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FACILITYCalgary June28/22

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SHAKERS AND MOVERS 
appointments and disappointments 

+ Adlai Chester to Chief Investment Officer @ Mainstreet Health Investments Inc.

+ Bruce Edgelow to Board Chair @ WaterNEXT

+ Carrie Yuill, CFO @ Ikkuma Resources Corp., stepped down

+ Chuck Herman to Director @ Mainstreet Health Investments Inc.

+ David Cukulin to Sr. Construction Manager @ CANA Construction Ltd.

+ Dorothy Else, Exec. VP @ Ikkuma Resource Corp., retired

+ Dr. Reza Shahim to Director @ Medical Facilities Corporation

+ Gary Herdler to CFO @ QuadReal Property Group

+ Heather Atkinson to Marketing & Bus. Dev. @ Kon-Strux Development Inc.

+ Jeff Moody to CEO @ Gluskin Sheff + Associates Inc.

+ Jennifer Suess to Sr. VP, General Counsel & Corporate Secretary @ RioCan REIT

+ Judith Athaide to Director @ HSBC Bank of Canada

+ Kim Benders to Corporate Controller @ Ikkuma Resources Corp.

+ Lisa Maria Fox to Regional Director @ Canada Green Building Council

+ Michael Forsayeth, CEO @ Granite REIT, retiring

+ Michael Korenberg to Director @ HSBC Bank of Canada

+ Norman Steinberg to Sr. Advisor @ Persistence Capital Partners

+ Richard Turner to Chairman @ Mainstreet Health Investments Inc.

+ Roger Chouinard to Chief Legal Officer @ QuadReal Property Group

+ Russell Kalmacoff to Executive in Residence @ Athabasca University

+ Sara Austin to CEO @ Sheldon Kennedy Child Advocacy Centre

+ Shirley Chen to CFO @ Wealth One Bank of Canada

+ Susan MacKenzie to Director @ Precision Drilling Corporation

+ Tracy Taylor Fullerton to Managing Dir., Calgary @ Cushman & Wakefield


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




 MEMORIAM

+ Keith Beedie, founding Chairman and CEO @ Beedie Development, philanthropist and Vancouver real estate industry leader, died




 HUMAN RESOURCE + WORKPLACE TRENDS 

+ what does ‘flexible work’ really mean? 




 SHAREHOLDER MEETINGS

+ Sept. 26; Calgary Philharmonic Society, Annual General Meeting, Calgary

+ Sept. 28; Temple Hotels Inc., Meeting of Debenture Holders, Mississauga

+ Oct. 3; Petrolia Inc., Annual and Special Meeting, Quebec City, QC


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



 QUOTES

+ To err on the side of kindness is seldom an error. – Liz Armbruster

+ The world is a book, and those who do not travel read only a page. – Saint Augustine




  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:
 
feedback@facilitycalgary.com

FACILITYCalgary
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this  site is refreshed with a new issue every Tuesday morning


updated September 26, 2017




 TODAY'S HEADLINES


HEADLINES: Amazon pursuit | arena politics | Bentall/Ross Perot JV | crude prices are UP! |  Dominion Diamonds sold | Lundin unit buying Cenovus’s Suffield holdings | Veresen Jordon Cove FERC application + Michèle Stanners interview  upcoming events, appointments, oil sands/heavy oil + climate change + infrastructure + REIT NEWS + financings 




CONVERSATIONS

This week's conversation with Michèle Stanners, Executive Director @ Making Treaty 7

A recent conversation with Norm Landry, Managing Director @ Lawson Projects

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 Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



CONTACT MARK KOLKE 
RESIDENTIAL SALES



e-mail Norm Landry
 
PROJECT MANAGEMENT



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



e-mail to Sharon Martens
 
ARCHITECTURE + INTERIOR DESIGN



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



 SAVE THE DATE / upcoming events

+ Sept. 27; BOMEX 2017 - Canada's Building Excellence Summit, Conference, Trade Show and Awards Gala; Toronto; info/register

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

+ Oct. 19; Calgary Immigrant Women's Association, 35th Anniversary Gala, CIVIC on Third, info/tickets, sponsorships

