The Urban Investment Opportunities of Global Events - showcases a collection of case studies from cities that have successfully used or plan to use Global Events – such as Expos, Olympics Games, or World Cups – to attract urban investment. These case studies include the Barcelona Olympic Games in 1992, the Lisbon EXPO in 1998, and the City of Amsterdam’s bid for the 2028 Olympics, among others. The report was written by Greg Clark, Joe Huxley and Sarah Nemecek.

Full copies of both of these reports can be downloaded from the ULI website via the links to the right under "Related Documents."  or right here:

 Click here for a copy of "Exploring the Future of Housing Investment in the United Kingdom"

 Click here for a copy of "The Urban Investment Opportunities of Global Events"
 

Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the results for the quarter ended June 30, 2010. Currently we have 6 projects under development and 8 land assemblies in progress, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio."

The Corporation reported funds from operations (FFO) of $6.3 million for the six months ended June 30, 2010, compared to $6.4 million for the six months ended June 30, 2009. FFO per share was $0.128 ($0.128 diluted) for the six months ended June 30, 2010 compared to $0.134 ($0.134 diluted) for the six months ended June 30, 2009.

The Corporation reported FFO of $3.1 million for the three months ended June 30, 2010, representing a 5.5% decrease over $3.3 million for the three months ended June 30, 2009. FFO per share was $0.063 ($0.063 diluted) for the three months ended June 30, 2010 compared to $0.068 ($0.068 diluted) for the three months ended June 30, 2009.

Plazacorp's Summary of FFO for the three and six months ended June 30, 2010, compared to the three and six months ended June 30, 2009 are presented below:

-------------------------------------------------------------------------
(000's - except per 3 Months 3 Months 6 Months 6 Months
share amounts) Ended Ended Ended Ended
For the Periods Ended June 30, June 30, June 30, June 30,
(Unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Total revenues $ 12,895 $ 12,219 $ 26,140 $ 24,145
---------------------------------------------
---------------------------------------------
Basic earnings per share $ 0.006 $ 0.015 $ 0.013 $ 0.037
---------------------------------------------
---------------------------------------------
Diluted earnings per share $ 0.006 $ 0.015 $ 0.013 $ 0.037
---------------------------------------------
---------------------------------------------

Income and other
comprehensive income $ 281 $ 708 $ 637 $ 1,781
Add (deduct):
Loss (gain) on disposal
of income producing
properties and surplus
lands (4) 19 (16) (703)
Income tax expense 167 76 404 483
Amortization 2,615 2,499 5,266 4,892
Non-controlling interests 58 81 260 169
Interest costs 4,277 3,453 8,489 6,786
---------------------------------------------

Earnings before interest,
taxes, depreciation and
amortization (EBITDA) 7,394 6,836 15,040 13,408
Add (deduct):
Interest costs (4,277) (3,453) (8,489) (6,786)
Current income tax expense (11) (15) (22) (30)
Non-cash debenture interest 60 8 119 16
Non-controlling interest
adjustment to FFO (198) (217) (562) (427)
Equity accounting
adjustment to FFO 134 117 261 249
Corporate amortization (4) (4) (9) (8)
---------------------------------------------
Basic FFO 3,098 3,272 6,338 6,422
Interest on dilutive
convertible debentures
before income tax - - - -
---------------------------------------------
Diluted FFO $ 3,098 $ 3,272 $ 6,338 $ 6,422
---------------------------------------------
---------------------------------------------
Basic Weighted Average
Shares Outstanding 49,463 47,983 49,353 47,807
---------------------------------------------
---------------------------------------------
Diluted Shares
Outstanding 49,475 48,125 49,364 47,971
---------------------------------------------
---------------------------------------------
Basic FFO per share $ 0.063 $ 0.068 $ 0.128 $ 0.134
---------------------------------------------
---------------------------------------------
Diluted FFO per share $ 0.063 $ 0.068 $ 0.128 $ 0.134
-------------------------------------------------------------------------
-------------------------------------------------------------------------

A copy of Plazacorp's quarterly report can be found on the Corporation's web site at www.plaza.ca and can be found on www.sedar.com

"We have always been proactive in addressing upcoming debt maturities as demonstrated by today's early renewal and the recently announced early redemption of our Series A convertible debentures. These initiatives have enabled us to extend near-term debt at attractive interest rates while also reducing our overall portfolio leverage," commented Kenneth Gibson, InnVest's President and Chief Executive Officer. "Following this early renewal, InnVest has no debt maturities until September 2011."
 

Under the contract, Aecon will extend and strengthen existing runways, taxiways and aprons, as well as upgrade the runway lighting. Expansion of groundside development lots, roadways and associated infrastructure will also be completed. This redevelopment will enable the Peterborough Airport to improve its ability for continued growth by expanding the airport's capacity.

Construction begins this month on the project and is scheduled for completion in March 2011.

Aecon Construction and Materials Limited (ACML) is managing the design build contract and is performing the grading drainage and asphalt paving scope of work. A number of Aecon Infrastructure business units will perform work on the project: AME is responsible for quality control and testing of the works, Miwel will perform some of the sanitary sewer and water main construction, and AGI Traffic Technology alongside Tristar will perform all of the electrical upgrades and specialized airport lighting work.

"This project will draw on the proven airport development strengths of a number of our business units and demonstrate the diversity of Aecon's civil construction capabilities," said Teri McKibbon, CEO of Aecon's Infrastructure Group. "We look forward to being able to utilize our diverse expertise on such a pinnacle project for the City of Peterborough."
 

The terms of the Units and Warrants are identical to those issued in the rights offering, except that Ms. Mifsud and Ms. Quan have agreed, subject to certain exceptions, that they will not sell or otherwise dispose of any of the common shares or Warrants received in the private placement (or common shares received on exercise of the Warrants) for a period of one year from the closing and, thereafter, they will retain at least one-half of such common shares or Warrants (or common shares received on exercise of the Warrants) until at least the second anniversary of the closing. Ms. Mifsud and Ms. Quan have also agreed to exercise all rights under the rights offering that they otherwise own.

Subject to regulatory approval, including approval of the Toronto Stock Exchange, the private placement is expected to close on or about September 17, 2010, concurrently with Gazit America's previously announced rights offering. Following completion of the rights offering and this private placement, it is expected that Gazit America will have 15,537,452 common shares and 2,689,575 Warrants issued and outstanding.

Each Warrant entitles the holder to purchase, at any time, one common share (Warrant Common Share) at a price of $6.00 per Warrant Common Share for the period from the closing of this private placement up to and including November 30, 2013 and, thereafter, each Warrant entitles the holder to purchase One Warrant Common Share at a price of $7.00 per Warrant Common Share, each subject to adjustment in certain events. The Warrants will expire at 5:00 p.m. (Toronto time) on November 30, 2015.
 

According to Real Matters President and CEO, Jason Smith, Burgess's knowledge will be an asset to the organization's strategic direction. "Rob's leadership experience in the technology sector will allow us to strengthen our business strategy so we can deploy our unique property information to new market solutions. Rob also has a successful track record growing great, world-class companies, so we're excited to have him aboard."

Rob Burgess held the position of Chairman and CEO of Macromedia Inc. from 1996 - 2005. He was instrumental in leading Macromedia's transition from a CD-ROM based multimedia company to a market leader in web authoring and development solutions. Prior, Burgess was Chief Executive Officer of Alias Research Inc. There, he was responsible for developing the company into the world's leading high-performance 3D graphics software company.

Burgess joins Real Matters' Board of Directors along with other builders of successful technology and information services businesses, Mike Egan; Michael Diamond; Blaine Hobson; Jason Smith; Mark Wainberg; and Gary Yeoman.

Says Burgess, "Real Matters is rapidly establishing itself as an innovator in the property information services arena. In fact, the organization's ability to transform traditional services into cloud-based services is both impressive and progressive. I look forward to working with the organization and the other Board members."
 

For further information: www.realmatters.com.

 
 

"We are proud to have recently become a member in good standing of the Canadian Franchise Association, as it helps convey to franchisors and other companies in the Canadian market that we stand for ethical franchising, per the CFA's Code of Ethics," states iFranchise Group CEO, Mark Siebert.

"We have already worked with a number of Canadian start-up and existing franchise organizations, across a broad range of industries," adds Siebert. "We hope to continue to develop relationships with Canadian companies going forward, as they expand in Canada and across borders into the U.S. and beyond."

Since its inception in 1998, iFranchise Group has dedicated its efforts to establishing long-term, strategic relationships with franchisors, both new and established, and other companies seeking consultative guidance with business expansion strategies.

With a staff of franchise consultants with a combined 450+ years of experience in franchise development and implementation, iFranchise Group has worked with over 30 Fortune 2000 companies and with 98 of the world's top 200 franchisors as rated by Franchise Times magazine. Clients include companies from the United States, Canada, as well as a number of countries in Latin America and the Middle East.

Canadian clients of iFranchise Group have varied from new franchisors who are just starting out in franchising, within industry sectors such as in-home services, professional trades, foodservice, and more; as well as established franchisors with existing networks of franchise units, in industries including healthcare and other fields, who are seeking assistance with domestic and international expansion.

The iFranchise Group and its team of franchise consultants expects to continue to provide services to Canadian companies on an ongoing basis. "The Canadian market has not been nearly as hard hit as the United States in this current recessionary period," says Siebert. "That means some of the biggest challenges that have faced U.S. entrepreneurs, most notably tightened credit lending, aren't seen to the same extent in Canada. This leads to more favorable conditions for both Canadian franchisors and franchise buyers, and we are excited to be part of the development efforts of many companies - both now and in the future."

"For our 50th branch, we looked for an ideal site in the Montreal region. Place Versailles was just right. We are pleased with this location which gives us better coverage of the Greater Montreal Area," indicated Jean Bédard, President and Chief Executive Officer of Sportscene Group Inc.

The scale and height of the premises will create an outstanding ambience in this Cage with space for more than 400 people. Facing Sherbrooke Street, the terrace will be able to seat some 80 fans. The indoor mezzanine will be fitted out to welcome several groups in an intimate and friendly setting. Of course, the ceiling of the Place Versailles Cage will display the traditional Cage plane and the decor will be sports-themed.

Unmatched Customer Experience

La Cage aux Sports will invest significantly in its facilities to offer a top-quality customer experience. Everything will showcase the latest trend, from its menus and bar offering to the overall technological package. The outlet will feature some 50 plasma televisions, seven giant high-definition screens and a video wall. The Cage will also be equipped to present events or content in 3D.

"We want this restaurant to be historic and a springboard toward the Cage of the future. With our 50th outlet, we will enhance our leadership in the theme-oriented resto-bar segment and raise the customer experience standards in the Montreal area," added Jean Bédard.

New Acquisition at Sportscene

This September, Sportscene Group Inc. will welcome Michel Lanctôt as Vice-President and Managing Director of La Cage aux Sports. Having held the position of Vice-President, Marketing at Uniprix until just recently, Mr. Lanctôt has also worked at Danone and Saputo.

"I am convinced that his addition to our team will contribute to the growth of La Cage aux Sports' restaurant chain," concluded Jean Bédard.
 

These awards will celebrate four Canadian firms that have successfully branched out beyond our borders. Specifically, the HSBC International Business of the Year Award will honour one small-to-medium enterprise and one large enterprise. In addition, there are awards for firms selling into the world's two fastest-growing regions: Asia-Pacific and Latin America.

Companies may apply to be considered for these awards between 23 August, 2010 and 31 December 2010. Application forms for eligible firms and third-party nominations are available online at www.bwob.ca. The awards will be presented at a gala event to be held in Toronto in May 2011.

To be eligible, firms must be majority Canadian owned (50.1 per cent); must be headquartered in Canada; must generate at least 10 per cent of their revenue from activities outside of Canada; and must have minimum sales of CAD $2.5 million for each of the last two fiscal years. Full eligibility requirements are available on the web site.

Applications will be judged by a committee drawn from HSBC Bank Canada, Rogers Publishing Limited, The Globe and Mail and select international business experts. Applications will be reviewed by the judges and PricewaterhouseCoopers will perform due diligence on finalists' entries.

The program was created in conjunction with BUSINESS without BORDERS, Canada's newest and best source of news, analysis and practical information for companies reaching beyond this nation's borders. To join BUSINESS without BORDERS, please visit www.bwob.ca.
 

Accordingly, Homburg Invest announces that the Toronto Stock Exchange has accepted Homburg Invest's notice to make a normal course issuer bid. According to the notice filed with the TSX, Homburg Invest intends to purchase, for cancellation, in accordance with the Rules and Policies of the Exchange (i) up to 1,017,201 Consolidated Class A Subordinate Voting Shares, representing 10% of the public float for the Class A Shares as at August 20, 2010 and (ii) up to 157,426 Consolidated Class B Multiple Voting Shares, representing 5% of the issued and outstanding Class B Shares as at August 20, 2010.

As of August 20, 2010, there were 17,094,490 Class A Shares and 3,148,538 Class B Shares issued and outstanding. A total of 10,172,014 Class A Shares and 659,899 Class B Shares are held by shareholders' other than directors, senior officers and insiders of the Company.

The average daily trading volume (ADTV) of Homburg Invest's Class A Shares and Class B Shares over the last six completed calendar months was 3,408 for the Class A Shares and 322 for the Class B Shares. Accordingly, under the Exchange Rules and Policies, Homburg Invest is entitled to purchase up to 1000 Class A Shares and 1000 Class B Shares on any trading day.

The normal course issuer bid will begin on August 25, 2010 and will terminate on August 24, 2011 or such earlier date as Homburg Invest may complete its permitted purchases pursuant to its notice of intention filed with the TSX. All purchases will be made through the facilities of the TSX only, at the discretion of Homburg Invest's management, as and when it will deem the market price of the Class A Shares or of the Class B Shares to be favourable to the reduction of its outstanding share capital. The purchase of and payment for the shares will be made by Homburg Invest in accordance with the Rules and Policies of the TSX and the price Homburg Invest will pay for any shares will be the market price of such shares at the time of acquisition. Purchases of Class A Shares and Class B Shares will be effected through the facilities of the TSX and will be made by means of open market transactions or such other means as may be permitted by the TSX, including block purchases of Class A Shares or Class B Shares. All shares purchased by Homburg Invest will be cancelled.

Homburg Invest has had a number of independent appraisals and valuations prepared in connection with its properties in the Baltics, Germany, the Netherlands, and the United States. Copies of these appraisals and valuations are available for viewing during regular business hours at Homburg Invest's head office at Suite 600, 1741 Brunswick Street, Halifax, NS, B3J 3X8.
 

Toronto, along with Vancouver, are the two Canadian cities leading a post-recession rebound. Toronto boasts one of the most diversified economies of any city-region in North America. The city ranks in the top five for more than 16 business sectors compared to other North American cities. The city is considered the heart of Canada's economy comprising 11 percent of the country's GDP.

"Toronto, and in particular, North York, presents endless business opportunities," said Barry Weighell, Regus' Vice President of Operations, Canada. "Major multinational corporations have established their Canadian head offices along Yonge Street, including Procter & Gamble, Nestlé and Xerox," added Weighell.

The company also cites a spike in customer enquiries from Canada, with a high concentration in Toronto, as a major factor leading to an additional location in the region.

Regus' new North American Centre at 5700 Yonge Street offers fully furnished and equipped private offices, meeting rooms, video communications services and a business lounge. For clients who need to travel, Regus' Businessworld Membership Program provides access to the company's global network of 1,100 locations worldwide.

"For businesses looking to enter or expand in North America, Toronto is an attractive choice for companies of all sizes," noted Weighell. "Its highly educated workforce, proximity to key U.S. markets and its business-friendly environment puts companies in a position to succeed."

In addition the new Toronto facility, Regus will also be opening up a new Metrotown location in Burnaby next month. These openings are part of an overall North American expansion strategy for Regus. By the end of 2010, the company expects to operate 460 centres throughout North America.

For more information please visit www.regus.ca.
 

It is an ideal location for a build-to-suit, two-phased office or mixed-use complex, offering the possibility of large floor plates of more than 50,000 sq.ft. and a potential of 1.7 million sq.ft. of gross rentable area.

Click on the image for the video.

Encompassing a full block in the southern part of the downtown core from York Street to Lower Simcoe Street and within walking distance of King and Bay, SFC will feature three distinct towers, including 18 York and the soon-to-be constructed, 30 storey, 700,000 sq. ft. Bremner Tower, and Delta Toronto - a next-generation, premium 4-star hotel. The project will be developed by GWL Realty Advisors Inc. with the ground breaking scheduled in Winter 2010.

"Southcore Financial Centre will be built to reflect the changing priorities of today's globally connected and community-focused tenants," said Chuck Swanson, vice president, Real Estate, bcIMC. "This project demonstrates bcIMC's longstanding commitment to sustainable developments that benefit tenants, the local community and the environment at large."

Southcore Financial Centre will provide an enclosed pedestrian link to Union Station, the PATH network and the Metro Toronto Convention Centre. All of the towers will be connected via more than 14,000 sq. ft. of urban forest areas and pedestrian walkways.

"When the full block is completed in 2014, this integrated mixed-use complex will encompass everything a forward-thinking downtown office tenant should value - highly efficient office premises, convenient retail and restaurant amenities, and adjacent 4-star hotel and conference facilities - all designed with state-of-the-art technologies and sustainable features," said James Midwinter, executive vice president, Development, GWL Realty Advisors. "Anchored by PricewaterhouseCoopers (PwC) at 18 York, Southcore Financial Centre will become a major business address in Toronto's expanding downtown."

The office component of this project, representing 1.4 million sq. ft., has been designed by award-winning KPMB Architects. Their vision has been to create architectural continuity between the towers while also achieving rigorous sustainable LEED(R) Gold standards.

"PwC is looking forward to the relocation of our downtown Toronto offices to 18 York Street in the Fall of 2011," said David Forster, PwC's GTA managing partner. "The announcement of the two additional towers on Bremner Boulevard adds additional excitement to our upcoming move to the southcore financial district for both our people and our clients."

Standing at 45 storeys and connected to the two office towers of SFC, the new Delta Toronto designed by Page + Steele / IBI Architects will be a showpiece within the complex. Spectacular views of the lake, downtown skyline or CN Tower will be visible from every room in the hotel.

The Delta Toronto was designed to exceed the changing expectations of the modern traveler. It will provide 566 oversized guest rooms, which will be larger than what is normally provided in 4-star hotels, including 24 luxurious extended-stay suites for travelers who are in the city for a longer period of time. The hotel will feature the latest in sustainable design, high-tech conference and meeting facilities, extensive fitness and spa facilities, as well as wireless capability from top to bottom.

"The Delta Toronto will give travelers what we know they want from a city hotel - quick access to business and entertainment districts, convenient connections with transportation hubs, and a living environment that caters to their every need," said Hank Stackhouse, president and CEO, Delta Hotels and Resorts. "This will be a perfect hotel choice for convenience, connectivity and outstanding service for which Delta is known, whether you're staying in Toronto on business or just for a weekend of fun."

The new Bremner Tower is projected to be completed by December 2013, while the new Delta Toronto is slated to open in Fall 2014. 18 York will be ready for occupancy in Fall 2011.

The Square foot attended the conference and gathered comments form Manon Parisien, ICSC Québec Provincial Director & Vice President, National Leasing, Eastern Canada Portfolio at Cadillac Fairview Corporation and Robert Wiseman President of Econo-Malls.

by Michel Rémy

The acquisition expands Avison Young's market coverage by adding an office in Northern Virginia, the largest market in the Washington, DC region. The change in ownership will add 16 employees -including 12 brokers and project management professionals led by Dan Gonzalez and Tom Sandlin - to Avison Young's U.S. Capital Region operations.

Effective immediately, Gonzalez and Sandlin become Principals of Avison Young and Senior Vice-Presidents in the Northern Virginia office. Terms of the acquisition were not disclosed.

Avison Young opened its first U.S. office in Chicago, IL in 2009, followed by U.S. offices in Washington, DC, Atlanta, GA and Houston, TX over the past half year. In the last 18 months, Avison Young has grown from 11 to, now, 20 offices and from 300 to nearly 700 real estate professionals in Canada and the U.S.

"It is a privilege to have Dan and Tom become Principals of Avison Young and we welcome them and the Appian team to the Avison Young organization," comments Rose. "From the outset, we have consistently communicated our growth plan - to invest in the companies and top talent who believe in our client-service model. We have listened to the voice of the client, and it is clear that value is defined by strategic solutions. Our structure transcends the peer group's decades-old command and control silo structures that are more shareholder-based than client-centric."

Rose continues: "Tom, Dan and the Appian team embrace our culture of intellectual capital delivered to clients by professionals who are accountable for client outcomes. Dan and Tom have always operated according to these same principles, which are the cornerstone of our Washington, DC Metropolitan Area and global presence."

In 2001, Gonzalez and Sandlin established their own organization, which they renamed Appian Realty Advisors, LLC in 2007, after successful careers at the Staubach Company where they consistently achieved national top production awards.

Appian Realty Advisors, LLC is a full-service commercial real estate firm with agency leasing, tenant representation and project management service lines. The company represents owners and occupiers in dispositions and investment sales, and provides equity/joint venture financing, development consultation and construction management services. Appian also operates specialty practice groups devoted to data centers and the biotech and healthcare markets. With its clients, Appian creates strategies for cost-effective, optimally functional facilities for research and development, laboratories, manufacturing and patient care.

Appian's agency leasing portfolio currently comprises nearly 50 listings totaling 2.35 million square feet (msf) with 1.4 msf available for lease or sale; land listings in excess of 1,000 acres listed for sale or lease; tenant/buyer representation assignments totaling 500,000 square feet (sf); and project management and consulting assignments of 775,000 sf.

