ to Adam Pekarsky and crew at Pekarsky & Co. for winning ‘Canadian Lawyer Magazine’s BEST LEGAL RECRUITER’ for 2017-18

+ to S.P. Shouldice (posthumously), Gerry Wood, Bill Yuill and Pat Daniel inducted to the Calgary Business Hall of Fame




 HUMAN RESOURCE + WORKPLACE TRENDS 

+ Canadian Payroll Association report shows high level of worry by Canadians over wages, savings and retirement

+ staffing digital projects – Aligning the Right Resources for Success; downloadable report from Robert Half




  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

+ 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

+ 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

+ LPG – Liquefied Propane 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 …

+ TOD – transit oriented development

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – YYC Calgary International Airport




 SUGGESTIONS / COMMENTS:
 
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current week data

this  site is refreshed with a new issue every Tuesday morning


updated November 7, 2017




 TODAY'S HEADLINES


HEADLINES: Cenovus near another big deal | crude prices up!  | CWC bought C&J | Gibson layoffs | HNZ sold | Kuwait JV contract to Jacobs | Pembina/Chevron pipeline deal + Kirsten Evenden interview  upcoming events, appointments + climate change + infrastructure + REIT NEWS + financings 




CONVERSATIONS

This week's conversation with Kirstin Evenden, Exec. Dir. @ Lougheed House

Last week's conversation with Ross Roy, Principal @ Stantec Architecture

A recent conversation with Wendy Brownie, creator/curator/owner at inspirati

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



PUT YOUR 
COMPANY HERE
 Advertising/sponsorship queries:  kolke@facilitycalgary.com 
SEE YOUR 
BRAND HERE



 sponsors of this week's issue:

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



e-mail to Sharon Martens
 
ARCHITECTURE + INTERIOR DESIGN



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



CONTACT MARK KOLKE 
RESIDENTIAL SALES



e-mail Norm Landry
 
PROJECT MANAGEMENT



PUT YOUR 
COMPANY HERE
 Advertising/sponsorship queries:  kolke@facilitycalgary.com 
SEE YOUR 
BRAND HERE



 SAVE THE DATE / upcoming events

+ Nov. 8-9; BUILDEX Calgary, BMO Centre, Stampede Park, Calgary; info/tickets/register

+ Mar. 21-23/2018; Economic Developers of Alberta; Annual Conference, Banff Centre, Banff; call for papers


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



 SHAREHOLDER MEETINGS

+ Nov. 22; PSP Investments, Annual Public Meeting, Ottawa

+ Dec. 7; H&R REIT, Meeting of Unitholders/Consider Re-organization, Toronto

+ Dec. 7; H&R F17 Trust, Meeting of Unitholders/Consider Re-organization, Toronto


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



 CLIMATE CHANGE + LEED + RENEWABLE ENERGY 

+ Acceleware Ltd. won a $10.0 million non-repayable grant to do commercial-scale testing of it clean energy technology for bitumen and heavy oil extraction …

+ HSBC Bank is putting its money where its mouth is: committing to $100.0 billion in sustainable financing and investment by 2025; also committing to source 100% of its power from renewable resources and other well-intentioned initiatives




INTERESTING TRENDS IN OFFICE REAL ESTATE 


+ Amazon leased a 2nd office location in Vancouver; Oxford will house them in 150,000 sq. ft.; Amazon will grow their Vancouver workforce from 1,000 to 2,000 




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NEWS SUMMARY 
 October 31 ~ November 7 


+ Avison Young closed its acquisition of WHR Property Consultants LLP

+ BCE Inc. agreed to acquire AlarmForce Industries for $166.0 million

+ Cenovus Energy Inc. reported to be on the verge of announcing a $1.0 billion+ sale of its Weyburn portfolio … tic toc

+ current energy prices – live link to current Bloomberg energy prices; WTI over US$57/bbl, Brent over US$64/bbl on news of Saudi government purge, and tighter supplies

+ CWC Energy Services Corp. closed its $37.5 million acquisition of C&J Energy Services, making it the largest active service rig contractor in Canada

+ Gibson Energy laid off staff – exact numbers not released

+ HNZ Group Inc. agreed to be acquired by a group (current CEO Don Wall and PHI Inc.); $24.4 million valuation

+ Kuwait Petrochemical Industries Co. signed a deal with Jacobs Engineering to do engineering and design work for its JV (with Pembina Pipeline Corp.) for its $3.8 billion propylene and polypropylene facility for Fort Saskatchewan; feedstock will be 22,000 bbl/day of propane

+ MATRRIX Energy Technologies Inc. agreed to acquire Stampede Drilling Ltd. for $9.0 million in an all shares and assumption of debt transaction

