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Comment by Howard Meier on May 25, 2012 at 12:30pm

The Toronto office market is very tight, we are currently marketing downtown office condo's 343 square feet up to a full floor of 8000 square feet in the core of downtown Toronto. Ready for pre-sale occupancy December 2014. For sale or lease

Comment by Howard Meier on May 25, 2012 at 12:24pm

http://marketing.cbre.com/International/Canada/MarketOutlook2012/Ma...

Comment by Howard Meier on March 3, 2012 at 1:17pm

 

Caisse bets on shopping malls in Brazil

Nicolas Van Praet  Mar 1, 2012 – 10:57 AM ET

• inShare2

Montreal – The Caisse de dépôt et placement du Québec is spending $300-million on shopping malls in Brazil, part of a larger $700-million outlay it plans to invest this year to double the value of its real estate holdings in South America’s largest economy.

Ivanhoe Cambridge, the pension fund manager’s real estate wing, said Thursday it will buy, expand and build shopping centres in the country, thereby consolidating its existing presence in the Latin American market.

Ivanhoe said it bought land in Fortaleza, Brazil’s fifth-largest city, where it plans to build a large-scale shopping mall. As part of that deal, it struck a new commercial partnership with Rossi Residencial, a local proper owner and engineering-construction firm. Ivanhoe is also expanding Natal Shopping in the city of Natal, an existing property.

The moves follow Ivanhoe’s $80-million purchase in January with the Canada Pension Plan Investment Board of the Botafogo Praia shopping centre in Rio de Janeiro. Ivanhoe’s Brazilian real estate affiliate, called Ancar Ivanhoe, is one of the country’s five-largest shopping centre companies. It now co-owns 10 shopping complexes in Brazil.

“The timing is perfect for these additional investments,” Claude Sirois, Ivanhoe senior-vice-president of emerging markets, said in a statement. “The demand for shopping centres in Brazil is keeping pace with the country’s dynamic economy.”

Brazil’s economy expanded by 3.8% last year but other countries like Panama are growing faster, leading retailers like Gap Inc. to bypass Brazil for the time being in favour of better opportunities.

The Caisse’s real estate portfolio overall netted a profit of $1.8-billion in 2011 as the value of its retail shopping centres and office buildings in Canada and the United States increased. The 11% return was nevertheless 4.7% below its benchmark index.

Ivanhoe is one of the world’s 10 largest global real estate investors, with assets worth $30-million at the end of December 2011.

Posted in: Financial Services News  Tags: Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, Ivanhoé Cambridge

Comment by Howard Meier on March 3, 2012 at 1:14pm

 

Sears Canada Announces Return of Three Stores to Landlord

Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau Centre

TORONTO, March 2, 2012 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today that it will return to commercial real estate developer and landlord, The Cadillac Fairview Corporation Limited (Cadillac Fairview) three stores within shopping centres the developer owns and manages, for a total consideration of $170 million.  The agreement is definitive and only subject to customary closing conditions.  The transaction is expected to close on or around April 20, 2012.

The three Sears store locations are Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau Centre.  Sears plans to exit all three locations by October 31, 2012.

The associates whose employment could be potentially impacted by this transaction will have the opportunity to apply for positions for which they are qualified in nearby Sears locations which could become available between now and October 31.  The Company will explore the possibility of operating other Sears stores in these areas.

"Overall, this is a very advantageous agreement for Sears Canada," said Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc.  "While we had no plans to close stores, the transaction for these three specific locations provides an attractive financial benefit for the Company which strategically allows us to drive growth in areas which can be most beneficial.  We are investing in a refresh of our stores and piloting new formats which will provide Canadians exciting ways to access Sears products and services.  This is an opportunity for Sears Canada that fits well with our vision and where our strengths are as a retailer."

"Sears continues to execute its transformation strategy and remains focused on growing the business," continued Mr. McDonald.  "We will continue to unveil new customer-focused strategies and events that demonstrate our resolve in being top of mind for shoppers across the country."

Mr. McDonald added, "I want to acknowledge the effect that this announcement will have on some of our Sears associates.  I appreciate the service they have given to Sears so far, and I thank them in advance for their assistance during the transition period ahead of us."

Sears has operated in Vancouver Pacific Centre and Ottawa Rideau Centre since 2000 and in Calgary Chinook Centre since 1965.

Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 285 hometown dealer stores, 30 home services showrooms, over 1,700 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.

For further information:

Contact for Media:

Vincent Power
Sears Canada, Corporate Communications 
416-941-4422
vpower@sears.ca

Comment by Howard Meier on February 16, 2012 at 3:17pm

http://www.thestar.com/videozone/1131061--hume-the-office-building-...