+ Oct. 24; The Art Of Leadership For Women, TELUS Convention Centre, Calgary; info/tickets

+ Oct. 26; Calgary Real Estate Forum, TELUS Convention Centre, Calgary; info/register

+ Oct. 26; YWCA Calgary’s She Who Dares - sesquicentennial project; 150 women to be recognized; City Hall


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



 CLIMATE CHANGE + LEED + RENEWABLE ENERGY 

+ Canada Green Building Council are aiming at cutting emissions from large buildings by 51%; check out their Roadmap for Retrofits in Canada ; if you like that, check out Building Solutions to Climate Change (developed for CGBC by WSP)

+ Dubai are going ahead with a massive solar park; contracts have been awarded for a US$3.9 billion 700MW solar project; construction start in 2018

+ TD Bank Group and Just Energy acquired 140,000 tonnes of carbon credits; largest transaction in Quebec involving forest carbon capture




INTERESTING REAL ESTATE NEWS, other places


+ in Chicago,  the Metropolitan Pier and Exposition Authority JV launched a 1,205 key hotel facility at McCormick Place; US$350.0 million hotel is Marriott Marquis flagged

+ in Montreal; Urbacon opened Montreal’s only stand-alone purpose-built data centre; 266,671 sq. ft. facility; $70.0 million capital cost

+ in Toronto, First Capital Realty and partners have put a portfolio of 19 properties on the market; the Main and Main portfolio is expected to fetch a $500 million neighbourhood price; nice neighbourhood …

+ in Vancouver Sole Food Street Farms have created a thriving urban farm on pavement and contaminated soil in Vancouver downtown’s east side – growing food, jobs and ideas where you thought nothing at all could grow …




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NEWS SUMMARY 
 September 12 ~ 19 


+ Amazon is coming to a city near you …. maybe; Amazon have opened the door to a potential flood of proposals (deadline is Oct. 19th); Calgary being keen among a very wide field – and the government of Alberta is throwing support (though no commitment of inducement dollars yet), formed a leadership team to support efforts of Calgary and Edmonton to bid their announcement touts many advantages (young, smart, educated populace, lots of engineers – who knew? … and strong post-secondary resources); Calgary is a long shot, Edmonton even longer. It’s amazing how Amazon has generated so much excitement/hype and competition for something it ‘might do’ … tic toc

+ arena bluff; an election issue for sure, Mayor Nenshi who has opposed the Calgary Flames et al ambitions for new facilities from the beginning is now back-peddling, pretending he’s been for it all along; meanwhile Flames CEO Ken King is, in many ways, saying “we’re done” as an indication they aren’t coming back to the table; citizens and business folks alike are fearing loss of our sports icons to another market. It looks like a great game of chicken to this writer; interestingly, it seems the Mayor has already blinked … tic toc

+ Bentall Kennedy JV (Highfield Investment Group & Hillwood) announced a Calgary industrial project; on spec build, 400,000 sq. ft. facility in Balzac (Rocky View County)

+ Brookfield Business Partners L.P. closed its acquisition of 60% interest in Teekay Offshore Partners L.P.

+ Canada is projected to be ranked #18 of the 21 most powerful economies in 2030; check them out

+ Cenovus Energy Inc. agreed to sell its Suffield crude oil and natural operations to International Petroleum Corporation (part of the Lundin Group) for $512.0 million

+ current energy prices – live link to current Bloomberg energy prices; crude up to 8-month high ~ WTI at US$52/bbl , touted by producers as ‘market balancing’; interesting trend …tic toc

+ Dominion Diamonds agreed to be taken over by Washington Companies for $1.2 billion

+ Lloyd’s roller rink, a Calgary institution (I’ve cracked that concrete – thud!), announced it will close after more than 53 years; closes Feb. 18 … so there is still time to visit again

+ Manitok Energy Inc. acquired Corinthian Oil Corp. in an all stock transaction

+ M3 Mortgage Group acquired Verico Financial Group Inc.; terms not disclosed

+ rig counts; up 8 to 220 this week – get the full breakdown ; meanwhile, U.S. counts are down for the third week in a row

