Canadian Real Estate

The latest news from the Canada Real Estate Club Team

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Keppel, KBS Forming New REIT to Acquire $800 Million U.S. Office Portf
 
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Street Smart REI   October 16, 2017   1   0   0   0   0   0
Singapore-based Keppel Corp. has received approval to launch a new REIT on the Singapore Exchange and has reached a deal for that REIT to acquire 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT. The properties have not been specifically identified nor has a final purchase price been set. However, KBS currently values the portfolio at $800 million with $400 million in outstanding debt. View Original Article[1] References ^ View Original Article (www.costar.com)
How effective is your resident screenign provider? A 5 minute audit
 
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Street Smart REI   October 16, 2017   1   0   0   0   0   0
Any decision is only as good as the data behind it. CoreLogic® Rental Property Solutions connects you with the most comprehensive and up-to-date resident screening information. We give property owners and managers access to vital data that makes leasing decisions easier, faster and more effective. Learn more by downloading our Resident Screening Provider white paper.  
Data Center REITs Will Continue to Deliver Outsized Returns | National Real Estate Investor
 
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Street Smart REI   October 16, 2017   2   0   0   0   0   0
In the REIT sector, data center REITs are looking more and more like all-star players as customers expand the playing field for cloud computing, e-commerce, connected devices, high-definition video, self-driving cars and other data-dependent innovations. “We characterize the data center REIT sector as being in the second or third inning, which implies there is significant future runway for growth in the sector—well above any other REIT product type,” says Diane Morefield, CFO at CyrusOne Inc., one of half a dozen publicly-traded data center REITs in the U.S. To underscore that outlook, Morefield points out that over the past 12 months, the stock price return for data center REITs has been 30 percent, compared with 6 percent for the stock index encompassing all U.S. REITs. CyrusOne’s stock price has more than tripled since the company went public in 2013, she says. As data center REITs like CyrusOne compete to meet the rising demand for space, they’re growing by way of buying and building[1]. Most notably, data center REIT Digital Realty Trust Inc. recently wrapped up its $7.8 billion purchase of DuPont Fabros Technology Inc., and data center REIT Equinix Inc. snagged 29 Verizon data centers for $3.6 billion. CyrusOne, for its part, is spending about $300 million a year on acquisitions; to fuel growth, the REIT has boosted its unsecured credit facility to $2 billion, up from over $1.5 billion. Meanwhile, data center REITs are sinking a pile of money into putting up new structures. At Digital Realty,...
Nordstrom Suspends Buyout After Struggling to Get Financing | National Real Estate Investor
 
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Street Smart REI   October 16, 2017   2   0   0   0   0   0
(Bloomberg)—Nordstrom Inc. is suspending efforts to take the company private after struggling to get financing with favorable terms, another sign that the department-store industry has lost favor with both customers and investors. The controlling members of the Nordstrom family will renew a review of its operations after the holiday season, the company announced on Monday. In scrubbing the deal for now, the chain cited “the difficulty of obtaining debt financing in the current retail environment.” The transaction was meant to help the company continue its turnaround efforts outside the glare of market scrutiny. But even Nordstrom’s prestige -- the upscale retailer is seen as a stronger business than the likes of Macy’s Inc., J.C. Penney Co. and Sears Holdings Corp. -- couldn’t sway enough potential lenders. “Nordstom is a high-quality retailer, but it is still an apparel retailer, and that becomes difficult to finance,” said Tom Shandell, chief executive officer of Marble Point Credit Management. The industry is being “painted with one brush,” he said. The announcement sent the shares down as much as 6.5 percent to $39.86 in New York trading. The stock was already down 11 percent this year through the end of last week. Nordstrom embarked on the buyout plan in June, sending the stock on its biggest rally in more than eight years. Family members formed a group to evaluate a possible deal, which would involve acquiring 100 percent of the outstanding shares. The board also created a special committee in connection with...
Kushner Plan for Fifth Avenue Tower Is Being Blocked by Partner
 