+ Pembina Pipeline Corporation announced it will develop $290.0 million pipeline project to service Duvernay and Kaybob assets for Chevron Canada Limited

+ Pengrowth Energy Corporation agreed to sell its Quirk Creek sour gas plant and gathering systems for $6.5 million

+ Pengrowth Energy Corporation closed $150.0 million sale of its remaining Swan Hills asset portfolio

+ PSAC released its 2018 drilling forecast: 7,900 predicted, up from 2017’s revised forecast of 7,550

+ ReidBuilt Homes group of companies in receivership; Alvarez and Marsal are trusteet

+ Shippers Supply is being acquired by Central National Gottesman Inc. (CNG); terms not disclosed

+ SNC-Lavalin acquired Data Transfer Solutions Inc. for US$45.0 million

+ Toscana Energy Income Corporation agreed to sell a portfolio of undeveloped non-core northern Alberta assets for $1.6 million

+ rig counts: up 1 to 192; full western Canadian fleet breakdown

+ YARDI acquired WUN Systems, a software provider for co-working and shared workspace market




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Innergex Renewable Energy Inc. secured $50.0 million revolving credit facility

+ Lithium X Energy Corp. closed $14.9 million equity financing by IPO

+ Potash Ridge Corporation closed $700,000.0 final tranche of an equity financing

+ Solium Capital Inc. closed $46.0 million equity financing

+ Stelco Holdings Inc. is on the market to raise $200.0 million in equity by IPO




 QUOTES

+ Don’t compromise yourself. You are all you’ve got. – Janis Joplin

+ Never get tired of doing little things for others. For sometimes, those little things occupy the biggest part of their heart. – Ida Azhari




 CONSTRUCTION NEWS + INNOVATION 

+ B.C.’s Site C Dam is behind schedule, over budget …

+ 10 projects chosen as winners – 2017 AIA International Region Design Awards




 this week in REITS 


+ Artis REIT sold four Alberta office properties (three in Quarry Park, Calgary - $98.0 million; one in Red Deer - $33.0 million)

+ BTB REIT agreed to acquire a retail power center in Levix, QB for $35.9 million

+ David Ehrlich to Pres. & CEO @ CAP REIT

+ Summit Industrial Income REIT agreed to acquire 50% interest in a 70,000 sq. ft. Laval, QB property for $3.1 million; and to acquire 100% of a 158,831 sq. ft. property in Pickering, ON for $14.3 million

+ True North Commercial REIT acquired three office properties (Victoria - $11.3 million; Richmond Hill - $29.8 million; Ottawa - $18.0 million) 




 INFRASTRUCTURE / P3  


+ Calgary Cancer Centre ground breaking two months ahead of schedule; the $1.4 billion facility on the Foothills Health Campus will open in 2023 – 1,500 jobs to be created; PCL Construction Management Inc. is doing the design-build

+ Government of Canada announced it will wind-down PPP Canada Crown Corporation ; appears to be preparatory to launch of the Canadian Infrastructure Bank

+ Infrastructure and Metrolinx awarded a $128.4 million fixed price contract to EllisDon Infrastructure CGS RER Inc. to design, build and finance the Cooksville GO Station

+ Ontario Teachers’ Pension Plan entered into a JV on Bristol & Birmingham (UK) airports; Teachers’ is selling off 30%

+ train without a track; driverless/sell-driving rail bus pioneering in China




INTERESTING REAL ESTATE NEWS, other places


+ Li Ka-shing sold this tallest building (73-storey) in Hong Kong to a syndicate of Hong Kong and Chinese buyers for US$5.15 billion; likely largest single property transaction ever …

+ Saudi Arabia’s heir to the throne is shaking things up; he’s turned the Riyad Ritz Carlton into a detention facility for a lot officials, family, princes and others accused of corruption; notable among them is Prince Alwaleed bin Talal, principal of Kingdom Holdings (CitiBank, Four Seasons Hotels, the world’s tallest building … etc. etc. ) .. tic toc

+ Starlight U.S. Multi-Family (No. 5) Core Fund sold its Jones Road project in Houston (114 units) for US$14.35 million




INTERESTING TRENDS IN RETAILING 


+ Ruth’s Hospitality Group Inc. bought back its 6 Ruth’s Chris steakhouse franchise restaurants in Hawaii for US$35.0 million




INTERESTING TRENDS IN INDUSTRIAL REAL ESTATE 


+ Tsuut’ina Nation have named their new project: Taza Park … estimated at $4.5-5.0 billion when fully built out; project is a JV with Canderel MDC Development Management Inc.


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