"I couldn't be more excited to work with Dan and Tom and the talented Appian team. This highly respected group brings a breadth of experience across product types, geography and service lines and together we are well-positioned for further expansion. This is a strategic acquisition that gives Avison Young a competitive business advantage in several key areas," states Keith Lipton, Avison Young Principal and Managing Director of the Washington DC Capital Region.

"Moreover, Appian has a client-centered approach and sterling reputation that align very well with Avison Young business practices," adds Lipton, who joined Avison Young in November 2009 to launch the company's presence in the Capital Region.

Effective immediately, Appian's office, located at 7901 Jones Branch Drive in McLean, Virginia (Tysons Corner), will be rebranded as Avison Young.

"Tom and Dan are leaders in the business with a stellar track record both with Appian and throughout their careers. They will be great additions to our DC leadership team and, combining with Appian, will give us a much broader client-service platform in the DC area," notes Earl Webb, Avison Young's President, U.S. Operations.

"This acquisition establishes agency leasing and project management businesses with the addition of two very senior brokers (Gonzalez and Sandlin) and their team. Appian's heavy focus on government/IT, healthcare and biotech clients will also expand Avison Young's business base with the region's very active client types."

"The Avison Young philosophy and business approach are basically a perfect fit with Appian's," says Gonzalez. "I am confident that together we are going to achieve great results in the Washington, DC region real estate sector. Appian was built under two guiding principles: first, that everything centers around clients, serving their needs today and anticipating what their needs will be tomorrow; and second, that we foster a culture of world-class professionalism and entrepreneurial spirit."

In terms of timing, Appian's interest in joining Avison Young was driven by Appian's growth of both clients and staff. "While growth is a good problem to have, Appian was committed to maintaining its high standards while continuing to build on its successes. It became clear very early in the process that the best scenario for our clients, our staff and the futures of both was to become part of the Avison Young family."

Daniel J. Gonzalez

Gonzalez has more than 17 years of experience in all aspects of commercial real estate and is generally recognized as one of the top professionals in the Washington Metropolitan Area. He has managed and executed complex projects consisting of strategic planning/consulting, leasing and sales, financing and development. Gonzalez has completed over 4 msf of local, national and international transactions with a cumulative value in excess of $2.5 billion.

Gonzalez serves as: a board member of the Northern Virginia Technology Council and the Virginia Biotechnology Association; investor committee member of Amplifier Ventures; advisor for the George Mason University Entrepreneurship Center; Governor appointee on the Virginia Biotechnology Advisory Board; Chair of the Equal Footing Foundation; advisor for the National Foundation for Teaching Entrepreneurship; and scholarship reviewer for the Hispanic College Fund.

He holds an MBA from the Johns Hopkins University Carey School of Business and a Bachelor of Science from Old Dominion University.

Thomas Sandlin

Sandlin has more than 20 years of corporate service and development experience with such companies and organizations as MCI, Mobil, Intelsat, Nextel (Sprint), Hughes, the National Association of Securities Dealers, and various Federal Government agencies, where he managed and executed complex projects consisting of strategic planning/consulting, development, acquisition, restructuring, financing and disposition. Sandlin's individual project management experiences range up to 1 msf in size, in addition to having created and planned development projects totaling over 4 msf and 3,000 residential units.

Sandlin serves as a Fredericksburg Regional Alliance board member. He holds an MBA from Vanderbilt Owen Graduate School of Management and a Bachelor of Science in Finance and Quantitative Methods from the University of Alabama at Birmingham.

Together, Gonzalez and Sandlin have represented such notable occupiers as Walmart, Rowe Furniture, Computer Sciences Corporation, Nextel (Sprint), Abraxas Corporation, the Virginia Department of Forensic Science and Mediatech Corporation in transactions for office headquarters, distribution, manufacturing and laboratory space. Owner representation is equally diverse with the Gonzalez/Sandlin team executing agency leasing, development, joint-venture, and sale-lease transactions for the likes of the New Boston Fund, Buchanan Partners, William & Mary Foundation, Messier Services, Pulsecom, Inc., WestPark Corporate Center and Discovery Center Two.

Please click here to read news from the Quebec Market

The sale is scheduled to close by September 1, 2010. LREIT will use the net cash from the sale to repay debt.
 

(i) offer companies top quality external and internal services, through outsourcing arrangements adapted to the business needs of its clients, at a reasonable cost;
(ii) offer attorneys a more stimulating and flexible type of practice, and a workload that reflects their personal objectives.

To know more please visit Stéphanie’s new Web page

 

Robert Wiseman, President of Econo-Malls Management Corporation, and Michael Hart, President of Hart Stores Inc. are pleased to announce that Bargain Giant will be opening a new 22,000 square feet store in Fall 2010, in the Peninsula Mall located in Marystown, Newfoundland. Bargain Giant joins Canadian Tire, Newfoundland Liquor Corporation, Bluenotes, Reitmans, TD Canada Trust, Eclipse, Easy Home, Ardène, KFC and many other excellent retailers in this 120,000 square foot enclosed mall of 30 stores. Stores ranging from 500 to 3,500 square feet are currently available for lease. Ideal uses include fashion, electronics, home décor and restaurants.

Leasing inquiries may be directed to Howard Wiseman at howard@econo-malls.com or (514) 938-2266, ext. 127.

Announcing the expansion and renovation of Pizza Delight in Gander Mall-Gander, Newfoundland

Robert Wiseman of Econo-Malls Management Corporation is pleased to announce the recent expansion and renovation of Pizza Delight in the Gander Mall located in Gander, Newfoundland. Spaces ranging anywhere from 1,200 to 7,000 square feet are currently available.

Leasing inquiries can be directed to Natacha Ménard at natacha@econo-malls.com or (514) 938-2266 ext. 104.

Announcing Opening of La Source du Sport and L’EggsOeufs Restaurant in Drummondville, Québec

Howard Wiseman of RDH Property Group is pleased to announce the opening of a 4,300 square foot La Source du Sport sports store and a 3,500 L’EggsOeufs Restaurant on Saint-Joseph Boulevard in Drummondville, facing McDonald’s and Bureau En Gros.

Inquiries can be directed to Natacha Ménard at natacha@rdh.ca or (514) 938-2266 ext.104.

Announcing opening of a new Ardène store in Grand Bay Mall, Port-Aux-Basques, Newfoundland

Robert Wiseman of Econo-Malls Management Corporation is pleased to announce the opening of Ardene in the Grand Bay Mall in Channel-Port-Aux-Basques in Newfoundland. The Grand Bay Mall is a 90,000 square foot enclosed mall anchored by a new Foodland and a new Newfoundland Liquor Store and a Bargain Giant. Other retailers in this mall include Eclipse, Buck or Two, Riffs, Johnson Insurance, Credit Union. Leasing opportunities remain for stores ranging in size from 1500 square feet to 4,200 square feet. Ideal uses include fashion, electronics, footwear, home décor and services.

Leasing inquires should be directed to Howard Wiseman at howard@econo-malls.com or (514) 938-2266 ext. 127.

Announcing opening of new Fraser’s Café in Bay Roberts Mall, Bay Roberts, Newfoundland

Howard Wiseman of Econo-Malls Management Corporation is pleased to announce the opening of Fraser’s Café in the Bay Roberts Mall. Fraser’s Café joins Bargain Giant, Dollarama, Sears, Ardène, Eclipse, Bank of Montreal, Jeans Experts, and many more excellent retailers. The Bay Roberts Mall is a 70,000 square foot enclosed community mall, located in Bay Roberts, Newfoundland. An 800 square foot store and a 1,000 square foot store are currently available to lease. Ideal uses include fashion, electronics and footwear. Kiosk space is also available.

Leasing inquiries may be directed to Natacha Ménard at natacha@econo-malls.com or (514) 938-2266 ext. 104.

Property Marketed for Sale, Lease or Development on Chemin St- François, Jonquière

Howard Wiseman of RDH Property Group is marketing for sale, lease or development a 65,000 square foot land on chemin St-Francois in Jonquiere, neighbouring an 11,000 square foot freestanding BouClair facing Les Galeries Jonquiere.

Inquiries can be directed to Natacha Menard at natacha@rdh.ca or (514) 938-2266 ext. 104.

"Previously owned by a Toronto-based investment fund and by the CBC Employee Pension Fund, our acquisition repatriates this fashion and style icon back to Montreal. We will expend every effort to pursue the Company's development with a modern vision, while keeping the essence of the values OGILVY established for over 140 years," expressed Mr. Breton. "Our business project is ambitious and we are very enthusiastic about it because we intend on capitalising on the brand's notoriety in order to launch the model elsewhere in Quebec. To that effect, a second OGILVY store will open its doors in the spring of 2012 in the third phase of Quartier Dix/30 in Brossard. Devimco will lead the development project. We are proud to have attracted well-established investors and partners, in whom we have full confidence, to this project," concluded Mr. Breton.

The transaction was supported by an investment from the Fonds immobilier de solidarité FTQ, the acquiring group's main financial partner.

"It is, for us, a strategic investment in the city. This building constitutes an important architectural and historical asset. Our investment will enable, in part, the modernisation of the Ste-Catherine Street building, especially the 4th and 5th floors. It will also enable us to take part in the development of vacant land near the store. We intend to actively contribute to the development of the group's expansion projects, which will exploit the full growth potential of OGILVY," stated Normand Bélanger, president and CEO of the Fonds immobilier de solidarité FTQ.

OGILVY offers a unique shopping experience, which combines creativity and ready-to-wear by joining together high profile, world-renowned fashion labels, and the finest accessories. OGILVY's distinctive style and cachet, as well as the maintenance of high quality standards will preserve its reputation.

The Company's retail sales operations and real estate management will remain under Michel Théroux and Bernard Paré's responsibility, and their respective teams.

Queen Street Place is the dominant medical building in its market and is the REIT's third asset in the Edmonton market. It is a newly constructed (2007), fully-leased multi-tenant medical building comprising approximately 70,000 square feet of gross leasable area.

On completion, the innovative building, Wuhan Energy Flower, will be guaranteed the most senior Three-star Award in the China Green Building Evaluation System and will also be the first office building in the world to meet receive the BREEAM ‘Outstanding’ accreditation in the BRE’s International classification. Construction of the building will start in November 2010. The building is designed on behalf of the client, Hubei Science & Technology Investment Company.

Most sustainable building in the world

Grontmij, in collaboration with Soeters Van Eldonk architects, designed the building in the shape of a flower, taking the Calla Lily as inspiration. The building will have zero carbon emissions and has zero-energy ambitions. The office building will be approximately 140m tall, surrounded by laboratories in the form of leaves.

The building is designed so that it will be in its own shade in the hot Chinese summer. The roof of the flower consists mainly of solar panels for generating energy. Rainwater is collected in the bowl and used as water supply in the building. The characteristic pistil consists of vertical wind turbines to generate wind energy. The edge of the bowl forms a sunroof designed for heating and cooling of the building. The building is the principle of natural ventilation. The central solar chimney of more than 120m in height is designed for natural air ventilation into the offices.

Wuhan, the most sustainable city of China

The building will become a major centre for research and development into new energy technologies as the public research platform of Wuhan University. It combines the outstanding concept of new energy application, advanced technology, with energy-saving, low-carbon, comfortable, intelligent, efficient, and unique artistic design. In the coming years, the city of Wuhan (with over nine million inhabitants) will become the most sustainable city development in China. In this context, an international competition for the construction of the Wuhan New Energy Centre was a natural decision.

Gert Dral, Grontmij Group Director of Planning & Design commented:"The Wuhan Energy Flower is a beautiful and inspirational design and one which signifies the zero carbon and zero-energy ambitions of the building. Grontmij’s involvement in such a prestigious building in China is something to be proud of as we see the sustainable city of Wuhan develop further." Jos van Eldonk, architect for the project said: ‘We took our inspiration from nature itself for this innovative building design. The collective influence of sun, wind and water are integrated into the design of the flower-shaped building. Technical skill and creative imagination are perfectly combined in a sustainable way’.
 

The acquisition is nabInvest’s seventh deal since the business was established in October 2007
and is its second purchase of an overseas fund manager. nabInvest acquired Presima from SITQ, a subsidiary of the Caisse de Depot et Placement du Quebec, Canada’s largest pension fund manager.

Nick Basile, nabInvest Investment Director said: “We are pleased to have secured a quality boutique global REIT manager that is well positioned to grow funds under management and benefit from the operational support that the NAB Group offers.”

The Montreal-based Presima invests in listed property securities across a variety of regional markets on behalf of institutional clients. The firm has approximately C$550m (A$577.5m) in funds under management and access to a client base in Canada and the United States.

“Managers of global REIT strategies are actively sought by Australian and international investors. Boutique managers such as Presima offer a solid record of performance and a team of experienced investment professionals,” Mr Basile said.

nabInvest partners with best of breed investment managers, enhancing their capabilities with the
support of the NAB Group’s resources. This includes back office support and assistance with
product and distribution services along with custody and corporate governance functions.
The nabInvest business partners are Cambridge Industrial Trust Management, Lodestar Capital
Partners, Fairview Equity Partners, Pengana Capital, Northward Capital, as well as fixed income
manager Antares Fixed Income.

In the second quarter, the average price of a detached bungalow in Canada was up 9 percent to $331,868, compared to a year ago. Over the same period, standard two-storey homes rose 8.7 percent to $367,835 while standard condominiums rose 7.3 percent to $230,014. Royal LePage is forecasting that by the end of 2010, home price appreciation will average 6.8 percent year-over-year, while home sales will increase by just over one percent compared to 2009.

"We have seen an unusual pattern of activity in the housing market over the past 12 months, with the market experiencing a surge of activity and price increases that peaked in the fall of 2009 rather than spring. Early 2010 has followed a more typical seasonal pattern with prices and activity peaking in the second quarter," said Phil Soper, president and chief executive, Royal LePage Real Estate Services. "An expected increase in the supply of homes on the market will now bring stabilization in prices and in some cities we will see both prices and unit sales decline towards the end of the year. This should not be interpreted as a severe correction but rather a natural reaction to the market having peaked quite early this year."

The surge of activity in the first and second quarters of 2010 corresponds to a number of significant regulatory and financial industry changes that affected home buyers over the same period, including an increase in interest rates in the spring, tightening of mortgage lending rules for first time homebuyers and investors, and the lead up to the introduction of the HST in British Columbia and Ontario.

"Anecdotal evidence suggests that these factors may have prompted an increase in housing market activity in early 2010, as people sought to get out ahead of the changes," Soper said. "Moving into the next six months, key economic indicators such as employment growth will continue to bolster consumer confidence and help to ensure a fundamentally healthy housing market. Home prices will remain flat or decline slightly in most cities, but will be more likely to hold their value or increase in energy-producing economies such as Alberta."

Among the regions that posted year-over-year price increases in the second quarter, Canada's two biggest markets posted some of the largest. Average prices in Vancouver were up 16.6 to 19.1 per cent while prices in Toronto rose by an average of 7.7 to 11.4 per cent. In recent years these markets, however, have tended to react much more aggressively to external stimulus and affordability is expected to erode after the sharp price increases posted in Q2. As a result, downward pressure on prices is expected for the remainder of the year.

Similarly, the country's sharpest price increases occurred in St. John's, NL, with prices up an average of 18.4 to 19.6 per cent. A strong local economy driven by the oil sector combined with low inventory led to the robust increases, but eroding affordability and interest rates that are expected to rise will likely lead to more moderate price appreciation in the second half of the year.

REGIONAL MARKET SUMMARIES

The residential real estate in market in Halifax saw year-over-year price gains across all three housing types surveyed for the second quarter of this year. Higher prices were supported by a nearly 20 per cent drop in inventory levels over the previous year and by buyers looking to finalize sales prior to interest rate and tax hikes.

Montreal saw consistent year-over-year price appreciation across all housing types surveyed in the second quarter. While first-time homebuyers were active at the beginning of the year, the last two months of this quarter saw a shift in activity to second and third-time buyers as affordability eroded. Activity may slow down in July but will increase in September as first-time homebuyers return to the market.

The real estate market in Ottawa has remained strong as prices increased across all housing types this quarter over the second quarter of 2009. The market continues to benefit from strong immigration and steady employment in the public sector. Prices are expected to soften later this year as inventory levels start to build.

Toronto house prices are higher this quarter than prices seen in the same period last year. The market strength continued from the last half of 2009 as buyers were motivated by low interest rates and a desire to beat the HST. The Toronto market is expected to experience a modest decline in prices in the second half of the year.

Detached bungalows, standard two-storey homes, and standard condominiums in Winnipeg all saw price gains this quarter as compared to the second quarter of 2009. Price increases were also seen across almost all neighbourhoods in the city though market activity is expected to slow as the year continues.

Inventory levels in Regina are currently at 25 per cent above historical levels, contributing to a more modest year-over-year price increase this quarter compared to other parts of the country. Rising interest rates and growing inventory are offset by low vacancy rates and strong employment levels. Homes are often selling below asking price, and people may be slower to trade up to more expensive homes, which will likely lead to a relaxed market for the remainder of 2010.

The real estate market in Calgary is beginning to lean in favour of the buyer. Price levels for detached bungalows and standard two-storey homes are moderately higher in the second quarter of 2010 compared to last year, but average prices for standard condominiums have dropped slightly over the same period. Inventory levels have been high and price increases are expected to remain nominal for the remainder of 2010.

Prices for detached bungalows and standard two-storey homes in Edmonton increased modestly over second quarter levels of 2009, while standard condominium prices have dropped. As markets continue to stabilize and inventory levels return to normal, prices are expected to decrease slightly over the rest of this year.

Despite inventory levels rising by 30 per cent, pending HST implementation and anticipated increases in interest rates have driven demand in Vancouver's housing market. The average prices for all three housing types surveyed rose between 16.6 and 19.1 per cent in year-over-year analysis for this quarter. Continued high inventory levels are, however, expected to put downward pressure on prices during the second half of 2010.

Royal LePage's quarterly House Price Survey shows the following annual change of prices for key housing segments in select national markets:

For more information visit www.royallepage.ca.
 

The Units are expected to commence trading on the Toronto Stock Exchange on Thursday, July 8, 2010 under the symbol MSN.UN.

The Fund's investment objectives are to provide Unitholders with the opportunity for stable monthly distributions and long-term capital appreciation through investment in an actively managed, diversified portfolio of publicly traded real estate securities, including securities of Canadian and United States real estate investment trusts and real estate operating companies and the companies that provide services to them and, to a lesser extent, bonds, convertible debentures and similar fixed-income securities, and securities of foreign issuers. Morguard Financial Corp. (the Investment Manager) has been retained to provide investment advisory and portfolio management services to the Fund. Sunstone Investment Management Inc. (the Manager) will be the manager of the Fund.

The Investment Manager and the Manager believe that a diversified portfolio of publicly traded real estate securities has the potential to provide attractive, stable income with the opportunity for long-term capital appreciation. They also believe that having experience through their affiliates in the acquisition, ownership and operation of real estate properties provides additional insight into potential investment opportunities and will improve their ability to allocate the Fund's assets among those sectors and regions that they believe are more likely to generate higher levels of cash flow while reducing overall risk exposure to the Fund.

The syndicate of agents is being co-led by National Bank Financial Inc., CIBC World Markets Inc. and includes RBC Capital Markets, Dundee Securities Corporation, BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Incorporated, Sora Group Wealth Advisors Inc. and Wellington West Capital Markets Inc. 

In January of this year, Industrial and Commercial Bank of China completed the acquisition of 70 percent of The Bank of East Asia (Canada). With this announcement, all former BEA (Canada) branches, four in Toronto and two in Vancouver, will be converted to offices of Industrial and Commercial Bank of China (Canada). The new Industrial and Commercial Bank of China (Canada) will have a client base of around 10,000 retail and corporate customers.

Mr. Jiang Jianqing, Chairman of the Bank Group, noted that Canada was one of the most important markets in the world. "One of Canada's strengths is the country's advanced and prudent financial regulatory system. With such network in place, I am confident in the growth opportunities for our Canadian subsidiary in the years to come."

The launch of the Bank marks the beginning of the expansion of the Bank Group's branch network in Canada. The Bank will capitalize on the group's cutting edge information technology platform to bring its new online banking system to Canadian customers. As well, The Bank will work with the Bank Group's networks worldwide, including those in China, to offer a one-stop shop for multinational financial services to clients in both China and Canada.

China and Canada have strong complementary economies. Bilateral trade reached US$34.52 billion in 2008, surpassing the goal affirmed by the two nations' leaders in September 2005 to top US$30 billion in 2010. China is now Canada's second largest trading partner, third largest export market and second largest import market. Along with the rapid growth of trading in goods, more Chinese enterprises are now investing in Canada, adding fresh momentum to the two nations' economic and trade co-operation.

Boasting the largest market capitalization, highest revenue and most client deposits among global commercial banks, ICBC pursues a multinational operational strategy and has actively followed its clients in "going abroad." The launch of the Bank has built a new bridge for further economic and trade co-operation between China and Canada, promoting the business development of Chinese and Canadian enterprises.

There are now 1.4 million ethnic Chinese residing in Canada, 60,000 Chinese students receiving education in Canada, and an increasing number of Chinese visitors choosing Canada as their tourism destination. The huge potential demand for China-related financial services presents a great business opportunity to the Bank. To this end, the Bank will capitalize on it parent's vast service network and advanced information technology platform, both in China and globally, to offer innovative financial products and provides comprehensive financial services in Canada to ethnic Chinese, Chinese students and visitors.

