+ John Agrios, retired Alberta Queen’s Bench Justice; 86
+ Lynn Patrick, retired lawyer, former Pres., Stuart Olson Construction, and Corp. Counsel, Churchill Corporation, and Director of Real Estate Council of Alberta
+ Oct. 3; Reins of Responsibility, Shriner’s Fez Dome, Calgary; info/register - ** editor’s note: I’ve taken this program – it’s about horses, HR leadership and serious naval-gazing; I highly recommend Nancy Lowery’s signature event …
+ Oct. 9; Energy Council’s 2019 Energy Person of the Year Award Dinner, Westin Hotel, Calgary; sponsor info/tickets
+ Oct. 17-18; 10th Annual Connect Event / United Way of Calgary and Area, Carriage House Inn, Calgary; info/register
+ Oct. 18; 90th Anniversary; ‘Persons’ Day celebration, Olympic Plaza, Calgary; info/join the celebration
+ Oct. 19; Western Canada High – Class of ’69, 50 YEAR REUNION, Glencoe Club, Calgary; info/register
+ Nov. 1; Stantec presents the 5th Annual Peter Burgener Memorial Charity Concert, Barney Bentall and The Cariboo Express in support of Classroom Champions, Bella Concert Hall at MRU, Calgary … save the date; info/tickets
+ Connor, Clark & Lunn Infrastructure closed its acquisition of 50% interest in the North Island Hospitals Project from Balfour Beatty Investments to now hold 100%; terms not disclosed
+ CPPIB acquired a 45% interest in Cikopo-PPalimana told road in Indonesia (terms not disclosed), its first investment in that country
CLIMATE CHANGE + LEED + RENEWABLE ENERGY
+ BentallGreenOak achieved LEED Platinum certification for the Sun Life Building in Montreal – an extraordinary accomplishment for an existing heritage building, built 1914-1933
QUOTES
+ The sky takes on shades of orange during sunrise and sunset, the colour that gives you hope that the sun will set only to rise again. – Ram Charan
+ The greatness of humanity is not in being human, but in being humane. – Mahatma Gandhi
+ Alberta competitiveness; GOA took steps to eliminate ‘exceptions’ under the Canadian Free Trade Agreement which will allow businesses and investors within Canada not to be shut out of doing business in Alberta: details
+ City of Calgary launched its planning/consultation process for Winston Heights Village Concept Plan; 22-acre site redevelopment for housing, commercial etc.; Oct 1 public meeting/planning documents
+ Courtland Partners LLC US$1.2 billion takeover of Pure Multi-Family REIT LP got court approval
+ Crestpoint Real Estate Investments Ltd. acquired from ONE Properties, a 50% interest in 4.4 million sq. ft./14-building portfolio with 131 acres of excess land; terms not disclosed
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude settling down in US$58/barrel range as traders get realistic in determining the physical market ramifications of Saudi production outages – meanwhile speculation about how long it will take Saudi production to resume previous levels is abundant
+ Energy Disruptors: United 2019, 2-day, 2nd annual conference at the Big 4 was a huge success; Malcolm Gladwell and Sir Kenneth Robinson were headliners – strong roster of presenters presented on a wide range of technology and energy changes
+ Delphi Energy Corp. completed its recapitalization transaction
+ DHX Media Ltd. is changing its name to WildBrain; will reorganize
+ Enbridge Inc. got some good news on its Line 3 Replacement Project; Minnesota Supreme Court ruled that further environmental review is NOT necessary – quashing the efforts of opposed intervenors … tic toc
+ Savills Inc. opened in Alberta; Calgary office - Josh Hammill, Adam Stewart, and Jeremy Berman
+ Tidewater Midstream and Infrastructure Ltd. completed commissioning of its Pipestone Gas Plant
THIS WEEK IN FINANCINGS
- proposed & closed
+ Alvopetro Energy Ltd. secured US$15.0 million credit facility
+ BSR REIT closed US$40.25 million equity financing