C. Hume of the Toronto Star Video on the office building of the future.

Comment by Howard Meier on February 16, 2012 at 3:00pm

Target Names Starbucks Coffee Retailer for Canada Stores

Starbucks stores to open in majority of Target locations across the country

TORONTO, Feb. 15, 2012 /CNW/ - Target's Canadian guests will have the opportunity to enjoy the Starbucks experience while shopping as a result of a new agreement between Target Canada Co. and Starbucks Coffee Canada, Inc. Under the terms of the agreement, the majority of the 125 - 135 Target locations across Canada will feature Starbucks licensed stores.

"Starbucks has been a valued partner for more than 12 years and an integral part of the Target guest experience in the U.S.," said John Morioka, senior vice president of merchandising, Target Canada. "Our goal is to bring the true Target brand shopping experience to our Canadian guests, so expanding our relationship with Starbucks as we enter the Canadian marketplace is a natural fit."

Starbucks store openings will coincide with Target's entrance into the Canadian market beginning in spring of 2013. In addition to offering guests their favourite customized beverages, many stores will have breakfast and lunch sandwich selections, as well as whole bean coffee and Starbucks VIA Ready Brew offerings, and other merchandise.

"We continually look for new and relevant opportunities to bring the Starbucks experience to communities across the country, and this strategic relationship represents another way we're able to create meaningful connections with both new and existing customers," said Colin Moore, president, Starbucks Canada. "Building on the success of our relationship in the U.S., we're excited to be joining forces with Target in Canada with a shared commitment to delivering high quality products and an in-store experience that reflects our common values."

Target opened its first Starbucks licensed store location in the United States in 1999. There are now 1,097 Starbucks locations within Target stores in the U.S.

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest-quality arabica coffee in the world. Today, with more than 17,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com / www.starbucks.ca (Canada).

About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,763 stores across the United States and at Target.com. The company plans to open its first stores in Canada in 2013. In addition, the company operates a credit card segment that offers branded proprietary credit card products. Since 1946, Target has given 5 percent of its income through community grants and programs; today, that giving equals more than $3 million a week. For more information about Target's commitment to corporate responsibility, visit Target.com/hereforgood.

For further information:

Lisa Gibson, Target Communications (905) 212-8258
Shannon Morton, Edelman (416)849-3375

Comment by Howard Meier on February 16, 2012 at 2:57pm

RioCan chief says half of acquisitions this year will be in the U.S.

By: Craig Wong, The Canadian Press

Canada's largest shopping mall owner, RioCan Real Estate Investment Trust (TSX:REI.UN), is looking to the United States for growth in 2012.

Chief executive Edward Sonshine said roughly half of the acquisitions the trust will make this year will be in the U.S., with a slight bias toward the American market.

"Our American portfolio is performing extremely well and, on some metrics, even better than our Canadian properties," he told a conference call with financial analysts Tuesday.

RioCan has committed to keep its U.S. exposure to 20 per cent of its overall business, but Sonshine said the trust still has considerable room for growth south of the border where it began expanding in 2009.

Sonshine said there has been a lack of new retail development over the past several years in the U.S. as banks there have adopted more conservative lending practices for developers that has limited new properties being built.

RioCan said it is currently in talks regarding 10 properties including eight in Ontario and two in Texas that represent $123 million in potential acquisitions.

Southern Florida and the U.S. northwest, including Washington state and Oregon, are both areas that Sonshine identified as "interesting" for RioCan.

"We're not going into what I would think of as the real distressed areas," he said.

The trust's current holdings in the U.S. are in the northeastern U.S. and Texas.

The Toronto-based real estate trust said Tuesday its earned a fourth-quarter profit of $242 million or 87 cents a unit, down from $1.3 billion or $4.94 a unit in the same period in 2010 when RioCan booked a deferred tax recovery of $1 billion.

Rental revenue totalled $253.7 million, up from $222 million.

RioCan said its annual operating funds from operations — a key financial measure for real estate companies — jumped 16 per cent to $380 million or $1.43 per unit from $329 million or $1.33 per unit for 2010. The trust's operating funds from operations for the fourth quarter totalled $100 million or 36 cents per unit, up from $83 million or 33 cents per unit in the last three months of 2010.

BMO Capital Markets analyst Karine MacIndoe, who rated RioCan a "market perform" with a target price of $26.50, said the results were solid and in line with expectations.

"RioCan's development pipeline also remains active," MacIndoe wrote in a note to clients, pointing to its partnership with U.S. outlet mall company Tanger and the expansion of the Yonge-Eglinton Centre.

During the fourth quarter, RioCan bought interests in 17 properties in Canada and the U.S. for a total of $609 million.

The trust made 38 acquisitions in Canada and the U.S. in 2011 and has also become the biggest landlord for Target Stores in Canada as the big U.S. retailer prepares to launch its department stores here over the next year or so.

RioCan has also struck a joint venture agreement with Tanger Factory Outlet Centers Inc. to develop U.S.-style outlet centres in Canada and has bought the Cookstown Outlet Mall north of Toronto for the first project. The partners have also struck a deal to acquire 20 hectares in the Ottawa suburb of Kanata and develop it into a Tanger Outlet Center.