Industrial and Commercial Bank of China Limited was established on January 1, 1984. As China's largest commercial bank that enjoys a solid client base and possesses leading information technology, it offers a diversified range of banking products and occupies a leading position in major business areas in China. Since its dual listing in Shanghai and Hong Kong, ICBC has continually enhanced its operational management standards and profitability. It has become the largest commercial bank in terms of market capitalization, profitability, client deposits and brand value. In recent years, it has actively pursued an international operational strategy through organic growth as well as mergers and acquisitions. In its efforts to upgrade its multinational financial services capabilities, ICBC has accelerated its foreign presence and widened its business scope. As of today, ICBC has set up 175 foreign branches in 22 countries and regions. . Furthermore, it has agency ties with 1,422 banks from 128 countries and regions. The global network of financial services has formed a well-positioned, multi-channel platform that covers international financial centres and China's major economic and trading partners.

Waterfront Toronto, in conjunction with the City of Toronto and Toronto and Region Conservation, is seeking Toronto City Council's authorization to submit all the necessary planning documents that would ultimately result in an Official Plan Amendment for the Lower Don Lands plans. The Official Plan Amendment would pave the way for future revitalization of the area including rerouting the river, building flood protection and ultimately building new communities.

Council will be asked to endorse the draft Don Mouth and Lower Don Lands environmental assessments. If endorsed, the draft Don Mouth Environmental Assessment will then be submitted to the Ministry of the Environment for final approval under the Environmental Assessment Act.

Council will also be asked to endorse an Official Plan Amendment and new Zoning By-law, which require review by the Ministry of Municipal Affairs and Housing and the Ministry of Natural Resources for consistency with flood management policies. If passed by Council in August, Toronto's Official Plan will be amended to enshrine the Lower Don Lands plans and will bring the project to a point of readiness where funding and economic development opportunities can be seized.

The plans were already unanimously endorsed by Toronto City Council's Executive Committee on June 14 and by Toronto and East York Community Council on June 22.

"This is a pivotal moment for the future of the Lower Don Lands and is the culmination of years of planning, design and public consultation," said John Campbell, President and CEO, Waterfront Toronto. "The plans for the Lower Don Lands represent a unique opportunity to remake a significant and vital part of Toronto's waterfront."

Until now, regeneration and development of the Lower Don Lands has been hindered by a number of factors including flood risk, isolation from the rest of the city, soil and groundwater contamination and insufficient infrastructure. The Lower Don Lands plans address and overcome all of these factors, and will transform this post-industrial area into a sought-after destination to live, work and play based on design excellence, ecology and economic sustainability.

Following an international design competition in 2007, the plans were developed by a team led by world renowned landscape architectural firm Michael Van Valkenburgh Associates Inc (MVVA). The plans were taken through a rigorous technical analysis as part of a comprehensive environmental assessment. The process looked at several options and ultimately led to the development of the preferred alternative. The MVVA led team used an integrated design approach - the collaboration of landscape architects, urban designers and leading sustainability experts - which brought together infrastructure, public realm, and ecology to connect the city, lake and river in a dynamic and balanced relationship at the mouth of the Don River.

The plans renaturalize the mouth of the Don River by rerouting it through the Lower Don Lands and at the same time protect more than 230 hectares (568 acres) of land currently at risk due to flooding. The flood mitigation measures eliminate a potential billion dollar-plus flood risk, while simultaneously unlocking the economic development potential for the lands.

The strategies embedded in this approach expand development opportunities for building at the edge of a naturalized river park setting. Under the plans the water's edge will almost double and 49 hectares (120 acres) will be allocated to parks and open spaces. Comprehensive economic impact assessments project that the plans will result in:

• $480 million in incremental increases in land value in the Lower Don Lands, before build-out;
• $300 million in increased land value in surrounding neighbourhoods;
• $55 million in new annual tax revenue in the Lower Don Lands; and
• $6.8 billion in private investment leveraged in the Lower Don Lands.

"In addition to the economic and environmental benefits to the City, the plans create a unique opportunity for Toronto to showcase its leadership in progressive and sustainable city building," said Campbell. "Reconnecting Toronto and the Don River at the edge of Lake Ontario will transform Toronto's waterfront into an internationally recognized destination that combines sustainable city building with major river restoration and naturalization."

Waterfront Toronto's plans for the Lower Don Lands have received several prestigious international awards including accolades from the Royal Architectural Institute of Canada, the American Institute of Architects, and the Building Exchange (BEX) Conference.

The Lower Don Lands project is also one of 18 founding projects of the Climate Positive Development Program. A project of U.S. President Bill Clinton's Climate Initiative and the U.S. Green Building Council, the program's aim is to demonstrate sustainable urban growth models and support large urban developments in achieving zero carbon emissions.

The Lower Don Lands has been designed to achieve climate-positive goals using passive design, optimizing climatic effects from sun and wind, and prioritizing transit and multi-modal transportation options. Energy planning raises the bar for energy efficiency, deemphasizing reliance on the grid. The design also includes strategies for water re-use and leading edge information technology to support sustainable living and working.

The planning process for the Lower Don Lands has included extensive community and stakeholder consultation. Numerous meetings with the public, non-profit agencies, community groups, private land owners and other stakeholders were held throughout the process.

The Governments of Canada and Ontario and the City of Toronto created Waterfront Toronto to oversee and lead the renewal of Toronto's waterfront. Public accessibility, design excellence, sustainable development, economic development and fiscal sustainability are the key drivers of waterfront revitalization.

For additional information and images please visit: http://news.waterfrontoronto.ca 
 

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The closing price on June 29, 2010 was C$0.55 per share, with the volume weighted average price of the common shares over the 20 trading days ended June 29, 2010 being C$0.54. West 49's board of directors, based on the unanimous recommendation of a special committee of independent directors, has unanimously recommended that security holders vote in favour of the transaction. The special committee made their recommendation with the benefit of input from its independent legal and financial advisors. National Bank Financial Inc., independent financial advisor to the special committee, has rendered an opinion to the special committee, subject to the assumptions and limitations described therein, that the consideration to be offered pursuant to the transaction is fair, from a financial point of view, to West 49's common shareholders.

"This transaction delivers a significant premium and an excellent liquidity opportunity to our shareholders that is unanimously supported by the Company's board of directors," said Lucio Di Clemente, Chairman of the special committee. "Furthermore, Billabong will strengthen West 49's future growth prospects and provide new business opportunities to the benefit of both our customers and our employees."

"This is a proud day not only for myself as founder of West 49 but for all of our employees who have contributed to the growth and success of West 49 over the past 15 years," said Sam Baio, President and Chief Executive Officer, West 49 Inc. "Becoming part of the global Billabong family will create new opportunities for our business and, just as importantly, new opportunities for our valued employees throughout the organization."

The transaction is subject to the approval of West 49's security holders at a special meeting anticipated to be held in August 2010. Completion of the transaction is also subject to certain other customary conditions.

Certain significant security holders together with West 49's board of directors, who collectively hold approximately 56% of the outstanding common and preferred shares, have entered into lock-up agreements with Billabong pursuant to which they have committed to vote their securities in favour of this transaction, subject to certain terms and conditions.

The acquisition agreement entered into between West 49 and Billabong provides for, among other things, a non-solicitation covenant on the part of West 49, subject to customary "fiduciary out" provisions, which entitle West 49 to consider and accept a superior proposal, subject to the right of Billabong to match the superior proposal and the payment to Billabong of a break-up fee of approximately C$2.5 million. The lock-up agreements automatically terminate if the acquisition agreement is terminated in certain circumstances, including in the event that West 49 terminates the acquisition agreement to accept a superior proposal.

Further details of the transaction are expected to be included in a proxy circular to be mailed to security holders in due course. The full acquisition agreement, as well as the lock-up agreements with security holders, will be available on SEDAR.

Legal counsel to West 49 Inc.'s special committee is Goodmans LLP, and to the Company and certain of its key shareholders is Stikeman Elliott LLP. Billabong International Limited's financial advisors are Goldman Sachs, and its legal counsel is Osler, Hoskin & Harcourt LLP. 

Green Alberta has evaluated the processes adopted by ExactET and has confirmed the company is able to aid in the achievement of up to seven credits and one prerequisite in the new LEED-EBOM (Existing Buildings: Operations and Maintenance) rating system.

ExactET's technology can also help clients get up to three credits in the Canadian LEED-NC (New Construction) rating system.

As Duffy points out, "One of the benefits of our climate controlled irrigation program is our daily monitoring methods which can be utilized to achieve the measurement and verification credits in any LEED rating system."

"Restaurants are still counting their losses, but it's clear that the damage and disruption expanded well beyond the G20 security fence and well beyond the two days of the Summit," says Garth Whyte, CRFA president and CEO. "We need a fair compensation system for business owners and employees whose livelihoods have suffered because of this event."

CRFA has three main concerns that have not been addressed by the federal government: compensation for property damage; fair compensation for restaurants inside and well outside the security perimeter, whose business plummeted because customers avoided going downtown for several days; and compensation for employees who lost wages.

"The rules are unclear," says Whyte. "We are concerned that a lot of restaurant owners who have been hurt by the G20 event will not be compensated."

The CRFA has set up a G20 hotline (416-649-4214 or G20@crfa.ca) to answer questions from its members about government compensation. Restaurants have only 90 days to submit a claim and volumes of supporting documents.

CRFA will also be surveying Toronto restaurant operators to assess the damage caused by the G20 Summit. There are more than 8,000 restaurant operators in the City of Toronto, employing almost 85,000 people.
 

nabInvest, the direct investment management arm of National Australia Bank, agreed to acquire Presima Inc. No terms were disclosed, in the statement that announced the deal on Presima’s website.

Montreal-based Presima describes itself as a portfolio management company that specializes in real estate securities publicly traded on international exchanges. National Australia Bank already operates in the United Kingdom, North America and New Zealand, in addition to Australia.

Read the full article here
 

Soleil Sucré by Elisa is a brand of glamorous lingerie at great prices: a bottom-of-the-range price, a mid-range product and a high-end concept. Indeed, the feminine and sophisticated concept stages the lingerie in a luxurious setting cultivating a taste of fine details. The strength of the signboard: novelty injected every week in store. Our slogan: "wear your bottoms on top ".

 Click on the media player for the interview.
 

"With the beginnings of Choice Hotels extended stay growth in Canada, we are pleased to celebrate this significant milestone in our international development. Suburban Extended Stay Hotel is a perfect fit for the two extremely fast growing cities in Canada," said Kevin Lewis, president of upscale and extended stay brands for Choice Hotels. "We are fortunate for the opportunity to expand our brands domestically and internationally."

Suburban Extended Stay hotels offer guests great value over a longer stay. The Suburban brand provides everything a traveler needs for the perfect temporary housing solution, including full kitchens and discounts for weekly and monthly stays. Guests will also enjoy free cable TV and high speed Internet access.

The hotel in Thompson, MB, owned and operated by Accommodations North, Ltd., will contain 70 rooms on Moak Crescent. Angelo Paletta of Accommodations North says, "The services and amenities of the Suburban Extended Stay Hotel brand are directed specifically to our target consumers, including relocating employees, construction companies, and the trade and service industries in Manitoba."

The 89-room hotel located at Rooney and Kensington St. in Estevan, SK is owned and operated by Estevan Hospitality Endeavors LP / Bridge Road Developments Ltd. / Encore Hospitality Incorporated. "The Estevan market is tuned to an extended stay hotel, and in turn, this Choice brand caters specifically to the unique Estevan area needs, with amenities specially designed to provide longer term lodging for a large number of the people traveling to the area" said David Landzaat, C.E.O. of Encore Hospitality Inc.

Both Suburban Extended Stay properties, franchised by Choice Hotels International, are expected to open in early 2011.  For more information about Suburban Extended Stay Hotel visit www.suburbanhotels.com.
 

Please click here to read news from the Quebec Market

The bi-annual Global Real Estate Transparency Index quantifies real estate market transparency across 81 markets worldwide. Since the Index began in 1999, Canada has consistently ranked as a top performer and was number one in the last survey in 2008.

“Canada is undoubtedly one of the world’s most transparent real estate markets,” said Jim Becker who leads Jones Lang LaSalle’s Canada business. “Canada differentiates itself by having a combination of a sound banking system, well-developed commercial real estate lending standards and stable property markets with relatively low vacancy and rental volatility. This makes it an extremely stable and fruitful market for all real estate players.”

Historically, lending in Canada has been dominated by large, domestic financial institutions with conservative underwriting standards. Cashflows and collateral values of commercial real estate loans are monitored regularly. Unlike many other advanced economies, Canada’s major chartered banks are regulated depository institutions which had strong deposit bases and high capital reserve ratios going into the global recession.

The largest investment banking operations in Canada are housed within the major chartered banks, making the banking system inherently less prone to bank runs, since chartered banks have access to cash in the form of deposits. In liquidity constrained environments, access to cash via deposits is crucial to the health of banks. Indeed, the World Economic Forum’s annual 2009–2010 Global Competitiveness Report identifies Canada as having a competitive advantage in ‘soundness of banks’ and ‘strength of investor protection’.

The bi-annual Global Real Estate Transparency Index measures market fundamentals, listed vehicles, performance measurement, legal and regulatory environment and transaction process; for the first time the 2010 Index measures two elements of real estate debt transparency: the breadth and depth of data available on commercial real estate (CRE) debt and how well commercial real estate lending risks are monitored by regulators of financial institutions.

The Americas View

“The Americas markets have shown more modest changes in transparency than in the Europe, Middle East and North Africa (MENA) and Asia Pacific regions. Improvements have been static in the region’s two most transparent markets, Canada and the U.S. with only modest improvement in most of the Latin American markets,” said Becker. “Canada and the U.S. have remained the region’s only two Highly-Transparent (Tier 1) countries, and rank among the world’s most transparent markets.”

A large gulf continues to exist between Canada and the U.S. and the other countries in the region, as no country in the Americas falls within the Transparent (Tier 2) level. Following the United States (ranked 6th globally), Chile ranks 34th globally and falls within the Semi-Transparent (Tier 3) level – where Brazil (the only major economy to register notable progress), Mexico, Argentina and Costa Rica can also be found. Panama, Uruguay, Colombia, Peru, Venezuela and the Dominican Republic are characterised by Low-Transparency (Tier 4). Venezuela has registered the greatest decline in transparency since 2008 as regulatory and legal changes, including weakened enforceability of contracts, negatively impacted on its overall transparency profile.

The Global Picture

While one third of markets globally registered no change or a deterioration, there are a number of bright spots, and transparency continues to improve, albeit moderately, in the majority of markets. Of the top 15 improvers, nine are in Europe and six are in Asia Pacific. Turkey tops the league table of transparency improvers, and progress has been made in China, India, Poland, Portugal, Romania, Greece and Hungary.

Declines in transparency were registered in countries such as Pakistan, Kuwait, Venezuela, Dubai and Bahrain; although the level of decline was modest in these countries, the reversal of past gains is notable. Over the past two years, the average improvement in real estate transparency across the 81 markets covered by the Index has halved, when compared to both the 2006–2008 and 2004–2006 periods.

Jacques Gordon, Global Head of Strategy for LaSalle Investment Management, the independent fund management arm of Jones Lang LaSalle said: “The 2010 Global [Real Estate] Transparency Index reveals a notable slowdown in the progress of real estate transparency over the past two years. It suggests that the recent turmoil in global financial, economic and real estate markets has impacted on market behavior, with real estate players focusing on survival rather than market advancement. It is interesting to note that the most highly transparent countries experienced illiquidity and volatility over last two years, despite their positions at the top of the transparency rankings. That said transparency does appear to speed up the restructuring process.”

He continued: “Transparent real estate caused problems for investors during the credit crisis because it had been put into opaque vehicles. The 2010 report found that debt transparency is generally lagging behind overall real estate transparency in many countries. We expect that a new focus on regulatory and private market-led transparency in the real estate debt markets will be one of the main reforms to come out of the credit crisis.” 

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The 24 month project will commence on July 1, 2010, and will be the largest transformation since the Toronto Eaton Centre opened its doors in 1977. A series of comprehensive upgrades are designed to reinvigorate the retail experience, consistent with Toronto Eaton Centre's unique position as a vibrant and energetic downtown shopping destination. The revitalization will complement Toronto Eaton Centre's best in class retailers including new stores opening in the upcoming year such as Victoria's Secret, Michael Kors, and Stuart Weitzman to name a few.

"We are thrilled to embark on this extensive revitalization, given Toronto Eaton Centre's prominent role in Canada's retail and cultural landscape," says Wayne Barwise, Senior Vice President of Development for Cadillac Fairview. "This is truly a transformative stage in our evolution: after 33 years of setting the standard for retail shopping, we now have a unique opportunity to reinforce our relevance in the hearts and minds of Torontonians and millions of visitors from around the world."

The first phase of the project will be the creation of a new dining environment through the complete redevelopment and expansion of the north food court, which will become Toronto Eaton Centre's main dining experience. The south food court will also be transformed to create an upscale restaurant style environment.

The New Dining Area in the north food court will introduce leading practices in environmental sustainability, replacing disposable paper and Styrofoam plates and containers with re-usable dishes and cutlery. Behind the scenes, top of the line cleaning equipment with integrated technologies will save more than 50 per cent in water and electricity when compared with similar capacity units. Also, an innovative pulping machine will process food scraps and disposable materials into a semi-dry compostable pulp designed to propel Toronto Eaton Centre's landfill diversion rate beyond 90 per cent.

Other upgrades – which literally range from top to bottom – include:

• Complete renovation and expansion of washrooms
• Replacement of all flooring
• The replacement of existing hand rails with glass and stainless steel caps
• A new retail lobby entrance to the 250 Yonge office tower
• Upgrading finishes of all the escalators and elevators
• New doors at all entrances
• A new and extensive greening and tree-planting program

Lighting enhancements will also play a prominent role in the revitalization project, with cutting-edge technology being used to further enrich the shopping environment. A stunning, custom-designed light sculpture has been commissioned by United Visual Artists out of the United Kingdom and will be a compelling feature of the Galleria ceiling. 

Those eligible for the list were drawn from the more than 250 organizations who participated in either the 2010 Best Employers in Canada or Best Small & Medium Employers in Canada study and were headquartered in the GTA or had a significant number of employees working there.

"There is no 'secret recipe' that all organizations can follow to guarantee high employee engagement," said Neil Crawford, a principal with Hewitt Associates and leader of the Study. "Employers first have to determine the types of workers they need to accomplish business objectives and then design and implement the human resources practices and programs that will engage them. If they are successful, their employees will speak positively about the organization, want to stay with the company, and will go 'above and beyond' to help their employer meet its goals."

Employees and leaders at participating organizations are asked to complete an anonymous survey that not only measures their level of engagement, but provides an opportunity for write-in comments on their workplace experiences. Feedback from employees at this year's participants offers real insight into what makes these organizations Best Employers:
 

"During my five years here, I feel they have provided me with great
opportunities to improve and advance my career. My manager does a
great job of ensuring I am provided with all the resources I need to
help me grow and improve my career. I can see myself spending many
  years to come with this company."

"As large a corporation as it is, I am proud to be a part of it and
contribute to it much like a family unit. There is always a great
opportunity to work with and meet new people all of the time, and the
projects are of a magnitude that offer great challenges, sense of
accomplishment and participation. I don't at all mind giving that
extra 10 per cent because it can only mean success for me and the
  company."

"I am very proud to work for (employer) - it is a dynamic
organization that is focused on excellence - excellence in product
innovation, in community leadership, in environmental consciousness.
(Employer) is very fair and supportive of its people and maintains
high ethical standards. It has earned its place as an industry
leader."

"The level of professionalism, compassion and integrity displayed at
the senior management level is contagious and filters through to all
levels of the organization. The (organization) has an extremely
positive influence on everyone who walks through the front doors each
and every day. Mutual respect is displayed daily by all employees and
  contributes to a wonderful sense of 'team spirit' for all."

"I truly enjoy working here. I feel valued and respected. The passion
that we feel throughout the company is conveyed to our customers. And
  to top it off, it's fun."

"These employee comments and others demonstrate the importance that clear leadership direction, career development opportunities and recognition play in Best Employer organizations," stated Crawford. "These and other factors contribute to an overall culture that acknowledges and appreciates individual employees, as well as human resources practices that are designed to engage workers and provide a positive work experience."

The 2010 List of the Best Employers in the Greater Toronto Area

For additional information about the Best Employers studies and to register online, please visit the Best Employers Web site at www.hewitt.com.
 

Small businesses that already have a plan or policies in place are more likely to concentrate on reducing energy (63 per cent), while those that are considering a green plan are more likely to focus the plan on environmental standards (31 per cent) and supply reduction (55 per cent).

"These results tell us that small business owners are making environmental sustainability a priority," said Mike Michell, national director, Small Business, RBC. "Implementing an environmental plan can have a positive effect on a company's bottom line by potentially reducing overall costs in the long term, and may increase their market advantage by appealing to environmentally-conscious consumers."

According to the survey, spending on existing environmental initiatives is low - 59 per cent of businesses with a green plan say that they have spent less than $500 on green initiatives in the past two years. However, as a business grows its revenue, the amount spent increases.

"Some small business owners think they have to spend a lot of money to implement these strategies, but that's not the case: you can start by taking small steps and then build from there," added Michell.

Directing funds toward green strategies can help some businesses capitalize on the green movement as a business opportunity. These changes can also have a direct impact on the development of environmental sustainability solutions that shape the emerging economy.

"Going green helps companies build goodwill with customers, employees, shareholders and the general public," said Jim Hart, national manager, Green Client Strategy, Business Financial Services, RBC. "We understand that taking the first step toward sustainability can be overwhelming for some businesses owners; but it's a step worth taking. The key is committing to act - and then beginning the journey."

To help small business clients develop and implement environmental sustainability practices, RBC created Greening your business: A guide to getting started which offers practical advice on creating the business case for going green, engaging stakeholders and creating a green plan. This and other helpful materials can be found online at the RBC advice centre.