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Street Smart REI   October 16, 2017   1   0   0   0   0   0
(Bloomberg)—An ambitious plan by Jared Kushner’s family to recast its indebted Fifth Avenue office building as a luxury architectural trophy is collapsing, setting off a chain of events that may imperil the Kushners’ ownership of a property central to their real estate empire. Their partner, Vornado Realty Trust, is telling brokers to plan for a much more mundane renovation that would leave the property as an office building, according to three people familiar with the matter. Vornado Chairman and Chief Executive Officer Steve Roth was never enthusiastic about the Kushner plan although until now he hadn’t stood in its way. Putting an end to the Kushner effort -- to salvage their overpriced investment by turning it into a Midtown jewel with expensive condos, a hotel and five-floor mall -- could have profound ramifications for the family. Vornado, which owns 49.5 percent of 666 Fifth Ave., is unlikely to invest further in the property without first being reassured of its future, said three people familiar with Roth’s thinking. That means returning to the negotiating table with lenders -- a battle that could result in Kushner Cos.’ losing control of the building, said the people, who asked not to be named discussing private deals. A Kushner Cos. spokesman said nothing has been decided. “As equal partners, Vornado and Kushner have been exploring a range of options for the future of 666 Fifth Avenue,” he said in an email. “All options are still being assessed, and no decision has been made about...
Weinstein Co. Enters Talks With Barrack's Colony Capital on Sale
 
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Street Smart REI   October 16, 2017   2   0   0   0   0   0
(Bloomberg)—Weinstein Co., reeling after firing its co-founder Harvey Weinstein amid sexual assault and harassment allegations, is in talks to potentially sell its movie and television rights to Colony Capital. Colony Capital, founded by Tom Barrack, has agreed to immediately provide cash to the film studio, according to a statement Monday. No other details of the talks were disclosed. A deal would give the investment firm a stake in shows such as “Project Runway” and award-winning films such as “The Artist.” “We believe that Colony’s investment and sponsorship will help stabilize the company’s current operations,” Weinstein board member Tarak Ben Ammar said in the statement. Harvey Weinstein was fired Oct. 8 after the New York Times published an investigation that detailed sexual harassment allegations against him over three decades. The company’s board has said it was unaware of the accusations and last week denied it was exploring a sale or shutdown. “We will help return the company to its rightful iconic position in the independent film and television industry,” said Barrack. Brothers Harvey and Bob Weinstein founded Miramax in 1979, then sold it to Walt Disney Co. in 1993. The Weinsteins eventually left, and Disney sold the business in 2010 for $660 million to a group that included a unit of the Qatar Investment Authority -- and Barrack’s Colony Capital. When Qatar-based broadcaster BeIN Media Group. agreed to acquire Miramax in 2016, Colony made 3.5 times its equity, according to a person with knowledge of the...
10 Must Reads for the CRE Industry Today (October 16, 2017) | National Real Estate Investor
 
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Street Smart REI   October 16, 2017   2   0   0   0   0   0
10 Must Reads for the CRE Industry Today (October 13, 2017) Oct 13, 2017 10 Must Reads for the CRE Industry Today (October 12, 2017) Oct 12, 2017 10 Must Reads for the CRE Industry Today (October 11, 2017) Oct 11, 2017 10 Must Reads for the CRE Industry Today (October 10, 2017) Oct 10, 2017
Data Center REITs Will Continue to Deliver Outsizes Returns | National Real Estate Investor
 
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Street Smart REI   October 16, 2017   4   0   0   0   0   0
In the REIT sector, data center REITs are looking more and more like all-star players as customers expand the playing field for cloud computing, e-commerce, connected devices, high-definition video, self-driving cars and other data-dependent innovations. “We characterize the data center REIT sector as being in the second or third inning, which implies there is significant future runway for growth in the sector—well above any other REIT product type,” says Diane Morefield, CFO at CyrusOne Inc., one of half a dozen publicly-traded data center REITs in the U.S. To underscore that outlook, Morefield points out that over the past 12 months, the stock price return for data center REITs has been 30 percent, compared with 6 percent for the stock index encompassing all U.S. REITs. CyrusOne’s stock price has more than tripled since the company went public in 2013, she says. As data center REITs like CyrusOne compete to meet the rising demand for space, they’re growing by way of buying and building[1]. Most notably, data center REIT Digital Realty Trust Inc. recently wrapped up its $7.8 billion purchase of DuPont Fabros Technology Inc., and data center REIT Equinix Inc. snagged 29 Verizon data centers for $3.6 billion. CyrusOne, for its part, is spending about $300 million a year on acquisitions; to fuel growth, the REIT has boosted its unsecured credit facility to $2 billion, up from over $1.5 billion. Meanwhile, data center REITs are sinking a pile of money into putting up new structures. At Digital Realty,...
I Bought a Condo and It Ruined My Life
 