+ September 30th will mark the 50th Anniversary of the opening of Great Canadian Oil Sands operations (now Suncor) in Fort McMurray … congratulations to Fort Mac … on 50th

+ TerraVest Capital Inc. acquired Fischer Tanks LLC

+ Veresen Inc. is taking another run at U.S. regulators; applied attain to FERC for approval of its $10.0 billion Jordan Cove Energy Project (LNG) and Pacific Connecter Gas Pipeline;

+ WestJet broke ground on a new 8-storey tall hangar facility at YYC; 125,000 sq. ft. footprint will accommodate Boeing 787-9 Dreamliner aircraft




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Brookfield Business Partners L.P. is on the market to raise $600.0 million in equity

+ CI Financial Corp. is on the market to raise $250.0 million in debt

+ Cineplex Inc. secured $475.0 million and $150.0 million sr. secured revolving credit facilities

+ Eclipse Residential Mortgage Investment Corporation closed $10.8 million in equity

+ Encanto Potash Corp. secured $100.0 million equity financing

+ Harvest Operations Corp. closed US$285.0 million sr. unsecured debt financing

+ Keyera Corp. closed $400.0 million debt financing by private placement

+ Seven Generations Energy Ltd. is on the market to raise US$700.0 million in sr. unsecured debt by private placement

+ Western Energy Services Corp. raised $215.0 million in sr. secured debt by private placement

+ Western Energy Services Corp. raised $11.375 million in equity by private placement




 KUDOS 

+ to firefighters from all over, including Calgary forces, who worked the Waterton Lakes National Park wildfire; they save the town, saved one of Canada’s grandest old wooden hotels … yay!




 CONSTRUCTION NEWS + INNOVATION 

+ 8 annoying things all architects do ; only 8?




 INTERESTING TRENDS IN RETAILING 


+ Shoppers Drug Mart is experimenting with a new concept that goes beyond its 49 Home Health Care stores; the new platform ‘Wellwise’ has been opened in Toronto – supposed to be more than an aging-products stores. Maybe it should be called ‘Late Boomers’ …

+ toy stories … in the wake of Toys R Us financial troubles – turnabout is fair play: Mastermind Toys are growing strong, adding five new stores this fall; they’ve opened 50 stores since 2011




 INTERESTING TRENDS IN OFFICE REAL ESTATE 


+ Amazon is opening a new office in New York City; in Brookfield’s Manhattan west; 359,000 sq. ft. to house its advertising, division; interesting deal elements – US$20.0 million in job creation dough from the state (based on an expected 2,000 new hires), Amazon investing US$55.0 million or US$153.0 sq. ft. in improvements to the former industrial building (1.8 million sq. ft.) on top of Brookfield’s US$300.0 million spend to peel and replace the building’s skin …




 this week in REITS 


+ Allied Properties REIT agreed to acquire 70 Esplanade in Toronto, an 1880 vintage manufacturing building which was converted to office building use; 25,699 sq. ft. GLA for $17.0 million

+ Jennifer Suess to Sr. VP, General Counsel & Corporate Secretary @ RioCan REIT

+ Michael Forsayeth, CEO @ Granite REIT, retiring

+ Mohawk Medical Properties REIT acquired Medical Centre West in Syracuse, NY; 90,000 sq. ft. facility, 100% medical tenancies. Terms not disclosed …

+ OneREIT got unitholder approval for its combination with Smart REIT and Strathallen Acquisitions Inc.

+ Summit Industrial Income REIT agreed to acquire 225,000 sq. ft. property in Etobicoke, ON for $23.9 million




 INFRASTRUCTURE / P3  


+ do we use too much water? Canada ranks 4th among 20 OECD countries in water consumption. This seems to go beyond ‘show with a friend’ strategies: Canada’s Ecofiscal Commission thinks we can do better. They’ve published a report: Best Practices For Pricing And Improving Municipal Water And Wastwater Services

+ Ontario’s Residential and Civil Construction Alliance commissioned a report on infrastructure; 72 page PDF download




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