Regional Poll Highlights

• Small business owners in Alberta that have a green plan or are considering a plan are more likely than business owners in other regions to include recycling as part of their going green strategy (94 per cent), but less likely to say any plans involve or will involve pollution prevention (15 per cent).
• Small business owners in Atlantic Canada are more likely to incorporate environmental standards for goods and services purchased by the company (38 per cent) and are also more likely to include energy reduction strategies (75 per cent).
• Small business owners in British Columbia rank highly, much like owners in other provinces, in their commitment to recycling (82 per cent) and reducing their energy use (60 per cent).
• Small business owners in Manitoba and Saskatchewan are more likely to include pollution prevention practices (36 per cent) in their going green strategy.
• Ontario's small business owners are more likely to produce and sell, or to plan to produce and sell, green products and services (26 per cent).
• Small business owners in Quebec are most likely (36 per cent) to reduce or plan to reduce water use or water pollution.

In an effort to help Canadian small business owners succeed, RBC recently launched a new online advice centre. The site provides free, professional advice and answers to common questions business owners have. It covers many facets of running a business, and includes interactive tools, calculators, videos, articles and tips. Visit www.rbcadvicecentre.com for more information.
 

Canada is in a very comfortable position

The Canadian economy has posted an impressive turnaround. Real GDP jumped 6.1% in Q1 2010. "This performance will be slowed in the second half of the year with the disappearance of several temporary elements that had stimulated the housing market, the gradual increases to the Bank of Canada's key interest rates, the waning government contribution to growth, and an exchange rate that will come back to and stay above parity with the greenback," emphasizes Yves St-Maurice, Director and Deputy Chief Economist at Desjardins Group.

Although growth is forecast to slow in the second half of the year, Canada will post enviable performance in 2010, with its real GDP up by 3.6%. All of the provinces will benefit from a better environment, especially British Columbia and Ontario. BC will post growth of 4.0%, boosted by the Winter Olympics, while Ontario will be reaping the benefits of the manufacturing sector's gradual comeback; Ontario's real GDP will rise by 3.9%. Québec's growth will be 3.0% in 2010. The province has already recouped the production and employment losses incurred during the recession and it is now in an expansion phase. For next year, the economic forecasts will be more affected by the institution of restrictive measures to get public finances back into shape. This phenomenon will be magnified by fairly widespread monetary firming worldwide. Real GDP growth will drop to 3.0% in Canada, 2.8% in Ontario and, lastly, 2.5% in Québec.

More clouds in the United States

Trade with Europe is not extensive enough to lead to a quick pass-through to North America via this channel. The transmission mechanism to worry about the most is the financial markets, i.e. through the stock markets or by the drying up of liquidity around the world. Clearly, the Old World will have to cope with the negative impacts of the austerity plans, but the euro's softness will also act to stimulate exports for some countries. "However, the growth forecast for the euro zone has been lowered to 0.9 % in 2010 and 1.4% in 2011; the United Kingdom's forecast stays at 1.3% for 2010 and 2.3% for 2011. Global growth has been raised slightly to 4.0% for 2010 and 3.9% for 2011, mostly because the emerging nations have improved," added Mr. Dupuis.

There are fewer and fewer doubts about the strength of the American recovery, but hopes of seeing it keep going at this pace are slim. Job creation is still falling short of expectations, the real estate market will pull back with the end of the home buyers' tax credit program, and the greenback's abrupt rise will hurt exports. An overall performance of 3.0% is expected for the year, but economic growth will retreat to 2.8% next year, on the gradual winding down of the government stimulus program. The Federal Reserve will thus have few arguments for proceeding to raise key rates before the end of winter 2011. Contrary to what is happening in Canada, chances of seeing the yield curve flatten sharply in the near future are slim.

Commodities and the stock markets should start to shine again

Oil will benefit from the drop in financial strains in Europe. Crude prices will gradually climb toward US$88 a barrel by the end of 2010, reaching US$100 before the end of 2011. The trend will be similar for most industrial metal prices. The stock indexes should post substantial gains in the second half of the year. The S&P 500 should end 2010 up by more than 13%, then rise another 8% in 2011. The S&P/TSX will follow this trend with respective increases of 11.5% and 9.4%. "However, we may see some periods of major turbulence," concluded Desjardins Group economists.

For more information, you may download the most recent study here.
 

Each Debenture is convertible into Units at the option of the holder at a conversion price of $5.05 (or 198.0198 Units per $1,000 principal amount of Debentures).

The offering is scheduled to close on July 8, 2010, and is subject to regulatory approval.

The net proceeds of the offering will be used to fund future acquisitions and for general trust purposes.
 

The award includes parking operations for 1200 K Street, 1400 K Street, 1250 Connecticut, 1250 23rd Street and 2401 Pennsylvania Avenue. The five facilities total 986 spaces, and include both self-park and valet assist parking operations.

The addition of these Washington D.C. locations serves to increase Impark's management of Brookfield Properties parking assets in the Mid Atlantic Region; the company previously awarded Impark their Maryland portfolio of properties in February of 2007, and two Virginia properties and another Washington D.C. location, in May of 2009.

"We are very pleased that Brookfield's Washington D.C. property managers, as well as their corporate support staff, selected Impark based on our proven record of providing exemplary service at other Brookfield buildings. Our team looks forward to working with Brookfield to achieve their financial goals for the parking facilities, and improve the service experience for their tenants", noted Chris Johnson, Impark's Senior Vice President for the Eastern U.S.

"We are especially excited to be awarded these new contracts in Washington D.C. This represents a further cementing of Impark's relationship with this highly valued client, and affirms Impark has delivered upon its service and financial performance commitments at the other Brookfield Properties locations", commented Herb Anderson, Impark's President & CEO.

Imperial Parking Corporation (Impark), with U.S. headquarters in Philadelphia PA and corporate headquarters in Vancouver, B.C., Canada, is one of the largest parking management companies in North America with more than 2,000 locations and 3,700 employees. 

Multi-Residential Properties - 160 - 170 and 180 Dorval Avenue, Dorval, Québec

The residential complex is comprised of three buildings built in 1955 for a total of 60 units. Located near the intersection of highways 20 and 520, these buildings are within walking distance of the Jardin de Dorval, a shopping center with a number of amenities such as: supermarket, medical centre, dental centre as well as many stores and restaurants. The Dorval train station, connected to the Montreal suburban train system, is also within walking distance, facilitating the commute to downtown Montréal.

"We are delighted with this acquisition at a time when the markets are more and more competitive. This is our third acquisition in three years" said Mr. Claude Blanchet, Chief Executive Officer of the Corporation.
 

The transaction will be mainly financed by an offering of RONA treasury stock. The remaining portion will be financed by RONA's cash on hand. To avoid dilution for existing shareholders, RONA intends to redeem the same number of shares that will be issued in the market transaction using an issuer bid in the normal course of operations, which will be arranged within the next few days.

"We are very pleased with this acquisition, which reflects our intention to become the industry leader in every key region of the country. For RONA, this transaction represents another step toward achieving our goal of consolidating the Canadian market and growing our market share from 17.5% to over 20% by the end of 2011," said RONA president and CEO Robert Dutton.

"This chain of stores enjoys a very good reputation and has a well diversified customer base of do-it-yourselfers and renovation-construction professionals. It will generate major synergies with our network of 26 stores in the Atlantic Provinces, particularly our Halifax big-box store. The transaction will allow us to quickly expand RONA's positioning in the Atlantic Provinces through the organic growth of our store network, as well as recruitment activities among independent dealer-owners and the acquisition of other businesses in this part of the country," Dutton said.

David Hoffman, Co-CEO of the Bragg Group, the owner of Piercey's, expressed his satisfaction with the RONA agreement. "I believe this transaction will open up new development opportunities for employees and continues to give them an exciting work environment. Between the know-how of Piercey's employees and the customer-service focus of RONA, I am also convinced that our customers will continue to enjoy the top-quality service they've been used to for nearly 100 years. So we're very enthusiastic about the idea that our employees will be joining forces with RONA, a company with a solid financial foundation and an impressive development plan for the years ahead." David Hoffman and John Bragg said: "We are proud of the achievements of the management team and the many employees at Piercey's who had been a part of the Bragg Group during the past 21 years".

Piercey's meets all of RONA's strict acquisition criteria. RONA acquisitions must:

• Have a good management team
• Be profitable
• Be accretive to RONA's earnings per share
• Operate in a sector related to RONA's main activities, generating recurring annual synergies
• Offer good growth potential

RONA ON THE RISE IN THE ATLANTIC PROVINCES

When the transaction closes, RONA will have 31 stores in the Atlantic Provinces – 12 in Nova Scotia, 10 in Newfoundland and Labrador, and nine in New Brunswick, for a total of 575,000 square feet of retail space. Over the past five years, RONA has rapidly expanded its presence in Atlantic Canada, notably with the acquisition of Chester Dawe in 2006 and Bishop's Building Center in 2008, and by opening new corporate stores and recruiting independent dealer-owners. In the last year, RONA also completed major renovations in two of its Newfoundland and Labrador stores. These growth initiatives have increased the number of RONA stores in the Atlantic Provinces from nine at the end of 2004 to 31 in 2010.

"Mickael's dedication to service and quality at every level exemplifies the Trump Hotel Collection ethos," explained Jim Petrus, COO of Trump Hotel Collection. "Mickael was an instrumental force in the opening of our hotel in Chicago and his leadership has helped us produce market leading results. His experience in the luxury hotel sector -- particularly his time with Trump International Hotel & Tower Chicago -- make him the ideal choice to lead our spectacular new property. We are proud to promote Mickael to general manager of Trump International Hotel & Tower Toronto."

Beauvais, France-born Damelincourt graduated with an MBA in international management and finance from the MBA Institute business school (Group IPESUP) before joining Le Méridien Hotels & Resorts in 2001, first in New Orleans and then as controller in Chicago. He saw its Chicago property through its transition to Conrad Hotels & Resorts from September 2005 through March 2007, after which he joined Trump International Hotel & Tower Chicago as executive assistant manager under Vice President and Managing Director Colm O'Callaghan. Damelincourt will relocate to Toronto in July. 

The top ten performing stores have experienced 350% growth since the launch of the program, averaging 210 messages per store per day for the week ending April 11th, 2010. The top performing store saw an average of 325 messages per day, peaking at 428 messages over the same period.

Single Touch's Enhanced Services Platform (ESP) provides customer messaging for one of the world's largest retailers. These services include alerts for store specials and reminders when products or services, such as photos, are available for pick up.

The Company expects and anticipates its messaging numbers to continue to increase through its proven Enhanced Services Platform, a platform capable of sending billions of messages annually. "We are continuing to roll out full service retail solutions across these 1700 new locations. It is boosting our messaging numbers, digital presence and retail client base as we continue to build a retail messaging super highway enabling all retailers to communicate with mobile phone users," said Anthony Macaluso, Chairman of Single Touch.
 

In the interim, until the appointment of a replacement Chief Financial Officer of Crombie please direct all financial inquiries to the attention of Mr. Jeff Downs CA, Senior Director of Finance of Crombie REIT.

The final short form prospectus, along with the Rights certificates, will be mailed to eligible unitholders on or about July 2, 2010. Registered unitholders wishing to exercise their Rights must forward the completed Rights certificates, along with the applicable funds, to Computershare Investor Services Inc. by 5:00 p.m. (Toronto time) on July 23, 2010 (Expiry Date). Unitholders who own their units through an intermediary such as a broker, dealer, bank or trust company must instruct such intermediary to exercise all or a specified number Rights and forward the applicable funds to such intermediary well in advance of the Expiry Date.

IGW Public Limited Partnership, who has provided a standby purchase commitment in respect of the Offering, has consented to the final terms of the Offering.

The units of Charter REIT are expected to commence trading on the Toronto Venture Exchange on an ex-rights basis at the opening of business on June 28, 2010, meaning that units purchased on, or following that date will not be entitled to receive the Rights under this Offering. At that time, the Rights are expected to be posted for trading on the TSXV and will thereafter trade under the symbol "CRH.RT". Trading on the Rights is expected to continue until 12:00 noon (Toronto time) on the Expiry Date.

Unitholders are encouraged to read the final short form prospectus before making an investment decision regarding the Rights. Unitholders who fully exercise their Rights will be entitled to subscribe for additional Units, if available, that were not subscribed for by other holders of Rights.
 

At the Realex annual and special meeting of shareholders held on June 2, 2010, shareholders authorized the board of directors to amend the articles of the Corporation to reorganize the Non-Voting Shares into Common Shares on a 1:1 basis and to consolidate the Common Shares at a ratio of 10 to 1, as more particularly described in the information circular of the Corporation dated April 28, 2010, which is available online at www.SEDAR.com. The Corporation currently has 72,791,250 Common Shares, 114,336,161 Non-Voting Shares and 49,454 preferred shares Series A issued and outstanding, and after giving effect to the reorganization and consolidation, the Corporation will have approximately 18,712,700 Common Shares and 49,454 preferred shares Series A issued and outstanding. The Corporation's name will not change as a result of the consolidation.

The Corporation's shareholders, at the meeting, also elected the Corporation's Board of Directors, re-appointed Deloitte & Touché LLP as auditors of the Corporation, approved the Corporation's stock option plan until the next meeting of the shareholders and amended and renewed its Shareholder Rights Plan.
 

Whiterock has granted the underwriters an over-allotment option to purchase up to an additional 364,500 trust units at the same offering price, exercisable in whole or in part at any time for a period of up to 30 days following the closing of the offering to cover over-allotments, if any. If the over-allotment option is exercised in full, the gross proceeds of the offering will total approximately $39.1 million.

Whiterock intends to use $10.3 million of the net proceeds of the offering to fund the acquisition of Airway Centre 1 and the remainder to fund approximately $24 million in prepaid rent obligations related to Airway Centre 2-4, as well as for general trust purposes.

As Whiterock REIT previously announced, it has entered into an agreement to purchase Airway Centre 1 and to long-term lease Airway Centre 2-4. These office properties are located at 5915-5955 Airport Road, Mississauga. They are primary market assets consisting of four office towers located adjacent to Toronto Pearson International Airport, have excellent access to the major 400 series highways; and are within minutes of downtown Toronto. These multi-tenant office buildings, consisting of over 670,000 square feet, offer excellent visibility and a diverse tenant base, and have an occupancy rate of 96% and an average remaining lease term of approximately five years. Management anticipates that the transaction will close by June 22, 2010.

The in-place AFFO from the properties is expected to add over $0.10 per unit to Whiterock's annualized AFFO, and reduce its overall leverage. The addition of these assets to Whiterock's portfolio will strengthen its owned and/or managed presence in the key Greater Toronto Area market to 3.2 million square feet, while maintaining the excellent investment grade profile of Whiterock's tenant roster.

With the completion of the Airway Centre transaction, Whiterock's wholly-owned and co-owned aggregate real estate portfolio, including Airway Centre 2-4 which is under long-term lease, will total approximately 6.2 million square feet across 60 properties in seven provinces. Whiterock's interest in the portfolio will have a weighted average remaining lease term of approximately 6.5 years, and 43.5% of its interest in the portfolio will consist of government and investment-grade tenants.
 

Most recently, Ms. Quan worked as a consultant providing financial, business advisory, and project management services to various companies. Prior to this she worked at Brookfield Asset Management Inc. for 10 years in a number of progressive positions, most recently as Vice-President, Corporate Development and Treasury with Brookfield Homes Corporation. Ms. Quan is a Chartered Accountant and received her initial training at Deloitte & Touche LLP, where she spent 6 years in accounting, audit and assurance roles.

"We are delighted to have Lenis join our growing organization. Her experience and knowledge will be a valued addition to our senior management team," said Gail Mifsud, CEO of Gazit America. "We would also like to thank John Todd, our Interim CFO, for his contribution during this transition period." 

"PBK Architects is very pleased to welcome ANO Architects," said Elisa Brandts, President and Managing Principal of PBK Architects. "Thanks to this acquisition, our global solutions in architecture are expanding. Our clients will reap the benefits of a full range of services provided by highly skilled professionals in architecture, building science, sustainable developement, as well as project management," mentioned Ms.Brandts. "Our architectural practice has grown over the years in Canada and Trinidad and Tobago and now has over 100 employees including approximately 20 architects and over a dozen LEED accredited professionals. Together with GENIVAR, we have carried out many integrated projects for institutionnal and private clients, including sports and recreational complexes, arenas, as well as transit and advanced technology facilities. We look forward to continuing our collaboration with our colleagues from GENIVAR across Canada and in the Caribbean, as we develop new business opportunities," concluded Ms. Brandts.

"The GENIVAR team is very pleased to welcome ANO Architects in the PBK Group. This acquisition will expand our Ontario Northern base of operations and suppport our ongoing commitment to the region," said Marz Kord, Senior Vice-President, Northern and Western Ontario, GENIVAR. "Our growing clientele in buildings will benefit from our one-stop approach to engineering combined with architecture services provided by PBK Architects, ensuring more effective project integration," he added. "ANO Architects is active in the commercial, educational, industrial and institutional sectors. The firm will also enlarge our private and public client base," he concluded.

"We are very proud to be joining PBK Architects, and this merger gives us an opportunity to grow. Having been involved in many projects in Northern Ontario, we will be in a better position to develop our potential and to work on larger and more complex projects, given both PBK Architects and GENIVAR's scale of operations and capabilities and its range of locally available multidisciplinary expertise," said architect Andy Cotnam, President and General Manager of ANO Architects. "We will ensure our firm's ongoing continuity as we further develop our team and clientele. We will have access locally to all the technical services and support needed to offer our clients a complete range of services. PBK Architects and ANO Architects also share the same core values, including a strong entrepreneurial culture focused on regional development," he added.
 

“The Fasken Martineau Symposium has exceeded expectations. More that 600 lawyers came together and learned from Fasken Martineau’s seasoned lawyers and panelists and we are delighted that so many in-house counsels were able to benefit from our expertise,” said Claude Auger, the firm’s managing partner in Quebec.

The 2nd annual Fasken Martineau Symposium’s workshops addressed a variety of legal topics, such as managing cross border transactions, class actions and unsolicited take-over bids.

Listen to Richard Clare & Armand Des Rosiers share insight on due diligence in a real estate transaction. 

The day's event also featured a lunch hosted by Raymond Chrétien and Céline Galipeau of Radio-Canada’s Téléjournal. “Madame Galipeau’s international experience made a great impression on legal counsels who know her for being a credible and passionate chief correspondent,” said Raymond Chrétien, partner and strategic advisor with the firm.
 

Throughout his career, Mr. Fournier has held many major real estate and business positions. He has already been a member of the Caisse’s real estate team, serving as Executive Vice-President and Chief Investment Officer at subsidiary SITQ. Over the past 30 years, he has worked at several Canadian real estate companies such as Canderel, and an asset management company whose clients included Hydro-Québec, Radio-Canada and Standard Life. Mr. Fournier is currently Genivar Income Fund’s Board Chairman and a member of the Canadian Tire Board of Directors. In addition, Mr. Fournier was a board member at various companies active in real estate, including Summit REIT, Standard Life and CB Richard Ellis Canada, where he was Board Vice-Chairman.

“Given the Caisse’s new strategic direction and renewed leadership, I am very delighted to be back to tackle major real estate challenges and help implement the business plan with the Executive team,” said Mr. Fournier.

“I am very pleased that Daniel could rejoin the Caisse team,” said Michael Sabia, Caisse President and Chief Executive Officer. “In addition to his entrepreneurship and extensive real estate experience, his ability to promote the Caisse’s agility in the face of changing markets, made him the natural choice for this important position.”

Mr. Fournier is also involved in the community and, over the years, has been President and Founder of NF Canada, Board Chairman of the McCord Museum, and a member of the Sainte-Justine Hospital Foundation, YWCA and YMCA Foundation, Fondation Jean Lapointe and Château Ramezay.

Mr. Fournier holds a Bachelor of History from Princeton University in the U.S. and a Bachelor of Arts in Jurisprudence from Oxford University in the U.K., where he was the recipient of a Rhodes Scholarship.

MR. RENÉ TREMBLAY AIMS TO PURSUE OTHER OPPORTUNITIES

The Caisse de dépôt et placement du Québec also announced that Mr. René Tremblay, who is currently Executive Vice-President, Real Estate and President, Real Estate Group, has decided to take on new entrepreneurial challenges outside the Caisse.

“I am grateful to the Caisse for the opportunity to participate in the development of a real estate leader,” said Tremblay. “I am particularly grateful to the Caisse and its Board of Directors for understanding my ambition to pursue entrepreneurial opportunities.”

“I would like to thank René for his significant contribution to our real estate group’s growth, especially during his many years at our subsidiary, Ivanhoe Cambridge, and for his recent involvement in the restructuring of its business,” said Mr. Sabia.

In 10 years, Groupe Monceau Fleurs became the world leader in distribution of cut flowers, primarily through organic growth and with the acquisition of Rapid'Flore in September 2008. With close to 400 stores located in France and abroad, Monceau Fleurs is now present in the United Kingdom, Spain, Portugal, Japan and Luxembourg.

"Since I am head of this enterprise, I try, with my teams, to create innovative concepts and Happy demonstrates this ambition and audacity: a client comes to us for our unique products, to find for example a rose tattoo or a Nano Bouquet. It's for these innovations that each year more than 8 million customers come into our stores," says Laurent Amar.

"Monceau Fleurs Group, is of course the face of the brand, namely the striking force of our three distribution networks, Monceau Fleurs, Happy and Rapid'Flore, but also the power of our upstream sector which allows us to control the supply chain across our two companies and WHKS Global BV, and thus be a fully integrated group." Mr Amar concludes.