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Street Smart REI   October 16, 2017   4   0   0   0   0   0
At the age of 24, making $35,000 a year working as an editorial aide at a newspaper, I bought some real estate: a 770-square-foot, one-bedroom condo in northern Virginia. This was in 2006, when the housing bubble was at its most distended. It was basically the worst time to buy a piece of real estate—especially in the DC area, where inflated prices are the norm in any market condition. I avoided a subprime loan because I had the backing of my middle-class parents, but this was still a terrible, terrible decision. Eleven years later, I'm stuck in debt, besieged by bank fees and unable to get myself out of what has become a life-altering real estate clusterfuck. Even as the country recovers from the crash of 2008, the financial crisis is still dragging me down. Looking back, it's easy for strangers to armchair quarterback my path to financial ruin. I obviously wasn't making enough on my own to afford the place, and my career choice, print journalism, has never been known for its robust earning potential. And this was at a time when newspaper jobs were decreasing, and digital media jobs were still few in number. Nevertheless, my parents pressed me on the idea of home ownership. I told them I had heard there might be a housing bubble. They brushed it off. I worried what would happen if I suddenly had to move to another city for work, a very real possibility for someone starting out in newspapers. They told...
CXP Puts Dry Powder to Work with More Than $1 Billion in Office Purcha
 
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Street Smart REI   October 15, 2017   4   0   0   0   0   0
After a quiet first half of 2017, Columbia Property Trust, Inc. (NYSE: CXP) has fired off more than $1 billion in acquisitions since the July 4 holiday including a flurry of deals for buildings in New York City and Washington, D.C. totaling $935 million, the company announced Wednesday. In early July, Atlanta-based Columbia obtained a nearly 50% interest in an office tower at 114 Fifth Ave. in Manhattan as part of a joint venture. View Original Article[1] References ^ View Original Article (www.costar.com)
Why Airbnb and WeWork Are Partnering Up Estate Investor
 
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Street Smart REI   October 15, 2017   4   0   0   0   0   0
Road warriors traveling to New York, Washington, D.C., Chicago, Los Angeles, London or Sidney can now book lodging accommodations and workspaces simultaneously through the Airbnb business app or web channel. A partnership of Airbnb and WeWork launched an initial phase of a new bed-and-work pilot program last week in these five cities, because they are the most heavily traveled locations for business travelers. Currently, there are no plans to expand the program to additional cities. The way the program works is that once a traveler books lodging in one of these cities through Airbnb, he/she is offered the option to book workspace at a nearby WeWork location by clicking on the WeWork icon, notes an Airbnb spokesman. WeWork has 15 locations in Los Angeles, six in Chicago, 43 in New York, 10 in D.C., three in Sidney and 23 (plus another opening soon) in London. According to Chip Conley, Airbnb’s head of global hospitality, nearly 10 percent of Airbnb customers are traveling on business. Visiting travelers can plug-in and work in open WeWork spaces, such as indoor lounge areas or outdoor spaces, for $50 per day and have access to a conference room for $25 per hour, but the first day, as well as one hour of conference room time, is free. “Since it is an early test, we have not made arrangements around revenue sharing,” says Airbnb’s spokesperson. However, “During this pilot, WeWork is covering the cost of the free or discounted co-working space.” ...
Report: Strong construction pipeline, rising rents continue for Charlo
 
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Street Smart REI   October 15, 2017   4   0   0   0   0   0
With 1.6 million square feet recently delivered and more than 1.9 million square feet under construction, Charlotte's office development pipeline remains strong. Heading into the last months of 2017, Charlotte is expected to see a strong fourth quarter in absorption and delivery while rents continue to rise, according to a Q3 office market report by JLL. The midtown submarket, which includes South End, and uptown in particular have significant new supply coming online. View Original Article[1] References ^ View Original Article (www.bizjournals.com)
What Is the True Number of Store Closings for 2017? | National Real Estate Investor
 
