+ European Union ripples/rumblings; bailout package for banks in Cyprus came with a bank deposit tax chaser (Cyprus is banking haven for Russian oligarchs), sending a similar message to other countries seeking EU bailouts; some analysts fear runs on banks and implosion of euro zone banking system
+ Huntingdon Capital Corp. filed new takeover for KEYreit
+ Keystone XP Pipeline drama continues, U.S. approval still in doubt, Premier Redford on speech/promotional junket, Thomas Mulcair spreading ill-will in U.S.
+ Pope Francis being installed in Rome
+ Whitecap Resources Inc. closed its $60.2 million acquisition of Invicta Energy Corp.
+ Williams Energy Canada planning $900 million to use propane dehydrogenation process to produce feedstock for plastics manufacturing; to be operational in 2016
+ BNK Petroleum Inc. agreed to sell its Woodford assets to XTO Energy Inc. for US$147.5 million
+ Cominar REIT acquired vacant lands adjacent to CentronPark office buildings for $20.5 million; Cominar now is sole owner of CentronPark Complex
+ Dundee International REIT closed its acquisition of $559 million office portfolio in Germany
+ ERCB rule changes; as of May 1, 2013 they will require 248 licensees to post $297 million to cover potential costs of reclamation of abandoned wells
+ Government of Alberta reached labour agreement with 40,000 teachers; 4 yr. contract yet to be ratified by teachers
+ KEYreit acquired two Alberta retail properties (Olds, Lloydminster) for $10 million
+ Ontario Teachers’ Pension Plan closed sale of its 1/3rd interest in the Express-Platte Pipeline System to Spectra Energy Corp. for $430 million
+ Ontario Teachers’ Pension Plan’s Natural Resources Group invested $153.4 million in the Weyburn Unit asset, 25,000 barrels/day production
+ Perpetual Energy Inc. closed sale of its Elmworth property, $77.5 million
+ Pure Industrial REIT closed on acquistion of industrial properties (Delta, Crossfield, Saskatoon, Ajax) for $25.3 million
+ Pure Multi-Family REIT LP acquired Laguna Luxury Apartments in Dallas Fort-Worth Metroplex for US$17.5 million
+ Ridgeline Energy Services Inc. closed final $1,316,265 tranche of its equity financing
+ Rosetta Resources Inc. agreed to acquire $768 million in PermianBasin oil & gas properties in west Texas from Comstock Resources Inc.
+ RS Technologies Inc. obtained 30 days CCAA creditor protection, directors resigned
+ ShawCor Ltd. shareholders approved plan to eliminate dual class share structure
+ Summit Industrial Incone REIT closed $174.5 million in property acquisitions (Edmonton, Toronto, Moncton)
INFRASTRUCTURE / P3 / GREEN
+ HumberRiverHospitalredevelopment named Best Healthcare Project, North America and Plenary Group as Best Sponsor, North America by World Finance Magazine 2013 Awards
+ hissing match between Mayor Nenshi and Canadian Home Builders Association, and builders – signed truce agreement. Soon the bookies will be taking bets on how long it will be until Rollin Stanley adds another city to his resume . . .
+ PeaceBridge price dispute; Graham Infrastructure seeking payment of $24.5 million, though contract was for $17,995,000 on a fixed cost basis . . .
INTERESTING REAL ESTATE NEWS OTHER PLACES
+ Malkin Holdings LLC, managers of the Empire State Building, is seeking investor approval to convert to REIT status as Empire State Realty Trust Inc.
+ The Caisse de dépôt et placement du Québec invested AU$32 million in Melbourne's Centre for AgriBioscience with Plenary Group
+ KKR & Co. is preparing to market its first fund dedicated to real estate investments; KKR has committed $500 million to the limited-partners pool
QUOTES
“A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.” – Robert Frost
“Bank failures are caused by depositors who don’t deposit enough money to cover losses due to mismanagement.” Dan Quayle (yes, that one!)