Happy

The return of pleasure

The 1990s and early 2000s were for many synonymous with austerity and introspection. Fortunately, there is now a return to favor festive values with everyone being more open to the outside, we want to make ourselves happy and enjoy life here and now, so what if the future is uncertain.

In this context, the simple pleasures of life, viewed a few years ago as futile, become legitimate. Enjoy a pastry, lazing in a bubble bath, enjoy an aperitif with friends, afford a new dress or a bouquet of flowers ... All these little pleasures have now become mainstream.

Happy wishes to contribute to the pleasure of these new consumers and their need to connect to their joy.

In a world under the influence of high technology, society has become increasingly individualistic, people are increasingly alone. Today, tired of this situation, we need to reconnect with our families, our friends, our neighbors. Happy offers itself as the brand that can help us reconnect with the joy of giving others and ourselves at an affordable price.

Rapid Flore

Attractiveness

In constant quest for quality, choice, original products at competitive prices, each customer is able to find in Rapid'Flore stores a response to its demands.

All thanks to a unique concept developed on a self-service model: accessible, fresh cut flowers which can be freely picked by customers with in-house counseling to produce a self-made bouquet.

By Michel Rémy

Please click here to read news from the Quebec Market

Source BMO Capital Markets
 

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Acquisition Highlights

With a well-established national client roster that spans a number of sectors, Brazos is a full service tax provider that offers a wealth of experience in the US marketplace. Specific services include business and personal property compliance and appeals, real estate valuation appeals and property tax payment administration and due diligence.

"A shared corporate culture and demonstrated mutual commitment to growing market share make this a natural and exciting extension of our relationship," said Jim Derbyshire, Global President, Tax, Altus Group. "We know Brazos' business success, years of expertise and local insight will provide a solid foundation to enhance Altus' expanding scope."

"Altus offers us the ability to provide our clients with more comprehensive coverage while maintaining our commitment to delivering accurate and timely advice," said Steve Mills, CMI, President, Brazos Tax Group. "We look forward to nurturing these relationships as we leverage our combined abilities."

"Six months ago, we announced a strategic initiative to spin off our income-producing properties into four geographic entities and a development company," said Mr. Homburg, following the meeting. "Since that time, we have begun to deliver on our strategy in a big way. In May, we raised $105.4 million from the initial public offering of Homburg Canada REIT. That spinoff not only bolstered our balance sheet, it also created one of Canada's largest and best quality REITs. Homburg Invest will reap a solid income stream from the REIT while participating strongly in its growth. It is an excellent example of how we are delivering on our strategy to highlight the intrinsic, unrecognized value in our portfolio."

Highlights: A successful year in a difficult economic environment

Richard Stolle, President and Chief Operating Officer said: "Despite difficult economic conditions in North America and Europe, Homburg Invest continued to grow in 2009. Our strategy of diversification by geography and by market segment, and our focus on providing high quality, responsive service to our tenants, provided a strong base for our continued success."

In 2009, Homburg Invest:

• Grew property revenues by 4% to $322.8 million
• Maintained net operating profits at $222.9 million
• Grew funds from operations by 36.4% to $53.2 million
• Paid down long-term debt by $162 million or 5.5% of the previous year's total; the Company paid down another $30 million subsequent to yearend
• Maintained occupancy rates in the office, retail and residential markets at levels well above 95%; the industrial segment reported an 80.1% occupancy rate
• Sold more than $110 million in development properties.

"Once markets are healthier, we will proceed with our plans to spin off our interests in the Netherlands and Germany into a publicly traded entity; and the same is true for our properties in the Baltic countries," continued Mr. Homburg. "However, spinning off our assets into a public company immediately is not our only option. We will look at whatever proposal creates the most value and potential upside, including merger proposals for these assets, joint ventures or a sale of assets. We will do what creates the most value, within the context of market conditions."

"The ultimate goal of the spinoff is to ensure that each of our local companies is fully valued by informed local investors who know the market. As a consequence, Homburg Invest shares should trade closer to their intrinsic value."

"Our portfolio consists of high quality income-producing and development assets that will respond quickly to strength in local economies like the Baltics and Canada, where markets are already improving. As world real estate markets regain their vigour, we believe strongly that the market value of our portfolio on our balance sheet will recover rapidly, creating strong shareholder value," Mr. Homburg concluded.

The Fund, which is a new investment fund formed under the laws of the Province of Ontario and which is managed by Timbercreek Asset Management Ltd., was established to invest in a globally diversified portfolio of premier real estate securities including common equity, preferred shares and debt of both public and private real estate investment trusts and real estate companies in Canada, United States, United Kingdom, Continental Europe, Japan, Australia, Hong Kong and other countries. The Manager has engaged FSX Securities Canada Inc. as a Global Investment Advisor to provide portfolio management services to the Fund. Through the Manager's partnership with the Global Investment Advisor, the Fund will be supported by a team of real estate analysts based in Toronto, New York, London and Hong Kong that are strictly dedicated to analyzing and investing in real estate securities.

The Fund's investment objectives are to provide holders of Units with quarterly distributions initially targeted to be $0.21 per Unit ($0.84 per annum representing an annual cash distribution of 7.0% based on the $12.00 per Unit issue price); and preserve capital while providing the opportunity for long-term capital appreciation for Unitholders.

The Manager believes there is a compelling investment opportunity to invest in a globally diversified portfolio of premier real estate securities that exists because the global real estate securities market is inefficient relative to that of the direct real estate or broader equities markets. Managed by a specialized real estate manager, the Fund's unique investment strategy has been designed to capitalize on these pricing inefficiencies in order to deliver a stable income stream that can be acquired at a price that the Manager believes does not reflect the long-term value of the underlying assets. Furthermore, Global Investment Advisor believes that the current volatility in global equity markets provides the Fund with the rare opportunity to assemble a global portfolio of prime real estate securities at prices that generate attractive, stable yields with the potential for capital appreciation.

The Manager, a wholly owned subsidiary of Timbercreek Asset Management Inc. (Timbercreek), is an investment management company that employs a conservative and risk-averse approach to real estate-based investments. The Manager and its affiliates currently manage approximately $1.1 billion in real estate-related assets, including direct ownership and mortgages.

The Global Investment Advisor is a wholly-owned subsidiary of Forum Securities Limited (Forum Securities), which is an affiliate of Forum Partners Investment Management LLC (Forum Partners). Forum Securities provides a platform for investment in global public real estate securities with over $500 million in assets under management. Since inception, Forum Securities has demonstrated the ability to continually beat its benchmark while employing similar investment strategies to the Fund. On June 30, 2009, the Global Real Estate Securities team at Citi joined Forum Partners and created Forum Securities.

Forum Partners provides real estate related private equity investment opportunities for large institutional clients on a global basis with over $2 billion currently under management. Forum Partners and Forum Securities have 70 employees in eight offices across Asia, Europe and North America with 13 employees dedicated to global real estate securities analysis.

A preliminary prospectus containing important information relating to these securities has been filed with the securities commission or other authorities in certain jurisdictions of Canada. The preliminary prospectus with respect to the Offering remains subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any one of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Before joining Cadillac Fairview in July 1998 as Senior Vice President, Office Development, John had built an impressive career in the real estate industry holding senior positions with a number of high profile companies. John was promoted to Executive Vice President, Development in November 2006 where he led all areas relating to development, construction and architecture & design.

John holds a Master of Business Administration from McGill University and a Bachelor of Civil Engineering from Concordia University and recently completed the Advanced Management Program at Harvard Business School.

"Imvescor Restaurant Group continues making progress in building new restaurants and working closely with its franchisees to provide great food and service to its customers," said Ron Magruder, President and Chief Executive Officer. "Market conditions continue to be challenging and the consumer remains cautious. However, we have continued to make progress on many fronts, including a regular and predictable quarterly dividend, repayment of a portion of our long-term debt, the opening of new restaurants and the renovation of existing restaurants."

Year to Date Highlights:

• The Company has repaid $1.6 million in long-term debt;
• The Company has declared its third consecutive quarterly dividend of $0.075 per share;
• Four new restaurants were opened and 12 locations renovated; and
• Total sales increased by 1.8% for the 27 weeks ended May 2, 2010.

Second Quarter 2010 Financial and Operating Results
(Please see "Information on Basis of Comparison" following the Outlook section)

Year to date, to May 2, 2010, the Company opened 1 new Pizza Delight, 1 new Mikes, 2 new Scores, and closed 1 Pizza Delight and 2 Mikes while renovating 5 Pizza Delights and 7 Mikes. In fiscal 2009, the Company opened 1 new Scores, and renovated 4 Pizza Delights, 5 Mikes, 1 Scores and closed 6 Pizza Delights, 2 Mikes and 1 Scores.

The following table provides selected financial information for the 13 week and 27 week periods ending May 2, 2010, along with results for the prior year, which were calculated for the three-month and six-month period ended March 31, 2009.

IRG derives its revenues primarily from royalties based on system sales from each of its four brands: Pizza Delight™, Mikes™, Scores™ and Baton Rouge™.

The year to date total system sales for 2010 were $206.6 million, an increase of 1.8% over the $203.1 million of total system sales for the comparable six months in 2009. Total system sales for the second quarter were $99.8 million, a 1.6% decrease over system sales for the comparable three months of the previous year. This reduction in sales is primarily related to more difficult economic conditions compared to previous periods.

Royalties, advertising fees and other related revenue for the second quarter were $9.6 million and $20.0 million for the 27 weeks ended May 2, 2010. There is no meaningful comparison with the previous year. The change is a result of the new corporate structure.

Gross profit on sales was $1.4 million for the second quarter and $2.9 million for the 27 weeks ended May 2, 2010.

Same store sales (SSS) were -2.9% during the second quarter. SSS at Pizza Delight grew +1.3%; Mikes SSS were -1.4%; Scores SSS were -8.4%; and Baton Rouge SSS were -0.7% for the second quarter. Management considers this performance better than the average in the full service restaurant sector.

When calculating the SSS for the various periods it should be noted that the current quarter ended May 2, 2010 includes 13 weeks sales compared to 13 weeks in the previous year and the 13 week period ended in March 31, 2009 is compared to the same 13 week period in 2008. Similarly the year to date figures includes 27 weeks sales compared to the same 27 weeks in the previous year and the 26 week period ending in March 2009 is compared to the same 26 week period in 2008. The above comparable periods may not cover the same dates as reflected in the financial statements as they are provided in an effort to give the reader more meaningful comparisons of actual performance.

Net earnings for the IRG for the second quarter ending May 2, 2010 were $533 thousand or $0.056 per fully diluted share compared to $3.1 million or $0.366 per fund unit for the same period last year. The basis for comparison with 2009 is not directly comparable.

Total long-term debt at May 2, 2010 declined to $45.5 million from $47.0 million at October 25, 2009. The decrease is the result of principal repayments.

Outlook

The Company believes that three of its four restaurant brands are well positioned in the market as the general economic conditions continue to be a challenge. It is management's belief that as disposable income decreases, consumers will trade down to more value-driven dining occasions which Pizza Delight, Mikes and Scores offer. Baton Rouge has a higher average check adding an extra challenge in this economy and management has taken steps such as maintaining a high level of customer service plus introducing some new and modified products at lower prices.

Management expects same store sales growth from renovations to the Mikes and Pizza Delight restaurants in its current markets while the new concept will provide a solid platform in the new markets where the Company plans to expand. Year to date the Company renovated five Pizza Delights and seven Mikes. Management plans on aggressively renovating its existing restaurants to these new concepts in the next three fiscal years. The Company will continue to open new restaurants with plans to open ten in fiscal 2010.

Information on Basis of Comparison

Under the Plan of Arrangement approved by shareholders on September 4, 2009, PDM Royalty Income Trust acquired (by way of merger) the privately held Imvescor Inc. and other private entities. The surviving entity is now a corporation rather than an income trust. The name was changed to Imvescor Restaurant Group and began operations as a corporation on October 10, 2009.

The new corporation, Imvescor Restaurant Group, is a publicly traded company and is therefore required to compare its financial results with its predecessor, PDM Royalty Income Trust. However, PDM had a completely different legal and operating structure from IRG today. As an income trust, PDM was structured to receive and distribute royalties. It had virtually none of the overhead expenses that are typical of an operating company like IRG. As an operating company, the financial results of IRG are therefore not directly comparable with PDM and the presentation of results as required for proper disclosure does not in this case provide the normal comparisons that would enable readers to easily understand the year-over-year business activities.

This situation will endure until IRG has cycled a full fiscal year. Normal year-over-year comparisons will begin in the first quarter of 2011, at which time there will be an historical basis of comparison. In the interim IRG will focus on key elements of its business, which include system sales, same store sales, number of restaurants, cash flow, debt repayment, earnings per share and dividends.

This acquisition is the second in the city for Skyline Apartment REIT and encompasses 91 residential suites, significantly enhancing its existing 48-suite property acquired in Timmins in 2008.

The complex is comprised of two separate buildings, located at 820 and 860 Suzanne Street. This acquisition expands Skyline Apartment REIT's northern Ontario presence, is accretive for investors, and will provide management with opportunities to leverage upon existing economies of scale. This complex is the 64th acquisition since Skyline Apartment REIT became a private real estate investment trust in June of 2006. The portfolio now consists of 90 properties, in 33 communities, across four provinces.

Jason Castellan, President of Skyline, commented that "This recent acquisition of 91 units in Timmins further builds upon Skyline Apartment REIT's significant portfolio, both in terms of scale and market presence. The Timmins rental market is strong and in excellent demand, which gives us the confidence that further opportunities exist to grow the portfolio there. This acquisition is highly accretive to the portfolio, adding value for investors and further solidifying our roots in this strong northern Ontario community."

Real estate professionals expect the number of distressed properties coming onto the market in the second quarter of 2010 to increase across 19 of the 25 countries surveyed. Respondents in Ireland and the United States expect to see the fastest growth in activity, followed by Scandinavia, New Zealand and Hungary. The UK also has seen deterioration in sentiment with the net balance of those expecting distressed sales to rise moving from 14 percent to 42 percent. However, there is positive news from Hong Kong, Australia, China and India where agents expect distressed sales to decline.

In the first quarter, 17 out of the 25 countries surveyed reported an increase in distressed sales, a marginal improvement on the 18 countries reporting three months earlier. The largest growth in distressed sales was reported in the United States, followed by the Republic of Ireland and the United Arab Emirates. However, the pace of increase moderated across the majority of markets with the UAE a notable exception.

RICS members work on both sides of any distressed property transaction. Consequently, the survey asked them whether the level of interest from specialist funds in distressed properties was increasing. Levels of interest rose across 20 out of 25 countries down from 21 in the previous quarter.

“The issue of distressed property assets has not yet gone away despite a modest recovery in values across most global property markets in the past 6-12 months.”

“Indeed, this is the thunderous cloud which overhangs the market despite some glimmers of light having shone through in the past year as risk appetite has improved,” said RICS senior economist Oliver Gilmartin. “The results suggest that banks may be starting to manage down their property loan books particularly in parts of Western Europe. Clearly, Ireland and the UAE stand out as markets where this process is expected to accelerate in the coming months.”

Download full report here.

Within this wing, there will be three new state-of-the-art surgical suites, a new Intensive Care Unit, a new and expanded Diagnostic Imaging Department, a new Post Anesthetic Care Unit, a new Obstetrical (Labour and Delivery) Unit, including four new birthing suites and a new and expanded Ambulatory area.

The Jones Lang LaSalle project team was led by Joe Carlone, Senior Vice President alongside John Rosato, Managing Director with the firm’s Project and Development Services group in the Montréal office. William Tough also served as a Site Supervisor for this construction project.

The Smiths Falls site of the Perth and Smiths Falls District Hospital was in dire need of being brought up to today’s hospital standards. With the construction of this new wing along with a few other improvements, the community, personnel, physicians and volunteers will be able to enjoy much higher quality infrastructures.

Mr. Tremblay said he was pleased to see a major project being realized in the neighbourhood. "This important revitalization project is excellent news in terms of the impact it will have on urban, social and economic development. The revitalization of the Îlot Seville as well as the western part of Ste. Catherine Street will contribute to the economic dynamism of downtown Montreal while simultaneously offering a better quality of life to the thousands of people who live, work and study in the immediate area," said Gérald Tremblay, Mayor of Montreal and Mayor of the Ville Marie borough.

More than 100 million dollars will be invested in downtown Montréal by Développement Immobilier Seville. LE SEVILLE will be a first step in the transformation of Shaughnessy Village. Prével's ability to revive entire neighbourhoods through its building projects has already been demonstrated with the Quai de la Commune, Lowney and Impérial. LE SEVILLE will offer a quality, mixed-use development composed of affordably priced apartments, accessible to a diverse market. Commercial spaces are also planned at the street level of this residential complex, which will be located on the northern side of Ste. Catherine Street West, between Chomedey and Lambert-Closse, near the old Forum.

"LE SEVILLE is a large-scale project of which we are particularly proud. In the coming months, our efforts will mainly be focused on demolition work and to get the site ready for construction. We therefore plan to begin the construction work of LE SEVILLE during the fall of 2010 to allow for a first delivery in the spring of 2012. We are really happy to finally be able to start working on the site," said Jacques Vincent, from Prével.

Stephen Bronfman, Chairman of Claridge, added: "We made sure to develop a project well adapted to the specific needs of a sector that is clearly strategic for Montreal. We also took the time to select dependable partners who shared our preoccupation for sustainable development. This partnership with Prével allows us to finally materialize our will to offer a project that is both accessible and affordable for the sector."

Développement Immobilier Seville plans to open a sales office this coming August. Details on the evolution of the project will be available at the following address: www.leseville.ca.

Killam has acquired 100 and 200 Eagle Street North in Cambridge, Ontario, in the Kitchener-Waterloo Region. The luxury apartment buildings are of newer concrete construction and include spacious units ranging from 1,000 to 1,400 square feet, modern features and five appliances. The buildings' amenities include a fitness centre, guest suite, air conditioning and underground parking.

100 Eagle Street, constructed in 2008, has 119 units with 9-foot ceilings, including 3 one-bedroom units, 59 two-bedroom units and 57 two-bedroom units with a den. The average rent is $1,523 per month. 200 Eagle Street, constructed in 2004 and located directly beside 100 Eagle Street, has 106 units, including 25 one-bedroom units and 81 two-bedroom units. The average rent is $1,351 per month.

The purchase price for the two river-front properties of $46.7 million ($207,600 per suite) was satisfied with a combination of the assumption of a 20-year mortgage for $10.1 million at 5.15%, a new mortgage for $16.0 million at 4.5%, and the balance in cash.

"We are pleased to report progress on our apartment acquisition program in Ontario" noted Philip Fraser, Killam's President and CEO. "Closing these two Cambridge assets increases Killam's apartment ownership in Ontario to 362 luxury apartment units. We have continued our acquisition focus on newer, high quality assets. These two assets meet this standard and are among the highest quality assets in Cambridge. The cap rate on the acquisition is approximately 5.7%, reflecting the buildings' age, location and quality of construction."

Killam Properties Inc, based in Halifax, Nova Scotia, is one of Canada's largest publicly traded residential landlords, owning and operating multi-family apartments and manufactured home communities.

As a result of the acquisition, KingSett Real Estate Growth LP No. 3 now holds in the aggregate 8,223,681 units, representing approximately 12.16% of the total issued and outstanding units.

KingSett Real Estate Growth LP No. 3 acquired these units for investment purposes and may, from time to time, acquire additional securities of the Trust or dispose of such securities as it may deem appropriate.

Robert Wiseman of RDH Property Group is pleased to announce the relocation and expansion of the pet store, Animalerie Toutou, in Les Promenades Harwood, located on Harwood Boulevard in Vaudreuil-Dorion. The 4,000 square foot Animalerie Toutou joins a newly renovated SAQ, a new centre des services sociaux et de la santé (CSSS) centre, as well as, Yellow Shoes, La Belle Province, Subway, Lumi-Air and others in this 65,000 square foot plaza. This centre is located directly on highway 20, with over 45,000 cars daily traffic and is adjacent to Cineplex, the only French multiplex cinema in a five mile radius.

A 2,300 square foot store is currently available. Leasing inquiries can be directed to Howard Wiseman at howard@rdh.ca or (514) 938-2266 ext. 127.

Place Naviles, Ste-Foy, Québec : Announcing the expansion and renovation of TD Canada Trust.

Robert Wiseman of RDH Property Group is pleased to announce the expansion and renovation of TD Canada Trust in Place Naviles, on chemin des Quatre-Bourgeois in Ste-Foy, Quebec. Other tenants at Place Naviles include Second Cup, SAQ and various neighbourhood services.

A prime corner restaurant unit of 3,000 square feet is currently available. Leasing inquiries can be directed to Howard Wiseman at howard@rdh.ca or (514) 938-2266 ext. 127.

"Here in Toronto and across the country, creating and protecting jobs and stimulating the Canadian economy are the top priorities of this government," said the Honourable Diane Finley, Minister of Human Resources and Skills Development. "By investing in the revitalization of Union Station, our government is improving both an iconic Canadian landmark and facility that is used by millions of commuters every year. This project is another example of the Harper government's decisive action to create jobs and strengthen Canada's economy."

"Union Station is being transformed into a first-rate transportation facility that is modern, efficient and focused on the customer experience," said the Honourable Kathleen Wynne, Ontario's Transportation Minister. "Investing in public transit is a big part of our government's Open Ontario plan to strengthen our economy, and create more jobs and growth by being open to change and opportunities."

"Union Station is our country's busiest and most important transportation hub, and is a proud part of our history and our identity as Torontonians, Ontarians and Canadians," said His Worship, Toronto Mayor David Miller. "The City of Toronto continues to own, maintain and improve Union Station to support growth, prosperity and liveability through improved public transit. Torontonians should be proud to see the revitalization finally begin, which will enable Toronto's Union Station to rival some of the most renowned train stations in the world."