+ BSR REIT closed US$15.0 million equity financing by private placement
+ Delphi Energy Corp. is on the market to raise $43.0 million in equity and debt by private placement
+ Gibson Energy ULC closed $500.0 million debt financing
+ Hydrostar closed US$37.0 million debt financing
+ iA Financial Corporation is on the market to raise $400.0 million in subordinated debt
+ Northland Power Inc. closed $346.5 million equity financing
+ People Corporation is on the market to raise $60.0 million in equity by private placement
+ Profound Medical Corp. closed $11.5 million equity financing by private placement
+ Stuart Olson Inc. closed $70.0 million convertible debt financing
+ Venzee Technologies Inc. is on the market to raise $1.5 million in equity by private placement
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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 …
+ BentallGreeenOak acquired 50% stake in The Sun Life Financial Centre in Ottawa for $207.5 million
+ Brookfield Asset Management entering $1.8 billion Dubai JV with Meraas Holding to own and operate Meraas’s retail assets
+ Choice Properties REIT agreed to sell a portfolio of 30 properties (27 retail site, 3 distribution centres) for $426.0 million; purchaser not disclosed
+ Firm Capital Property Trust acquired a 50% interest in two Edmonton industrial properties for $5.7 million
+ Starlight Investments acquired a portfolio (19 buildings/626 suites) of GTA apartments from Akelius Canada for $176.8 million
+ Tricon Capital Group Inc. formed a $450.0 million JV with Arizona State Retirement System to develop master-planned rental communities in U.S. Sun Belt markets; Tricon $50.0 million/ASRS $400.0 million
INTERESTING TRENDS IN RETAIL
+ Choice Properties REIT agreed to sell a portfolio of 30 properties (27 retail sites, 3 distribution centres) for $426.0 million; purchaser not disclosed
+ Princess Auto opened its first store in Quebec; 27,500 sq. ft. in Saint-Jerome
INTERESTING TRENDS IN OFFICE
+ Lululemon Athletica is planning a new head office project at Foley St. & Great Northern Way in Vancouver; 13-storey/
+ WeWork’s much-touted US$26.5 billion IPO is delayed amidst wrangling over which substantial devaluation the market should consider; lofty thoughts and a souring mood has financial market makers scratching their heads about the future/viability of co-working space in the long run. Amid much hoopla and bragging, the rapid growth of WeWork locations globally has not been matched by strong earnings so its valuation is now US$10.0 billion, down from earlier valuation of US$47.0 billion, which was earlier slashed from US$62.0 billion, now appears a distant and dubious fairy-tale; meanwhile, it is reported that SoftBank Group (they’re stake cost US$10.5 billion) largest investor in WeWork is exploring replacement of CEO Adam Neumann … tic toc
INTERESTING TRENDS IN INDUSTRIAL + LOGISTICS REAL ESTATE ...
+ Crestpoint Real Estate Investments Ltd. acquired from ONE Properties, a 50% interest in 4.4 million sq. ft./14-building portfolio with 131 acres of excess land; terms not disclosed
this week in REITS
+ Andrew Melton, Pres. & CEO @ Melcor REIT, stepped down
+ Automotive Properties REIT closed its $36.5 million acquisition of Audi Queensway dealership in Toronto from Dilawri Group; 18-yr. sale/leaseback transaction
+ BSR REIT closed US$40.25 million equity financing
+ BSR REIT closed US$15.0 million equity financing by private placement
+ Choice Properties REIT agreed to sell a portfolio of 30 properties (27 retail sites, 3 distribution centres) for $426.0 million; purchaser not disclosed
+ Courtland Partners LLC US$1.2 billion takeover of Pure Multi-Family REIT LP got court approval
+ Darin Rayburn to Pres. & CEO @ Melcor REIT
+ Firm Capital Property Trust acquired 50% interest in an $11.4 million Edmonton portfolio of industrial properties