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Street Smart REI   October 13, 2017   13   0   0   0   0   0
Retail industry pundits have been sounding very sure about the trajectory of department and specialty store counts lately, and the consensus is that stores have been closing by the thousands. Experts point to the growing consumer preference to browse online for the specialty goods that would ordinarily be found at brick-and-mortar locations. In the latest sobering research, Fung Global Retail & Technology found that as of the week ended October 6, retailers announced 6,101 store closings, up 183 percent on a year-over-year basis, according to the firm’s Store Openings & Closures Tracker[1]. Not all of Fung Global’s analysis seemed dire, however. The firm also found that retailers had planned 3,427 in store openings, up 60 percent on a year-over-year basis. The latter finding might have lowered the intensity of the alarm, but another analysis sounded outright positive about the future for retail store openings. Broaden the scope of analysis IHL, a Franklin, Tenn.-based retail research group, recently found that the industry would see net store openings of about 4,080. The company looked at a broader sample of the retail industry than department and specialty hard goods and soft goods stores, the two segments that are hardest hit by store closures. Aside from those stores, IHL examined store openings and closings in seven other segments: superstores and warehouse clubs, supermarkets, drug stores, mass merchandisers, convenience stores, bars and restaurants and fast food stores. About five specialty chains represent 28 percent of announced store closings, while 16...
Kushners' Manhattan Tower on Track for Its Worst Year Since 2011
 
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Street Smart REI   October 13, 2017   11   0   0   0   0   0
(Bloomberg)—The midtown Manhattan office tower owned by Kushner Cos. and Vornado Realty Trust is on track to lose $24 million this year, marking the worst performance for 666 Fifth Ave. since a 2011 refinancing. The property had net operating income of $18.3 million for the six months ending in June, according to data filed by the property’s lenders. Debt payments were $30.4 million during the period. The tower’s cash flow is enough to cover only about half of the debt payments on the building, down from 66 percent last year. The ratio has been declining every year since Vornado became a partner in the skyscraper as a result of the refinancing. The losses stem from a $1.2 billion mortgage that Kushner Cos. took on in 2007, when the tower was purchased at the peak of New York’s commercial-property market. While the refinancing temporarily lowered interest payments on the loan, rates have been climbing as a February 2019 repayment deadline approaches. The building is 30 percent vacant. A spokesman for Kushner Cos. said the company wasn’t available to comment Thursday because of the Jewish holiday. A representative for Vornado didn’t immediately respond to a phone call. Kushner Cos. is owned by the family of Jared Kushner, a senior adviser and son-in-law to President Donald Trump. Jared Kushner divested his stake in the building and other assets to family members to take the White House job. The firm has searched around the globe for an investor to help raze...
Canadian home resale prices see biggest drop in 7 years - Article
 
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Street Smart REI   October 13, 2017   13   0   0   0   0   0
Canadian home resale prices in September staged their biggest fall in seven years, while new home prices were flat in August in the once red-hot markets of Toronto and Vancouver, adding to evidence that the country's housing boom continued to cool, data showed on Thursday. Prices dropped 0.8 per cent in September from August, the first monthly decline since 2016 and the biggest since September 2010, according to the Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes. Fraser Institute criticizes OSFI's proposed new mortgage rules The Office of the Superintendent of Financial Institutions (OSFI) proposed in July new measures to stress-test borrowers' ability to pay back loans. The Fraser Institute says this may have unintended consequences for the mortgage market and for homebuyers. CTV's Chief Financial Commentator Pattie Lovett-Reid explains. National price gains also slowed on an annual basis, with prices up 11.4 per cent from last year, compared to an annual increase of 13.1 per cent in August. Two recent interest rate hikes by the Bank of Canada have helped rein in demand, and analysts are divided over whether the market will manage a soft landing or see a U.S. style housing crash. Price increases of more than 30 per cent in Toronto early in the year sparked fears of a housing bubble, and the provincial government slapped a 15 per cent foreign buyers tax on purchases in the city to cool speculation....
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The End of the Low Interest Rate Environment? Real Estate Investor
David J. Lynn, Ph.D. Jan 11, 2017[1] ...
 
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Housing starts in one province have increased by 83...
 
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Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors
(Bloomberg)—Manhattan is about to become a testing...
 
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​"How can I fix those annoying squeaks in my home?"
HTTP/1.1 200 OK Date: Thu, 29 Dec 2016 16:28:11...
 
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Toronto investors applaud plans to ditch land transfer tax
The squeaky Toronto investor may just have received some...
 
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10 Must Reads for the CRE Industry Today (May 3, 2017)
10 Must Reads for the CRE Industry...
 
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Canadians Finding it Harder to Save:TD Canada Trust
Despite the strong desire to save money, many...
 
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Meanwhile, Toronto's hot real estate market is spreading out....
 
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