The revitalization of Union Station will improve the delivery of inter-regional and intermodal passenger services by:

• creating a threefold increase in the GO Transit concourse space owned by Metrolinx to accommodate the expected doubling of GO passengers at Union Station by 2030;
• restoring heritage aspects of the main building;
• allowing for the purchase and refurbishment of the west wing for the relocation of Metrolinx's head office;
• constructing a new northwest PATH connection that will join the northwest corner of Union Station to Wellington Street;
• enhancing pedestrian concourses to improve traffic flow; and
• enabling the city to create a new lower retail level below the station to increase capacity for retail services.

Work is expected to be complete in 2015.

The total cost for the revitalization of Union Station is approximately $640 million. The Government of Canada is contributing up to $164 million (up to a maximum of $133 million from the Building Canada Fund, $25 million from VIA Rail and $6 million from the Transit-Secure Fund) toward the project. The Government of Ontario is contributing up to $172 million to the revitalization, while the City of Toronto is contributing the remaining $304 million.

Canada's Economic Action Plan continues to be timely and effective. Investments in public infrastructure create jobs, and help our businesses and communities prosper now and into the future. The plan has protected Canadian jobs and stimulated economic activity by investing $12 billion in new infrastructure. The Government of Canada is reducing taxes, extending EI benefits for the unemployed and investing in thousands of infrastructure projects. The government is investing in science and technology, industries and communities, and is taking extraordinary actions to improve access to financing. Canada's Economic Action Plan is an investment in jobs and in our future prosperity. Learn how the Government of Canada is taking important steps to support economic growth at www.actionplan.gc.ca.

Read more about Open Ontario - the McGuinty government's five-year plan that includes investing $32 billion in infrastructure, and creating and sustaining over 300,000 jobs - at www.premier.gov.on.ca.

Since acquiring Union Station in 2000, the City of Toronto has invested $50 million in the station, led its revitalization and will manage all construction with three objectives: to promote Union Station as a multimodal transportation hub; to preserve its heritage and character; and to revitalize the station as a premier transportation centre that will be a major destination in the city. For more information on the city's revitalization and for other Union Station Revitalization-related information, visit www.toronto.ca. 

Click on the image below for the video.
 

The franchise market thrives through the storm and European franchises are looking to expand into Canada. In the coming weeks, The Square Foot will be featuring some of the most profitable franchises that are in full expansion mode across the world.

The Square Foot recently attended the French Franchise Show in Paris and gathered these comments from Guy Gras , Chairman of the FFF (French Franchise Federation).

We will also feature an interview with Laurent Amar, President of Monceau Fleurs.

Join us for a lunch and learn how corporate real estate professionals can optimize their company’s real estate portfolio through the effective use of strategy, operational objectives, and obtain a clear understanding of their operational cost savings potential.

Featured Speakers: William Jegher, President of Wilka Consulting and Jake Vaughan, Director, Asset Development Strategies and Transactions, Real Estate Services, CBC/Radio-Canada

Date: Wednesday, June 9, 2010
Time: 11:30am - 1:30pm
Location: Saint James Club of Montreal - Midway Room
                 1145 Union Ave., Montreal, Quebec

By participating in this seminar, you will be able to:

• Identify the benefits of portfolio optimization and benchmarking
• Learn key business skill to optimize company's real estate portfolio through the use of strategy
• Engage stakeholders in the use of “green” portfolio optimization methods

Click here to download the registration form.

Mr. Brooks was part of the Canadian delegation and took part in two panels at the conference, one on green initiatives and the other on the Canadian market as a safe haven for investors.
 

A link to Asia

Winnipeg plays an important role in both East-West and North South trade.  It serves as a natural connection point between Atlantic shipping lanes and the Asia Pacific Gateway and as the northern terminus of the fast-growing mid-continent trade corridor, with the potential to expand to take advantage of trade opportunities in Canada's North.

An accord with the Chongqing's Cuntan Port in China has just recently been concluded. This agreement between the two inland ports will support increased trade and investment in Canada and China.
Under this agreement, both inland ports will work cooperatively on the following key priority areas:

1. Information exchange: Increase the exchange of information such as best practices to help us increase trade.

2. Promoting initiatives: Develop strategic partnerships to help raise awareness of activities in each port. This will help attract foreign investments on both sides of the Pacific.

3. Technology sharing: Share information on the latest scientific developments on the efficient and secure movement of goods throughout North America, Asia and beyond. This includes sharing green technologies.

"CentrePort Canada is proud to partner with the Cuntan Bonded Port Zone," said Diane Gray, president and CEO of CentrePort Canada. "As inland ports located in the geographic centres of two significant trading countries, we share a lot of similarities. Working together, we can help create better global awareness of our respective operations, explore new and emerging business opportunities in one another's markets and ensure we are continuing to enhance trade along the Asia-Pacific Gateway."

By Michel Rémy

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Click on the media player below for the interview
 

Please click here to read news from the Quebec Market

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De Grandpré Chait is the proud sponsor of the REIT Report. The square foot is responsible for gathering the information and publishing it.

During the first three months of 2010, the real estate sector ranked third in importance in the area of Canadian public capital market financing.

Is this the sign of a new trend?

Come see if your business is ready to take advantage of the financing tools offered by Toronto Stock Exchange and TSX Venture Exchange in order to create added value.

You are invited to attend a conference offered by TMX Group and De Grandpré Chait, lawyers, on how capital market tools can be used to enhance the growth of your company.

Attend our conference to find out more.

When: Wednesday June 2nd 2010
Where: Montreal Exchange auditorium, Place Victoria
Time: 8 a.m. till noon

Click here to register.

PROGRAM

Canadian Public Capital Markets and Real Estate
The real estate industry, which represents a growing number of listings,
has become an important player in Canadian public markets.
What can these markets do for you?
Raymond D. King, Toronto Stock Exchange/TSX Venture Exchange

Toronto Stock Exchange or TSX Venture Exchange
In 2009, real estate issuers raised some $3.5 billion of equity capital.
Why are the two equity exchanges in the TMX group?
What are the benefits of listing with one or the other?
Raymond D. King, Toronto Stock Exchange/TSX Venture Exchange
Claude Désy, De Grandpré Chait

Real Estate Vehicles
Each vehicle is unique, with its own track record, real estate, loans and financial profile. The choice of a vehicle will have an influence on performance and the achievement of goals (real estate portfolio, real estate development and real estate financing). What are the key legal and tax principles involved in structuring a public real estate vehicle?
Claude Désy, De Grandpré Chait

Is Public Capital Funded Debt Back?
As investor appetite returns, real estate players, whether owners, developpers, mortgage or debt originators, will increasingly rely upon debt capital markets to fund borrowers' demands. What public funding structures will successfully attract investors' confidence and their capital?
Tim Westlake, Real Estate Finance Expert

Fundamental Valuation Principles
The valuation of an issuer or of a future issuer is an important exercise allowing the alignment of the entity's interests with those of the investors.
What are the valuation models and fundamental factors?
How are they used and perceived by investors?
Heather Kirk, National Bank Financial Group

Recent Transactions - Investment Thesis and Structures
To understand how you can benefit from a listing on a stock exchange, what better way than to review past and present experiences of issuers through case studies presented by the brokers who made it happen.

Onorio Lucchese
Dundee Capital Markets

Craig Shannon  
National Bank Financial inc.

Derek Dermott
BMO Capital Markets

Grégoire Baillargeon
BMO Capital Markets

In collaboration with Le pied carré and the Urban Developpement Institute of Quebec.
 

Read the full article in REIT magazine

 

Read the full article in The Wall Street Journal

 

Read the full article in the San Francisco Chronicle

 

Even better, you can start bringing in the savings from an energy project NOW instead of later. After all, putting off a project just means putting off the savings you will achieve - savings in utility costs, maintenance costs and greenhouse gas emissions, not to mention many other benefits.

We honestly can't think of a good reason to put things like this off. If however, you are facing hurdles in getting your project started, BBP can help. Or maybe you have in fact completed a project that you didn't apply for, but you still can. Whichever the case, call us at 416-392-1500 or email us at bbp@toronto.ca.

The bottom line.......act now, save now.



 

A new BIXI station with 19 docks will be installed on the site of Technopôle Angus by June 1st. BIXI is a service that's perfectly adapted to commuting to work, given the privileged location of Technopôle Angus at the intersection of several bike paths and near the residential and commercial zones of the boroughs of Ville-Marie, Plateau-Mont-Royal, Rosemont, and Mercier-Hochelaga Maisonneuve, which are all well equipped with BIXI stations. With the arrival of BIXI, we've put an end to our own self-served bicycle service, which had been launched in 2005. We've redistributed our bikes among the young workers currently employed at Insertech Angus, an Angus-based company that's a pioneer in the field of computer equipment reuse.

Speaking of social economy... Did you know that Cyclochrome, a Rosemont-based social economy company, is in charge of the maintenance and distribution of the BIXI fleet, which allows youths 15-18 who are at risk of dropping out of school to participate in an alternating work-study program, leading to a semi-skilled trade? One more reason to root for BIXI!
 

While the world economy has been hit with numerous setbacks in 2009, the stability that is presently reigning in today’s economy has impressed and reassured many investors. Canadian cities are in the process of charming foreign investors wishing to invest in various projects.

Real estate investing these days is not just office towers. Lenders consist of those who are interested in supporting urban sustainable development projects, key projects within the arts and entertainment district, the Technoparc Montreal and all the developments associated with MUHC.  

Cities of the Future

As part of an important panel discussion on the trends for cities, Mr. Deschamps along with the urban & economic development initiators from London and Hong Kong elaborated on how to properly plan urban infrastructures in order to promote economic development. London focused on its upcoming Olympics, while Hong Kong discussed its density issues. Montréal in turn focused on transportation and highlighted its recent and upcoming innovations in that regard, such as BIXI Montreal, the tram and the rail project that will link Trudeau airport to downtown.

One Goal

The Montreal consortium was more than just a kiosk: rather, it represented a combination of municipal, public projects and private companies uniting towards a single goal. Their role was to sell Montreal and its assets through their expertise and their projects. Everyone worked together in order to promote foreign investment in Montreal further establishing its presence at MIPIM developed over the past five years. The Vice President of Investment for Montreal International, Mr. Elie Farah, is in his fourth year. "This event allows us to see what other municipalities are offering investors and represents an indispensable opportunity to position ourselves on the world market," he told us.

For Linda Carbone, Executive Director of BOMA Quebec: "MIPIM is a window on the world, on cities. For example, we had the opportunity to see the facilities of the Olympic Villages in 2012 and 2014 before the rest of the world."

The details of the models are extraordinary and this is a great event for developers who are looking for partners or just simply for ideas.

From left to right, Mr. Geatan Rainville, Havre de Montréal, Mr. Philippe Gablelier, GabCom Consultants, Mr. Guy Gélineau, Société du Quartier de la santé de Montréal, Mr. Serge Côté, l’Aéroports de Montréal, Mrs. Lidia Divry, Technoparc Montreal, Mr. Richard Deschamps and Mr. Benoît Turgeon, City of Montreal, Mr. Mario Monette, Technoparc Montreal, Mr. Elie Farah, Montreal International, Mrs. Martine Primeau, City of Montreal, Mr. Sylvain Villiard, CHUM and finally Jean Teasdale, l’Aéroports de Montréal.


 

Read the full report here. 

The North Toronto building, where the statues rest, is at 3442 Yonge Street and was built in the 1920's. It was purchased by David Share Associates, Lawyers in 1997 and they restored the building to its original condition. Working with Abcon Media to bring this project to fruition there has been an overwhelming response from local businesses, city counsellors and the art community. This is the first of its kind in Canada and after several years of perseverance, everyone involved in the project is thrilled to see it completed.

Share Lawyers feel excited about the meaning behind the sculptures as it relates directly to their practice. As Toronto's Leading Insurance Litigation Lawyers, they are dedicated to representing individuals whose insurance claims have been denied. Like the sculpture, the message is that all people, regardless of background, can experience the frustration of being left hanging by their insurance company. As the men on the roof literally hang on a beam of support, Share Lawyers wants to be your beam of support.
 

Boardwalk REIT is an open-ended real estate investment trust formed to acquire all of the assets and undertakings of Boardwalk Equities Inc. Boardwalk REIT's principal objectives are to provide its unitholders with monthly cash distributions, partially on a Canadian income tax-deferred basis, and to increase the value of its units through the effective management of its residential multi-family revenue producing properties and the acquisition of additional properties. Boardwalk REIT currently owns and operates in excess of 230 properties with 35,829 units totaling approximately 30 million net rentable square feet, and is Canada's largest public owner/operator of multi-family rental communities. Boardwalk REIT's portfolio is concentrated in the provinces of Alberta, British Columbia, Saskatchewan, Ontario and Quebec.

Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. The Trust's total enterprise value at March 31, 2010 was $4.35 billion. For more information, please visit the Trust's website at www.boardwalkreit.com.

The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level accounting and finance professionals on a project and interim basis. It was conducted by an independent research firm and is based on interviews with more than 270 CFOs from a random sample of Canadian companies with 20 or more employees.

CFOs were asked, "Which of the following are your three biggest concerns as CFO?" Their responses*:
 

1. Controlling costs and improving profitability............................. 44%
2. Cash flow management and debt/equity financing..................... 24%
3. Creating and maintaining a strong technology infrastructure................. 18%
4. Staff recruitment, training and retention.. 17%
5. Establishing and maintaining internal control over operations................... 15%
6. Managing growth............................ 15%
7. Managing financial statement preparation and auditor relations..................... 11%
8. Mergers and acquisitions................... 3%

*Multiple responses were allowed.

"Managing expenditures with a focus on profitability was a lesson learned during the downturn and continues to be a top priority for firms," said David King, president of Robert Half Management Resources' Canadian operations. "Ensuring there is ample cash flow to leverage emerging business opportunities will help companies position themselves for growth as the economy rebounds."

King added, "Many firms have been operating with lean teams for prolonged periods of time. While it is important to monitor expenses, companies must also ensure they have the right people on board to capitalize on promising initiatives."
 

As the economy continues to improve, organizations are taking new directions when it comes to managing their talent. Strategic HR initiatives are focused on increasing employee engagement, building in flexibility to address the needs of today's diverse talent pool.

The Ernst & Young survey identified the top three talent management initiatives respondents plan to implement:

• Building their internal talent pipeline to fill critical future needs (64%)
• Understanding and coordinating global talent resources to fill key positions (33%)
• Offering flexible work strategies such as job sharing, telecommuting, flex hours and phased-in retirement (31%)

The survey data also reveal a common concern over future gaps in talent among both technical (28%) and middle management (26%) positions.

"Now, more than ever, Canadian organizations need to provide opportunities that appeal to the diversity of their employees. By understanding the needs and motivations of employees, organizations will be better able to retain the necessary skills and competencies to emerge stronger in the future," says Ronny Aoun, Executive Director with Ernst & Young's Human Capital practice in Canada.

The report is based on a survey of more than 340 CEOs, CFOs, COOs and Vice Presidents of Human Resources from Fortune 1000 companies around the world, including Canada. The survey examines successful global talent management programs, and the practices that differ across geographic regions, companies and industries.

According to the report, more than half (63%) of respondents say they align their current talent management programs to their business strategy, and continue to proactively modify the programs to reflect changes in the direction of the company.

"Companies need to align business strategies with talent management programs that will engage and develop the right individuals, because having the right competencies, skills and experiences are the key to competitive differentiation and success as a market leader," says Aoun. "And as Canadian organizations continue to grow their operations across the globe, it's vital that a company's internationally mobile employees are also kept top-of-mind."

Unfortunately, only 32% of respondents say all the components of their talent management programs are integrated on a global, enterprise-wide scale, while 24% do not integrate their programs at all.

As companies incorporate international assignments into their overall business strategy, the issue of career management for those employees cannot be ignored. Results of the survey show that nearly two-thirds of responding companies (60%) have internationally mobile employees. Yet among those organizations, over one-third have no talent management program in place for this unique employee population.

It is critical for companies to understand and meet the needs of these mobile employees, while maintaining a strong grasp of relevant labour laws, legislation, regulations and demographics unique to each jurisdiction where they conduct business. There should also be a system in place to capture the knowledge of these employees. Many respondents indicate that repatriation or post-repatriation of these employees is not a priority. As such, companies end up losing much of the value these people bring to the organization. This could result in disenfranchised employees who leave the organization and take their international experience with them.

Effectively managing talent requires real execution, from workforce analytics to succession planning. Forward-thinking companies have talent management programs that are aligned to the business strategies, integrated globally and customized to address the needs, issues and demographics of their workforce. If executed well, such programs will position these organizations for significant future growth.

"With the closing of the IPO for the Homburg Canada REIT, we have taken the first important step in accomplishing our strategy of spinning off our assets into four geographically based companies and a development company," said Richard Homburg, Chairman and Chief Executive Officer of Homburg Invest. "Our strategy is designed to highlight the substantial value in our global real estate portfolio by allowing investors in specific geographies, like Canada, to invest in assets close to home that they can easily value and follow. This value-surfacing strategy is intended to provide HII with ongoing cash flow from its share of REIT distributions, and to highlight the intrinsic value in HII shares."

At the issue price, the Units will provide REIT unitholders with an expected cash-on-cash yield of 9.5% annually. The first distribution, for the period from closing to June 30, 2010, will be paid on July 15, 2010 and will be in the amount of $0.09705 per Unit. The REIT intends to make subsequent monthly cash distributions in the amount of $0.07917 per Unit commencing on August 15, 2010 for the month of July 2010.

Upon closing of the offering, HII and Homburg Canada Inc. (HCI) sold a portfolio of Canadian income producing real estate properties and the management business carried on by HCI in respect of the Initial Properties, to the REIT in return for cash, units of the REIT and assumption by the REIT of part of the debt previously held on HII's balance sheet. HII currently holds approximately 45% of the REIT.

The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. which included National Bank Financial Inc., Desjardins Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Dundee Securities Corporation and Beacon Securities Ltd.

An option to purchase up to an aggregate of 2,400,000 additional Units at the offering price has been granted to the underwriters of the offering, of which up to 960,000 Units are to be issued and sold by the REIT from treasury and 1,440,000 Units are to be sold by HII (one of the promoters of the REIT) as a secondary offering of a portion of the Units it will hold as a retained interest in the REIT, on a pro rata basis between the REIT and HII. The option may be exercised by the underwriters for a period of 30 days following closing of the offering. If the option is exercised in full, HII will hold approximately 40% of the REIT.

The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of that Act. This news release does not constitute an offer for sale of these securities in the United States of America or in the European Economic Area.
 

"We are very pleased to unveil the new Kingsville Court Retirement Residence", says Chris O'Gorman, General Manager. "This facility has been re-designed to fulfill the needs of our residents. You will note from the moment you walk through the doors that no detail has been overlooked. The attention in tending to every resident's needs and comfort is noticeable, from the renovated common areas, dining room and our newly introduced monitored wing. These extensive renovations will help us continue to provide our residents with all the amenities and services required to ensure their comfort and security, along with companionship, care and activities to enrich their retirement years.

For further information: www.residencesallegro.com

 

Please click here to read news from the Quebec Market

New Toronto office

Since Toronto is one of the large urban centres targeted by SITQ, management has announced the upcoming opening of an office in the Canadian metropolis. Two new vice-presidents will be appointed:

• The vice president, Canada, will be in charge of the office-building portfolios for Toronto and the Canadian West;
• The vice president, Hotels, will be in charge of SITQ’s strategic vision regarding this asset category, and will notably have the challenge of positioning SITQ as a dynamic investor with its partners.

Better positioned than ever, and ready for tomorrow’s challenges SITQ sets itself apart through its multi-regional, multi-product, multistructure, and multi-strategic approach. Over the last months, it has reinforced its strategic positioning. SITQ is now among the world’s 20 largest real estate corporations. It manages various types of assets spread out in numerous large city centres throughout the world, has teams in Montréal, Paris, New Delhi—and soon Toronto,—invests directly and indirectly in various products, and maintains partnerships with renowned corporations. Now more than ever, SITQ can use its active-management strategy to leverage the evolution of its various real estate products and markets.

• Corkin Gallery (Toronto, Ontario) - Shim-Sutcliffe Architects Inc.
• Craven Road Studio (Toronto, Ontario) - Shim-Sutcliffe Architects Inc.
• French River Visitor Centre (Alban, Ontario) - Baird Sampson Neuert Architects
• La Grande Bibliothèque du Québec (Montreal, Quebec) - Patkau / Croft Pelletier / Menkès Shooner Dagenais architectes associés
• Photographer's Studio over a Boat House (Stoney Lake, Ontario) - gh3
• Prefab Cottage for Two Families (Muskoka, Ontario) - Kohn Shnier Architects
• Private Residence and Guesthouse (Laurentians, Quebec) - Saucier + Perrotte architectes
• Promenade Samuel-De Champlain (Québec, Quebec) - DAOUST LESTAGE inc. architecture design urbain
• Ravine Guest House (Toronto, Ontario) - Shim-Sutcliffe Architects Inc.
• Royal Conservatory of Music, TELUS Centre for Performance and Learning (Toronto, Ontario) - Kuwabara Payne McKenna Blumberg Architects
• Scandinave Les Bains Vieux-Montréal (Montreal, Quebec) - Saucier + Perrotte architectes
• St-Germain Égouts et Aqueducs, siège social et entreposage (St-Hubert, Quebec) - Allaire Courchesne Dupuis Frappier, architectes

“The Canadian architects we are honouring have the gift of designing not only buildings, places and monuments, but living spaces that give soul to our cities, villages and communities. Faced with the growing standardization of the urban landscape, we can’t help but recognize their originality, their daring, their vision and their sensibility,” said Her Excellency the Right Honourable Michaëlle Jean, Governor General of Canada.

