Canadian Commercial Real Estate news
Some interesting Commercial Real Estate news recently – we’re seeing investors from both within Canada and internationally looking to place equity in the secure and stable Canadian economy; for many, their preferred vehicle is tangible real estate investment properties.
Homburg Invest plans Canadian REIT spinoff
Homburg Invest (HIIa.TO), which owns and operates real estate in Canada, the United States and Europe, said on Friday it plans an initial public offering of its Canadian real estate investment trust.
Halifax, Nova Scotia-based Homburg said the IPO was the first step in executing its previously announced plan to spin off its real estate assets into five geographically based companies.
Homburg did not say how much it plans to raise with the offering or when it was expected to close.
The proposed offering is being handled by a syndicate of underwriters led by TD Securities Inc, and including National Bank Financial Inc, Desjardins Securities Inc, CIBC World Markets Inc, Scotia Capital Inc, Canaccord Financial Ltd, HSBC Securities (Canada) Inc, Dundee Securities Corp and Beacon Securities Ltd.
Homburg owns a portfolio of real estate including office, retail, industrial and residential apartment and townhouse properties.
TransGlobe aims to raise $250M in IPO
TransGlobe Apartment REIT plans to raise $250-million in an initial public offering to buy rental apartments across Canada, say two people familiar with the sale. TransGlobe will sell trust units for $10 each, say regulatory documents filed yesterday by the Mississauga, Ont.-based firm. The offering, expected to be priced in the first week of May, is being led by CIBC World Markets.
The real estate investment trust was formed to indirectly buy 65 rental properties with approximately 8,200 units, principally in Alberta, Ontario, Quebec, New Brunswick and Nova Scotia, the company said. The properties are owned or co-owned and operated by TransGlobe Investment Management Ltd.
$100 million condo & retail development coming to Montreal’s downtown
After years of serving as a downtown eyesore, the block including the storied former Seville Theatre gets a major shot in the arm Monday with the expected announcement of a plan worth more than $100 million to build condos and storefronts on the strip.
Two Montreal companies, the Claridge investment firm and the real estate developer Prével, are partners in the plan to build Le Séville, as the development on the north side of Ste. Catherine St. W. between Chomedey and Lambert Closse Sts. will be called.
Le Séville will include a 20-storey tower on the west corner connected to an 11-storey building on the east corner and one rising seven storeys in the rear, Jacques Vincent, co-president of Prével, told The Gazette.
They will include about 350 to 450 condos, and stores at street level. Construction is to begin this fall, and the first move-ins by tenants are planned for the spring of 2012.
Unlike previous proposals with Concordia University as a possible participant, this plan, to be designed by the Cardinal Hardy architectural firm, does not include student housing, Vincent added.
For more information about the commercial real estate market in Waterloo Region, contact me today at Benjamin@BenjaminBach.com or call me at 519.772.4376.
KW Commercial is your one stop shop for commercial, investment, retail and multi family advice and brokerage in Waterloo Region.
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