Units in the trust were down 36 cents at $26.59 in trading on the Toronto Stock Exchange on Tue

Comment by Howard Meier on February 16, 2012 at 2:53pm

CPPIB makes its biggest real estate investment

tara perkins — FINANCIAL SERVICES REPORTER

From Wednesday's Globe and Mail

Posted on Tuesday, February 14, 2012 5:18PM EST

The Canada Pension Plan Investment Board will soon be one of the largest institutional owners of regional shopping malls in the United States after striking its biggest real estate investment ever.

These investments are, in large part, a bet on the future health of American consumers. CPPIB now has an interest in 26 malls in major U.S. urban areas, placing it in the top ranks of investors in that area. It has also invested in malls in the U.K., Australia, Brazil and Germany.

More related to this story

• CPP managers look to Europe
• Protectionism a rising threat, CPPIB's Denison says
• CPPIB boosts investment in Chinese warehousing venture

Video

Tuesday’s deal will see it make an equity investment of $1.8-billion (U.S.) for a 45-per-cent interest in a new joint venture that it will be forming with Westfield Group.

The joint venture will consist of 10 regional malls and two redevelopment sites, the majority of which are in California.

At the moment, the properties are owned and managed by Westfield and have a total gross value of $4.8-billion. The Westfield Group operates one of the world’s biggest shopping centre portfolios, one that is worth tens of billions of dollars and stretches from New Zealand to Brazil.

CPPIB made a conscious effort in the wake of the financial crisis to shift away from publicly traded securities, such as stocks and bonds, towards investments such as real estate and infrastructure. CPPIB chief executive officer David Denison has credited that strategy for insulating the fund from volatile stock markets.

In addition to shopping malls, CPPIB has been investing in offices and residential complexes in the United States. But shopping malls have been a particular focus because CPPIB is among those who believe that they can be had for a good price right now. After the subprime mortgage fiasco hit and the U.S. economy slumped, consumers shifted from spending to paying down debt, and regional malls faced the highest vacancy rates they had seen in a generation. Rents began to fall, and property values followed suit.

Now the U.S. economy is beginning to look up; it has added new jobs two months in a row and it has begun expanding at a faster pace. And construction of new U.S. malls has been slow while U.S. population growth is expected to be reasonably strong.

In an interview last week, Mr. Denison said that real estate is a sector the fund is paying a lot of attention to right now. CPPIB’s total real estate investments stood at $14.4-billion at the end of 2011, making up 9.5 per cent of the fund.

Comment by Howard Meier on December 16, 2010 at 5:20pm

The one location Marshalls has secured is a former downtown night club next to Toronto's much music office, a former 50,000 square foot night club that was to be the trend setting spot went bankrupt now is a Marshalls.This is also a clear indication that downtown Toronto with all the new residential development is the hottest spot in Canada to invest in real estate, good bye the subburbs?  

With all the USA/European retailers eyeing Canada as the holly grail I also ask how much can Canadians actually spend and which existing retailers are going to feel the pinch.

Comment by Howard Meier on December 16, 2010 at 5:12pm

Thursday, December 16, 2010  Today's Toronto Sun,

Money

Marshalls heading to Canada

By Stefania Moretti, QMI Agency

Marshalls is headed to Canada with plans to open six new stores in the coming months, the discount retailer’s parent company TJX Companies Inc. announced Tuesday.

TJX, which also owns Winners, expects to open its first Marshalls store north of the border in spring 2011. It’s part of a corporate global expansion strategy that will see the company open new stores in the U.K., Ireland, Germany and Poland.

The off-price retailer is not unlike Winners and carries thousands of fashion and housewares brands for less than the manufacturer’s suggested retail price.

Framingham, Mass-based TJX has seen retail success in Canada since opening its first Winners store in 1990, Home Sense in 2001 and Stylesense in 2008.

“I am delighted to announce that we are bringing our Marshalls chain to TJX Canada, where we have our highest financial returns, with the planned opening of six stores in 2011,” said TJX president and chief executive Carol Meyrowitz.

“We believe Marshalls will offer Canadians yet another avenue to great brands.”

TJX currently operates more than 800 Marshalls stores across the U.S. and Puerto Rico.

Meyrowitz believes the Canadian market can support between 90 and 100 Marshalls stores and as many as 330 outlets between all four chains.

The company said it isn’t quite ready to announce specific locations.

TJX is just one of several foreign retailers eyeing Canadian consumers. TJX rival Target Corp announced in January possible stores in Canada within the next five years.

And more recently, Victoria’s Secret and Juicy Couture announced plans to open Canadian locations.

Canada’s sound economy underpinned by strong retail spending and relatively cheap rental space makes this country an ideal place to set up shop, experts say.

“Big companies are seeing that now is a good time to strike and they’re seizing the opportunity,” retail business consultant David Carr of David Carr & Associates recently told QMI Agency.

 

 

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