“The 2010 winners of the Governor General’s medals demonstrate the positive impact that architecture can have on the quality of our communities by revitalizing heritage buildings and creating new structures that mirror their surroundings,” said Joseph L. Rotman, Chair of the Canada Council. “These projects have demonstrated how architecture is art which is integrated in a unique way into society and how buildings can be more than wood and bricks, they can be works of artistic invention to be studied and enjoyed.”

“The projects recognized this year are unique in their ability to blend the conceptual and the technical to bring together truly inspired contemporary Canadian architecture,” said RAIC President
Randy Dhar, FRAIC. “The award-winning projects demonstrate design excellence by Canadian architects in the residential, institutional, cultural, industrial and other building types. Canada’s architects do shine throughout the country and around the globe.”

The Governor General’s Medals in Architecture will be presented at a later date. Descriptions, biographies and downloadable images of the architectural firms and their winning buildings are available at www.raic.org.

The Governor General’s Medals in Architecture, created by the RAIC, contribute to the development of the discipline and practice of architecture, and increase public awareness of architecture as a vital cultural force in Canadian society. These awards are administered jointly with the Canada Council for the Arts, which is responsible for the adjudication process and contributes to the publication highlighting the medal winners.

Recipients for 2010 were selected by a jury of the following distinguished architects: Jane Pendergast, FRAIC; Nader Tehrani; Betsy Williamson; Bernardo Gomez-Pimienta, Hon. FIRAC; and Georges Adamczyk. 

As such, they were the subject of in-depth work over the past few months: their original structure was rebuilt, mechanical components were replaced, heat-exchange surfaces were changed, and electricity was upgraded. Wishing to ensure the water towers would provide their expected, improved performance, SITQ had an engineering firm write a performance breakdown and supervise the work. It then entered into an agreement—including a performance guarantee—with a contractor that specializes in water towers and is associated with a manufacturer. Finally, SITQ had an independent organization—the Cooling Tower Institute (CTI)—validate its results.

CTI performed tests before and after the project, following its standard certification protocol. These tests have shown that the water towers’ capacity was increased by over 60% after completion of the work and shown a reduction of the electricity consumption by 10 to 15% over the building’s entire cooled-water system, which translated to considerable energy savings given the scale of installations at Place Ville Marie. The chosen approach gave new life to equipment that had reached the end of its useful life—without affecting tenants’ comfort.

Mr. Haig has been appointed Senior Vice President, specializing in tenant representation and corporate realty best practices for national accounts. With twenty plus years of commercial real estate experience, Mr. Haig is a seasoned negotiator with strong analytical skills. Some of his major clients have included Xerox Canada, Heinz Canada, HP Canada, University of Toronto and some of Toronto's leading law firms.

Mr. Dowd has been appointed Senior Vice President, with a mandate to successfully represent a wide array of corporate tenants and landlords. He is known for his leadership skills in negotiating large, complex transactions. Some of his major clients have included Dell Computers, Lucent Technologies, Molson Canada, Interac and HP Canada.

Ms. Rispolie has been appointed Sales Representative, with specialty in tenant representation and transaction management. She is noted for strong skills in financial analysis, report preparation and presentations. Major clients have included University of Toronto, Fairmont Hotels and Interac. She has a Bachelor of Arts degree in Psychology from Carleton University in Ottawa, and a Legal Assistant degree from Algonquin College.

"Building our capabilities is one of our top strategic growth priorities for Canada in 2010. We are thrilled about the addition of Richard, Phil and Denise as leaders for our Canadian Team," says Jim Becker, Country Head, Canada, "Their experience in brokerage will allow us to create added value for our clients while also effectively implementing our growth plans across the country."

Contact information:

Richard Haig
Senior Vice President
richard.haig@am.jll.com


Phil Dowd
Senior Vice President
phil.dowd@am.jll.com


Denise Rispolie
Sales Representative
denise.rispolie@am.jll.com

 

When: Friday, June 4th at 6:30 pm

Where:  John Scotti Lamborghini
              4550, Metropolitan East
              Montreal

To help: The Sainte-Justine Hospital - ENT department who will receive all profits

To view the invitation please click on the image below.

Please download the response coupon here.

Click on the image below for the PDF document

De Grandpré Chait is the proud sponsor of the REIT Report. The square foot is responsible for gathering the information and publishing it.

Read the full Buildings magazine article here

• Cash from operating activities of $1.5 million generated in the quarter
• Net income of $1.4 million or $0.11 per share in the first quarter
• Completed its first acquisition as a stand-alone public company, a 49,000 sq. ft. medical office building in Ottawa, Ontario

"We are pleased with the results generated by our assets during the first quarter of 2010," said Gail Mifsud, CEO of Gazit America. "Our largest investment, Equity One, Inc., a company that trades on the New York Stock Exchange under the ticker EQY, continued to perform well during the quarter. We remain focused on expanding our portfolio in Canada and acquired a high quality 49,000 square foot medical office building located in Ottawa, Ontario during the quarter. We are in discussions with a number of vendors with respect to potential acquisitions," added Ms. Mifsud.

FINANCIAL HIGHLIGHTS

Gazit America reported its first quarter rental revenues and net operating income of $780,000 and $328,000, respectively. The Company's U.S. subsidiaries received dividends from its investment in Equity One of $3.2 million (US$3.1 million or US$0.22 per share) in the quarter ended March 31, 2010.

Equity income in the first quarter was $1.7 million compared to the equity income of $4.0 million in the first quarter of 2009 due mainly to Equity One reporting lower net income in 2010 and foreign exchange differences. Equity income is a non-cash earnings measure and is generated from the Company's ownership interest in Equity One.

In March 2010, Equity One issued a total of approximately 6.0 million additional shares of which the Company acquired 100,000 for cash of US$1.84 million. This resulted in the Company's equity percentage being reduced from 16.3% to approximately 15.4% and a net pre-tax dilution gain of $4.5 million.

Net income for the first quarter of 2010 was $1.4 million or $0.11 per share. This compares to a net income of $1.1 million or $0.12 per share in the first quarter of 2009.

Financial statements and management's discussion and analysis for the three months ended March 31, 2010 will be filed on SEDAR at www.sedar.com and available through our website at www.gazitamerica.com.
 

Scott's REIT also announced the acquisition of a new 24,500 square foot property in Okotoks Alberta from JBM Properties Inc. Okotoks is located less than 18 kilometres south of Calgary and is the second fastest growing community in Canada. The property has eight tenants in total, including major national brands such as Western Financial Bank, Tim Hortons, KFC/Taco Bell and Subway, in addition to local tenants. The REIT financed the acquisition with cash on hand.

First Quarter 2010 Financial Highlights

Three months ended March 31, 2010 vs. Three months ended March 31, 2009

• Revenue increased by 3.6 per cent to $5 million
• Net operating income* increased by 3.4 per cent to $4.1 million
• Payout ratio* increased to 117.6 per cent from 90.3 per cent
• Completed a $15 million equity offering of 1,974,000 Class A Units to the public
• Closed a sale leaseback transaction for 12 properties tenanted by Shoppers Drug Mart

*See section entitled Non-GAAP measures.

"Following quickly on the heels of our acquisition of 12 Shoppers Drug Mart retail locations, we recently acquired a large property in Okotoks," said Evelyn Sutherland, Chief Financial Officer of Scott's REIT. "We continue to make progress diversifying our revenue base and mitigating our risk profile. We believe that Scott's REIT offers a good opportunity for investors who are looking for an investment that offers a consistent monthly income as well as growth potential."

Regarding the REIT's $65 million mortgage that will mature in October 2010, Ms. Sutherland said, "We have commenced the refinancing process and have received indicative terms and discussion sheets for an amount well in excess of our $65 million mortgage. We believe that the significant value of the underlying portfolio relative to the loan value is very attractive. While there is a possibility that we may seek an extension of our existing facility, we are looking at other lenders and also exploring other options".

Financial Performance

Scott's REIT reported revenue of $5 million for the three-month period ended March 31, 2010, an increase of 3.6 per cent over the first quarter of 2009. The primary reason for the increase in the quarter was a result of the acquisition of 12 properties leased to Shoppers Drug Mart which closed in early March 2010. Operating expenses for the three-month period were $0.84 million, an increase of $36,000 over the first quarter of 2009. The increase in property expense was a result of timing differences from property carrying costs as a result of one time invoices to tenants which are fully collectible by Scott's REIT.

The REIT's net operating income for the first quarter of 2010 was $4.1 million, an increase of 3.4 per cent over the prior year quarter.

During the first three months of 2010, distributable income amounted to $1.5 million, a decrease of 15 per cent over the first quarter of 2009. Although there was a decline in distributable income, and an increase in the payout ratio, this was caused by the recent equity offering and the timing of closing the acquisition of 12 properties tenanted by Shoppers Drug Mart. Scott's REIT anticipates that this is temporary, and expects that as Scott's collects the rental revenue from the Shoppers Drug Mart property acquisition and it deploys its cash from the equity raised in February 2010 on income producing initiatives, the payout ratio will decline and the distributable income will increase over the next twelve months.

Equity Offering

On February 24, 2010, Scott's REIT closed an offering of 1,974,000 Units at a price of $7.60 per Unit with approximate net proceeds to the REIT of $14 million. Of the proceeds, an estimated $7 million will be used for land intensification projects, approximately $5 million will be used to fund future acquisitions and the balance will be used for working capital purposes.

Property Acquisition from Shoppers Drug Mart

On March 5, 2010, the REIT closed its previously announced sale leaseback transaction with Shoppers Drug Mart for 12 properties located in Alberta, Manitoba, Ontario, Quebec and Nova Scotia. The aggregate purchase price for the properties was $30.2 million. The average remaining lease term is 11.5 years and all leases have rental escalations of seven per cent every five years. The REIT financed the acquisition with a one year secured bridge loan facility for $20 million on favourable terms and the balance with cash generated from the convertible debenture offering completed in the fourth quarter of 2009. This bridge loan was done to maximize the benefits to the Unitholders of the REIT as it pursues various financing alternatives in the capital markets.

Upon close of this acquisition, Scott's REIT has successfully diversified its tenant base by increasing the gross leasable area occupied by national pharmacies to 26 per cent from 12 per cent pre-acquisition.

Subsequent Events

On May 10, 2010, the REIT closed an acquisition for a 24,543 square foot property in Okotoks Alberta for a purchase price of $10.2 million plus closing costs. The property was acquired from JBM Properties Inc., a related party. The REIT financed the acquisition with cash on hand. The REIT has a first right of refusal on any properties that are available for sale from JBM Properties. The Trustees of Scott's REIT assessed the acquisition independent of management. As part of the analysis on the offer, the REIT obtained an independent third party appraisal for the property. In addition, the REIT had evaluated several other bids from third parties which included bids that were higher than the purchase price paid. The average remaining lease term on the tenants is 11.5 years. There are eight tenants in total including, Western Financial Bank, Tim Horton's, KFC/Taco Bell, Subway and local tenants.

Okotoks is less than 18 km south of Calgary, Alberta. The town's population has grown by 47 per cent in the last five years, making it the second fastest growing community in Canada. The property is located on the main thoroughfare directly across from a Wal-Mart, Canadian Tire and Sobey's anchored power centre.

Liquidity

At March 31, 2010, Scott's REIT had $19 million of cash and short-term investments. Approximately $12 million of REIT's cash balance was used to close the acquisition of the properties from Shoppers Drug Mart in March 2010 with the balance to be used for, among other things, general corporate purposes.

In the first quarter, distributable income was lower than distributions paid. Although there was a decline in distributable income, the REIT anticipates that this is temporary due to the timing of the closing of the acquisition of 12 properties from Shoppers Drug Mart and the timing on the deployment of cash after the raise of equity in February 2010. The acquisition of the additional revenue producing asset in Okotoks should offset some of this deficiency. In addition, the REIT will also be deploying capital on land intensification initiatives over the next six to 12 months, which is expected to have a positive effect on distributable income.

Monthly Distribution for May 2010

Scott's REIT announced a cash distribution for the month of May 2010 of $0.0708 per unit payable on June 15, 2010 to Unitholders of record on May 31, 2010.

Scott's REIT also announced today a monthly cash distribution of $0.0708 per unit to Unitholders of record of Class B Limited Partnership Units in Scott's Real Estate LP on May 31, 2010. This distribution marks the 54th consecutive cash distribution declared since Scott's REIT began operations on October 6, 2005.

Non-GAAP Measures

Distributable income

Distributable Income is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP. Distributable Income is presented in this MD&A because management of Scott's REIT believes this non-GAAP measure is a relevant measure of the ability of Scott's REIT to earn and distribute cash returns to Unitholders. Distributable Income as computed by Scott's REIT may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable. Distributable Income in this MD&A represents income before non-controlling interest of Scott's REIT on a consolidated basis as determined in accordance with GAAP, plus amortization expense, income taxes, stock compensation, less the straight-line revenue accrual, deferred financing costs, deferred amortization costs, below market rents and interest accretion.

Net Operating Income

NOI is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP. NOI is presented in this MD&A because the management of Scott's REIT believes that this non-GAAP measure is a relevant measure of the ability of Scott's REIT to earn and distribute cash to Unitholders. NOI as computed by Scott's REIT may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable.

To find out more about Scott's Real Estate Investment Trust, visit our website at www.scottsreit.com.
 

Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout the Atlantic Provinces, Québec and Ontario. Plazacorp, as at May 11, 2010 now owns interests in 101 properties comprising 4.5 million square feet of retail real estate.
 

These are some of the key trends noted in Avison Young's First Quarter 2010 Greater Toronto Area Office Market Report.

"The GTA office vacancy rate increased to 10.6% in the first quarter of 2010, up 250 basis points (bps) from the first quarter of 2009, while the availability rate rose to 11.7%, up 150 bps over the same period. However, since year-end 2009, the pace of increase has decelerated with vacancy and availability rising by only 20 and 30 bps, respectively," comments Bill Argeropoulos, Vice-President and Director of Research (Canada) for Avison Young. "Even though the recession is now behind us, soft market conditions will likely prevail in the near-to-medium term before the market reverts to historical norms."

While there are vacancy challenges in several pockets across the GTA, such as the Airport Corporate Centre (23.1% availability) in the suburban GTA West district, the greatest challenge lies in Downtown Toronto.

"Despite positive absorption in the first quarter, there is more than 7 million square feet available for lease with almost 50% of this space housed in class A buildings in the financial core," notes Mark Fieder, President and Managing Director of Avison Young's Ontario region. "This poses a significant leasing challenge for the top five landlords, who control roughly two-thirds of the core's inventory and just over 80% of the available space on the market today."

"There are definitely some interesting dynamics underway. Leasing velocity and transaction activity appear to be accelerating, though this is not translating into any meaningful absorption, yet," adds Craig Tresham, a 27-year leasing veteran and Principal at Avison Young. "Leasing options are plentiful across all asset classes; however, for larger tenants, the options are changing. I would equate it to going to the Macy's sale. Those who get there on the first day find the ideal colour and size. The best deals are being done right now."

According to Tresham, the rental market remains depressed, but well-leased triple A towers with minimal vacancy and rollover still command above-market rents. "This is the exception rather than the norm. For the near-to-medium term, a tenant's market is expected to prevail while the overriding focus for the landlord community will be tenant retention," he says.
 

Click here to download the report.

Canadian-born Vrenjak brings 25 years of retail real estate experience in both Canada and the U.S. He joins from Country Style Food Services Inc. where he was Vice President of Development and prior to this he held a Vice President of Development post for Manchu Wok and Director of Store Planning for Toy R Us in Canada.  Vrenjak holds a bachelor of arts degree in Economics and a bachelor of science in computer science from McMaster University in Hamilton, Ontario.

“With Bob’s extensive experience and contacts, he was a natural fit to help grow our business across the border and meet our client demands in Canada,” said Joe Brady, Managing Director, Corporate Retail Solutions, Jones Lang LaSalle.  “It is the right time to move into the Canadian market as we are seeing a greater demand for retail services as market conditions have forced many retailers to outsource their real estate needs.”

Jones Lang LaSalle’s Corporate Retail Solutions, formerly Retail Outsourcing Services, is an outsourced real estate department for retailers, to manage both high growth new store rollouts and existing store portfolio management.

Contact information:
Bob Vrenjak
bob.vrenjak@am.jll.com

Despite these worries the real estate sector has regained its serious appeal to a wide range of investors and as economies continue to recover the volumes of capital targeting property are increasing. The corporate world, still with an eye on cost management and value creation are themselves finding innovative solutions to financing  space and to mitigating  lease liabilities.

While the pace varies global property markets seem back on track. View the complete report here: Global Market Perspective - April 2010.

U.S. and Canada demonstrate initial pockets of growth in the office sector, however full recovery will lag until 2010. For full report: North America Office Outlook - Q1 2010

Choose from one of the following reports for market specific office statistics and insight reports:

Calgary Office Statistics - Q1 2010

Edmonton Office Statistics - Q1 2010

Greater Montréal Area Office Insight Q1 2010
Montréal Office Statistics - Q1 2010

Ottawa Office Statistics - Q1 2010

Greater Toronto Area Office Insight - Q1 2010
Toronto Office Statistics - Q1 2010

Vancouver Office Statistics - Q1 2010


 

The increase in starts noted in Quebec in April reflected the conditions observed in most census metropolitan areas (CMAs) across the province. In fact, while hikes were reported in Québec (+85 per cent), Montréal (+37 per cent), Sherbrooke and Saguenay (gains of more than 100 per cent in both these centres), construction got under way on fewer dwellings in Gatineau (-5 per cent) and Trois-Rivières (-19 per cent).

Single-detached home building increased in all of Quebec's CMAs, except Trois-Rivières, with the strongest growth having been recorded in Saguenay. Overall, foundations were laid for 1,317 single-detached homes in centres with 100,000 or more inhabitants, for a gain of 48 per cent.

In the multiple-unit housing segment, residential construction was up in four of Quebec's six CMAs. In this regard, the Québec, Saguenay and Sherbrooke CMAs stood out with much higher starts volumes (see table).

The survey results also revealed that starts in the larger census agglomerations (CAs) increased significantly year-over-year (from 79 units in 2009 to 240 in 2010). Both single-detached home building (+71 per cent) and multi-family housing construction (gain of more than 100 per cent) accounted for this growth.

As well, a closer review of the data shows that the increase in starts was particularly strong this past April in the case of units intended for the freehold market (+57 per cent) and the condominium segment (+46 per cent). The construction of dwellings intended for the rental market also rose during this period, although to a lesser extent (+28 per cent).

From January to April 2010, housing starts in Quebec's centres with 10,000 or more inhabitants were up by 37 per cent over the same period last year (rising to 12,578 units in 2010, from 9,148 in 2009). This result reflected the increases in both multiple-family housing construction (+39 per cent) and single-detached home building (+34 per cent).

For further information visit www.cmhc.ca.

Preliminary Results - Monthly Starts Survey - Province of Quebec
(centres with 10,000+ inhab.) 

(XXX) Absolute value greater than 100%

"There was a considerable increase in single-detached construction last month, especially in Charlottetown," said Ralph Freeze, market analyst with CMHC in Prince Edward Island. "There were 22 units started in April, an increase from the 14 units reported a year ago. Summerside recorded four single-detached starts, which is up from three reported last year. There were no multiple units started in either market in April of this year. On a year-to-date basis, urban starts remain ahead of last year's pace," said Freeze.

In urban centres across Canada, total housing starts recorded in April increased to 14,995 compared to last year's total of 8,387. Single-detached starts increased to 6,774 units from 3,788 units, while multiple unit starts rose to 8,221 units this year from 4,599 units. In the Atlantic region, 573 new units were started in April 2010 compared to 419 units during the same period in 2009.

-------------------
  (1) Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

For more information, visit www.cmhc.ca. (Ce document existe également en français

(xx) Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.
 

"The April figures were supported by a high level of apartment construction with 98 new units started and by semi-detached and row house construction with 45 new units started," said Matthew Gilmore, senior market analyst with CMHC's Atlantic Business Centre. "The single-detached market strengthened in April with 21 per cent growth compared to last April. The increased level of residential construction activity reflects the generally supportive economic conditions of stable employment and wages in Halifax," Gilmore added.

In urban centres across Canada in April there were 14,995 total housing starts, 79 per cent more than the 8,387 starts recorded in April of 2009. There were 6,774 single-detached starts last month, an increase of 79 per cent compared to April of 2009. Multi-residential starts were also up 79 per cent to 8,221 in April of 2010. In Atlantic Canada, there were 573 urban housing starts posted compared to 419 in April of last year, an increase of 37 per cent.

-------------------
  (1) Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

For further information visit www.cmhc.ca. (Ce document existe également en français)

Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

* Includes all centres with a total population of more than 10,000 (Halifax CMA, Cape Breton RGM, Truro CA, Kentville CA and New Glasgow CA, Chester MD CA, East Hants MD CA, Kings Subd. A SC CA, Lunenburg MD CA, Queens RGM CA, West Hants MD CA, Yarmouth MD CA).

(XX) Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.
 

"April's brisk new home construction activity positioned the market 48 per cent ahead of the same month last year and 25 per cent year-to-date," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. "Continued growth in local employment, income and population combined with low mortgage rates has supported residential construction activity during the first four months of 2010," added Janes.

In urban centres across Canada, total housing starts increased 79 per cent with 14,995 recorded in April compared to 8,387 during April of 2009. Throughout Atlantic Canada, there were 573 urban housing starts posted versus 419 the previous April, an increase of 37 per cent.

--------------
  (1) Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

* Includes all centres with a total population of more than 10,000 (St. John's CMA, Bay Roberts CA, Corner Brook CA, Gander CA, Grand Falls/Windsor CA)

(XX) Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.
 

For more information, visit www.cmhc.ca.

Please choose from the following reports for more information:

Real Estate National Portrait - Montreal - Spring/Summer 2010

Real Estate National Portrait - Ottawa - Spring/Summer 2010

Real Estate National Portrait - Toronto - Spring/Summer 2010

Real Estate National Portrait - Vancouver - Spring/Summer 2010

"The overall increase observed in April was the result of a 60 per cent increase in single starts in provincial urban centres," said Claude Gautreau, CMHC's senior market analyst for New Brunswick. During the month of April, 80 single starts were recorded in provincial urban centres, compared to 50 units last year. Year-to-date, single starts were up 26 per cent to 191 units.

A total of 87 multiple starts were recorded in April, down from 112 units during the same month last year. On a year-to-date basis, multiple starts were stable, with a three per cent increase to 276 units. "Strong multiple unit activity in Moncton has been offset by declines in both Fredericton and Saint John during the early part of 2010," continued Gautreau.

In urban centres across Canada, total housing starts recorded in April were up 79 per cent to 14,995 units compared to last year's total of 8,387. Single-detached starts increased 79 per cent, rising to 6,774 units from 3,788 units, while multiple starts were also up 79 per cent to 8,221 units this year. In the Atlantic region, 573 new units were started in April 2010 compared to 419 units during the same period in 2009.

-------------
(1) Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

For more information, visit www.cmhc.ca. (Ce document existe également en français)

Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

* Includes all centres with a total population of more than 10,000 (Saint John CMA, Moncton CMA, Fredericton CA, Bathurst CA, Campbellton CA, Edmundston CA, and Miramichi City).

(XX) Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.
 

BTB offered to acquire all of the Common Shares for a consideration in cash of $1.05 per Common Share. The aggregate cash consideration being paid by BTB is approximately $20,856,782. Since BTB has been successful in acquiring more than 90% of the Common Shares under the offer, it intends to acquire all remaining Common Shares by compulsory acquisition under the Canada Business Corporations Act. BTB intends to send a notice of compulsory acquisition to each shareholder of Cagim who has not accepted the offer as soon as practicable.

The quality of Cagim's real estate portfolio is impressive. Most of the properties are located in the Lebourgneuf suburb, a high growth area of Quebec City. Cagim's portfolio consists of six buildings totaling more than 600,000 square feet. Cagim has a 50% interest in three of these buildings. Cagim's real estate portfolio has been valued at approximately $48,000,000 by Altus. These buildings will provide positive cash flows to BTB and will increase its Net Operating Income.
 

"This company is making money hand over fist - which makes it hard to imagine the gall of them demanding wage freezes from their hard working employees," said CAW national representative Robert Buchanan. "Extendicare continues to ignore their most valuable asset, which is their employees. Instead they are bowing to the bottom line."

The CAW represents more than 1,200 workers at 10 Extendicare long-term care facilities in Ontario. Extendicare REIT reported late last week a first quarter profit of $15.6 million, up from $3.7 million a year ago.

The company has applied for conciliation.

"It's time for Extendicare to stop demanding rollbacks and concessions from its workers and get back to the bargaining table to negotiate a fair and equitable collective agreement that recognizes the hard work, skill and care that CAW members provide at these long-term care facilities," said Nancy McMurphy, CAW Local 302 president and CAW national executive board member.

Seventy-nine per cent of the respondents whose companies will need to adhere to IFRS indicated that it is very likely their operation will be ready for the changeover. Another 16 per cent stated it is somewhat likely they will be ready. The move to IFRS is mandatory in 2011 for public enterprises with a December year-end and in the 2012 fiscal year for others.

Forty per cent of respondents stated their companies are nearing the end or have completed the transition process (32 per cent noted that their company is in the final stages while eight per cent said they had completed the process).

"It is welcome news to see many companies comfortably into the transition process, but lots of work lies ahead for others," said Ron Salole, vice-president, standards, Canadian Institute of Chartered Accountants. "Adopters should not underestimate the work that remains in a compressed time frame. The closer the deadline approaches the louder the ticking clock sounds."

Thirty-three per cent of respondents said that their company was at the mid-point of the process. Another 22 per cent stated they were in the early stages of the transition and two per cent of respondents said their companies had not yet started the process.

"Companies that are not past the half-way point in their changeover preparations are likely running behind and have some catching up to do," stressed Gord Beal, principal, transition to international standards, CICA. "Based on the European experience, IFRS adopters should not make the assumption that they will be able to hire consultants to make up for lost time. Individuals with IFRS expertise may prove to be rare and will be at a premium the closer we get to the changeover date."

The CICA has an IFRS-focused website (www.cica.ca/IFRS) to help members and businesses navigate the transition process. The website offers a comprehensive roster of materials, seminars and other helpful tools.

The CICA/RBC Business Monitor is issued quarterly. It is based on a survey conducted by the CICA and draws upon business insights of CAs in leadership positions in privately and publicly held companies across Canada.

Forty-four per cent of the almost 400 respondents indicated that their company will need to adhere to IFRS. For the Q1 2010 report, emailed surveys were completed by 397 CAs of 4,219 identified by the CICA as holding senior positions (CFOs, CEOs and COOs). The response rate was 9 per cent, with a margin of error associated with this type of study at +/- 5 per cent, with a confidence level of 95 per cent. The survey was conducted March 9 - March 18, 2010.

The CICA/RBC Business Monitor (Q1 2010) is part of an international initiative. The American Institute of Certified Public Accountants (AICPA) in the United States and the Institute of Chartered Accountants in England and Wales (ICAEW) in the United Kingdom also undertake quarterly studies that tap the insights of members in senior positions to provide a barometer of economic activity in their nations and as a basis for future comparative analysis across countries. A background document is available online at www.cicarbcbusinessmonitor.com.
 

The record date for the subdivision will be May 27, 2010 and the transfer agent for the common shares will send certificates in respect of such additional common shares to registered holders of such common shares as soon as practicable after that date. No fractional common shares will be issuable as a result of the subdivision but, rather, a cash payment will be made for such fractional interests determined on the basis of the closing price of the common shares on the Toronto Stock Exchange on May 28, 2010.

The Company's common shares are expected to begin trading on a post-stock split basis on the Toronto Stock Exchange on May 25, 2010. First Capital Realty is undertaking the stock split to further enhance the liquidity of its common shares. The subdivision will not dilute shareholders' equity.

On May 6, 2010, First Capital Realty announced that it will pay a second quarter dividend of $0.20 per common share on July 8, 2010 to shareholders of record on June 25, 2010, which represents exactly the pre split quarterly dividend of $0.32 per common share on a post split basis.

As a result of and effective immediately following the subdivision, the exercise price of First Capital Realty's outstanding warrants will be decreased by (multiplying by) a factor of 0.625 (resulting in a post-split exercise price of $10.96 per common share) and the number of common shares for which each such warrant is exercisable will be increased by (multiplying by) a factor of 1.6 (resulting in warrantholders being entitled to receive 1.6 common shares for each exercised warrant, with any fractional interests being rounded down to the nearest whole number without payment of any consideration therefor).

As a result of and effective immediately following the subdivision, the conversion price of First Capital Realty's outstanding convertible debentures will be decreased by (multiplying by) a factor of 0.625. Accordingly, the number of common shares for which each $1,000 principal amount of debentures may be converted into, will be adjusted as follows:

 

Please click here to read news from the Quebec Market

Responding to meet the needs of a thriving green building market, the conference lineup has expanded this year to include over 60 speakers and expert panelists sharing their wealth of knowledge on a diverse range of green building issues, trends and opportunities. The tradeshow will also bring together 180 exhibitors showcasing the latest innovations in products, services and designs.

The expanded program will present dozens of educational sessions in 8 education streams: Actual Performance in Buildings; Economics & Innovations; Green Practices for New Construction; Policy & Procedure; Sustainable Cities & Communities; LEED(R) Canada for Homes; Master Speaker Series; and Green in the Public Sector.

"The conference program appeals to all sectors of the Canadian economy, and is designed to be an informative and educational experience for builders, developers, architects, engineers, designers, utility providers, contractors, commercial realtors, property management, financiers, and academia" says Ron Lemaire, VP Market Development at CaGBC.

Vancouver provides the spectacular backdrop to the event, with the recent accomplishment of over 30 new buildings reaching LEED status, including the venue host - The Vancouver Convention Center achieving LEED Platinum. The conference program will also include a green building tour of UBC, The Richmond Oval and the Vancouver Convention Center.

This year's conference is an essential forum for the green building industry in Canada to continue to evolve and grow through learning, networking and expanding green building education opportunities.

For more information on the CaGBC national conference, please visit our website at www.cagbc.org.
 

With more than 31 properties representing hundreds of millions of dollars in potential market value, J. Lorne Braithwaite, CEO, Build Toronto will invite corporate Canada and international investors to partner with them to realize the value of one of Canada's largest real estate portfolios. The Build Toronto CEO will also explain how the company plans to provide a sustainable revenue stream to the city, create thousands of jobs and regenerate neighbourhoods.

What: Build Toronto Launch

When: Wednesday May 12, 2010

7:30 a.m. Registration
8:00 am. Speech begins
8:45 a.m. Speech concludes

Who: J. Lorne Braithwaite, CEO, Build Toronto

Where: Toronto Board of Trade
100 King Street West
Toronto, ON
M5X 1C1
 

HIGHLIGHTS - March 31, 2010

• Increasing FFO - FFO was $5.0 million, up 29% from the prior year comparative period. FFO per unit was $0.43 for the three months ended March 31, 2010, which represents a 91.7% FFO cash payout ratio and is up 11% from the fourth quarter of 2009.
• Stable AFFO - AFFO for the three months ended March 31, 2010 was $4.0 million, up 24% from the prior year comparative period. AFFO per unit was $0.35, up 1% from the fourth quarter of 2009.
• Growing Portfolio in Major Markets - Acquired a 49.9% equity interest in $214 million of office buildings totaling 1.1 million square feet, in the Greater Toronto Area. Subsequent to March 31, 2010, acquired a 40% equity interest in $17.7 million of high quality, flex office assets in Regina, Saskatchewan.
• Accretive Acquisitions - In-place AFFO yield on first quarter 2010 acquisitions of approximately 13%.
• Success in Renewals - To date, 52.2% of leases up for renewal in 2010 have been re-leased with a 23.5% average rate increase.
• Decreasing Leverage - Quarter over quarter debt to gross book value leverage ratio improved from 73% at March 31, 2009 to 64% at March 31, 2010.
• Improved Liquidity - In the three months ended March 31, 2010, issued $51.8 million of equity, primarily to finance 2010 year to date acquisitions. Equity market capitalization totaled $206 million at March 31, 2010 compared to $67.5 million at March 31, 2009.
• High Quality Acquisition Pipeline - The right of first opportunity to purchase, at fair market value, Whiterock's co-owner's $222 million current interest in co-owned properties provides a high quality
  potential pipeline of future acquisitions in major markets.
• Investment Grade Tenants on Long-Term Leases - 52% of revenues were from government and other investment grade tenants in the three months ended March 31, 2010. Average lease term of the portfolio was 6.9 years, providing strong cash flow stability.
• Secure Top Ten Tenants - Average remaining lease term of top ten tenants, all investment grade and representing 37% of revenue, is 10.7 years.
• Stable Occupancy - 95.3% occupancy rate at March 31, 2010.
• Long-Term Fixed Rate Debt - Average 6.0 year term for mortgage debt at a weighted average interest rate of 5.7%, all at fixed rates.
• Geographically Balanced Portfolio - At March 31, 2010, 42% of the portfolio's property operating income was in Ontario, 21% in Quebec, 16% in Saskatchewan, 11% in Alberta and 10% in Atlantic Canada.
• Yield - Annualized distribution yield of 11.1%, based on per unit distributions for the three months ended March 31, 2010 totaling $0.42, and the May 4, 2010 Unit closing price of $15.14.
• Tax Efficient Distributions - 100% of the distributions made in 2005 to 2009 were classed as return of capital for tax purposes.

In 2010, Whiterock continued to delever its balance sheet and significantly increased its equity market capitalization while managing to increase its FFO and AFFO through accretive acquisitions. "We are pleased with the progress made in these areas to date and continue to look forward to reporting further progress in all of these areas," said Whiterock CEO Jason Underwood.

The Property is anchored by a 112,500 square foot Zellers department store and contains in aggregate 295,000 square feet of leasable area. The property is currently ninety-seven (97%) percent occupied.

Morguard REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 50 high quality retail, office and industrial properties in Canada with an approximate asset book value of $1.2 billion and approximately 7.8 million square feet of leaseable space.

Morguard Corporation is a real estate company, which owns a diversified portfolio of 101 retail, multi-unit residential, office and industrial properties comprising 10,294 multi-unit residential suites approximately 6.4 million square feet of commercial leasable space. Morguard Corporation owns a 45.5% interest in Morguard REIT.

"To gain a competitive advantage, many carriers have created insurance products that respond to the 'greening' of North America. Green building is on the rise, and carriers are leveraging the growing environmental movement by creating green endorsement policies. However, estimating green restoration costs isn't a simple matter of substituting one item for another," said Jonathan Kost, senior vice president at MSB. "In many cases, choosing a green item may require the estimator to modify supplies and other construction materials, factor in recycling costs and include installation rates based on local labor to minimize travel."

Although this new item set provides carriers with the information their estimators need to support green endorsements today, green building is a rapidly evolving entity. To ensure MSB enables its customers to stay ahead of the changes in green building, it recently added two construction subject matter experts to its Data Assets team, specifically focused on researching and identifying needs in this area.

"Every piece of research indicates that the green market will continue its rapid acceleration throughout the coming years, and MSB is dedicated to making sure our customers have the tools their adjusters need to accurately estimate in a greener world," Kost said. "Just as EyeQ enables new adjusters to do their job as quickly and accurately as seasoned pros, these new items enable all adjusters to support green policy endorsements without being green building experts. MSB does the research, provides the data on components and building methodology, and our EyeQ and IntegriClaim estimating software solutions provide the interface. Going green becomes a click-and-go process. What is unique about the implementation of the green database in EyeQ is that it is built as an assembly, including both the specific components and the supporting building materials and methods needed to achieve a restoration project that fulfills on a green restoration policy endorsement. "

MSB plans to release more new green items in updates each quarter. "The number and type of green items available to the market will be different three months from now -- even three weeks from now," Kost said. "We have two employees, with a combined 43 years of experience, specifically dedicated to researching these green trends and updating our database, as well as a product that makes it easy to use this data for accurate estimating in the field. MSB is staying ahead of the green industry, so our clients can stay ahead and gain a competitive advantage. Today, being good to the environment is good for business. We're helping our clients achieve that balance. In the end, everybody wins."

Candidates Rob Ford, Giorgio Mammoliti, Joe Pantalone, Rocco Rossi, George Smitherman, and Sarah Thomson will take part in a debate moderated by TV Ontario's Steve Paikin.

"Greater Toronto REALTORS® care deeply about the communities in which they work and live and as such, they have a keen interest in municipal politics," said TREB President Tom Lebour. "We are eager to hear the Mayoral candidates' views on issues that are important to Greater Toronto REALTORS®, their clients, and real estate markets."

In particular, TREB Members are looking forward to giving the candidates an opportunity to discuss the Toronto Land Transfer Tax, and to hear whether they share the REALTOR® perspective that this unfair tax should be repealed.

A recent public opinion poll conducted by the Environics Research Group for the Toronto Real Estate Board shows that the public supports REALTORS'® views of the Toronto Land Transfer Tax, and that they want the Mayoral candidates to commit to taking action on this issue. A substantial majority, 60 per cent, of Torontonians wants the Toronto Land Transfer Tax repealed, and 36 per cent said that they would be more likely to vote for a Mayoral candidate that promised to do so.

The poll also showed that the public is more interested in hearing the candidates' views on the Toronto Land Transfer Tax than on some of the issues currently receiving attention. When asked what issue they would be most interested in hearing the candidates debate, land transfer tax was second only to public transit and ranked highest more often than, bike lanes, garbage collection, or the privatization of City assets.

"REALTORS® believe that the public is highly engaged with respect to the Toronto Land Transfer Tax debate. They think this tax should be repealed and they want the Mayoral candidates to commit to action on this. Clearly, this is an issue that will influence how the public votes on October 25, 2010," said Lebour.

The poll of 500 Toronto residents aged 18 years or over was conducted by telephone between April 22 and April 28, 2010, and is considered accurate to within +/- 4.5%, 19 times out of 20.

The two-day conference, which takes place May 5th and 6th, includes Canada's largest real estate tradeshow, complimentary Continuing Education sessions for REALTORS® and non- stop entertainment on a centre stage.

Click on the image below for the PDF document

De Grandpré Chait is the proud sponsor of the REIT Report. The square foot is responsible for gathering the information and publishing it.

The Agreement was subsequently amended whereby Allied agreed to provide a Vendor Take-Back mortgage (VTB) in the amount of $19,000,000, which carries interest at 6% per annum, payable monthly, and matures on August 1, 2011. The VTB shall be secured by a first charge against the Property. The Purchaser shall also grant Allied a General Security Agreement, a General Assignment of Rents and Leases and a Personal Guarantee granted by a principal of the Purchaser as additional security.

This transaction was subject to certain conditions for the benefit of the Purchaser and Allied including the Purchaser's inspection of the hotel property, income and expense statements, contracts, leases and any reports or investigations conducted by the Purchaser. The Purchaser has given notice that the inspection condition has been satisfied in accordance with the Agreement and the Amended Agreement and has unconditionally released to Allied a total non-refundable deposit of $1,000,000. The parties anticipate completing the transaction on or about June 1, 2010.

Allied is a hotel ownership and management company. Its hotel portfolio consists of the Crowne Plaza Chateau Lacombe in Edmonton, Alberta and the Toronto Don Valley Hotel & Suites in Toronto, Ontario. Allied also owns an interest in the Residence at Accolade Inc., a condominium development adjacent to the Toronto Don Valley Hotel & Suites. Interested parties can find further information at www.alliedhotels.com.
 

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced that it has completed the acquisition of a centrally-located luxury apartment property comprising 162 suites located on West Georgia Street in Vancouver, British Columbia. The purchase price of approximately $37.5 million, excluding closing and transaction costs, was funded by the assumption of an existing CMHC-insured first mortgage of $22.7 million at 4.59% maturing on April 5, 2017, with the balance from CAPREIT's revolving credit facilities.

In addition, CAPREIT has entered into a binding agreement to buy another luxury apartment property comprising 199 suites located on Sherobee Road in Mississauga, Ontario. The property is registered as a condominium and is adjacent to and shares common facilities with an existing CAPREIT property. The purchase price of approximately $31.0 million, excluding closing and transaction costs, is expected to be funded by new CMHC-insured first mortgage financing in the amount of $23.3 million with the balance from CAPREIT's revolving credit facilities. The transaction is expected to close in the second quarter of 2010.

Along with the above acquisitions, CAPREIT has also entered into a binding agreement to sell a property comprising 146 suites located in London, Ontario for $7.6 million, excluding closing and transaction costs. The purchaser will assume existing mortgages of $5.7 million. The net cash proceeds from this sale will be used to repay bank indebtedness. The transaction is expected to close in the second quarter of 2010. CAPREIT expects to realize a gain on the disposition of this property of approximately $1.5 million.

"One of our stated strategies is to continually monitor our portfolio to identify non-core properties, and to redeploy the capital from their disposition to acquire strategic assets better suited to our targeted portfolio composition and property management objectives. We had maximized the value we could achieve with this non-core property, and determined we could generate cash from the sale to help finance our purchases in the strong Western Canada market and other markets across Canada," commented Thomas Schwartz, President and Chief Executive Officer. Mr. Schwartz further commented, "With these transactions we have also enhanced the geographic and demographic diversification of our property portfolio and have strengthened our presence in a key Western Canada market." "Looking ahead, we remain very confident about our future prospects. Fundamentals in the rental residential business remain strong as demand for well maintained and well managed apartment and townhouse properties continues to increase in all of our key markets. In addition, our ongoing ability to access CMHC-guaranteed financing allows us to continue executing our mortgage re-financing and other programs that will further enhance our financial position and growth prospects. All of these factors will result in much improved value for our Unitholders over the long term," Mr. Schwartz concluded.

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 27,776 residential suites and two manufactured home communities comprising 1,316 land lease sites located in or near major urban centres from coast to coast. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly distributions per Unit by 51%.

For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net.

"In addition to a good current return, this property affords us the opportunity to enhance value over the next 24 months," said Michael Emory, President & CEO. "It will also enable us to provide a compelling alternative for tenants that we can't accommodate at Cite Multimedia."

The acquisition is expected to close in May 2010, subject to customary conditions. The purchase price represents an 8.6% capitalization rate applied to the annual net operating income from the property. The property will be free and clear of mortgage financing on closing. Allied intends to place conventional first-mortgage financing on the property following closing.

"We are very pleased to welcome BGME North and Bearden Engineering within GENIVAR," said Pierre Shoiry, President and CEO. "Both firms will enable us to establish our growth platform as we expand our building design and engineering services in Alberta. They will also contribute to our development in the province with a view to becoming a leader in all our market segments," he added. BGME North is active in electrical engineering, as well as in lighting, security, fire alarms and digital communications; Bearden Engineering provides comprehensive structural engineering and architectural design services.

"BGME North and Bearden Engineering provide us with widely recognized expertise in building design and engineering, including the structural and electrical disciplines as well as building sciences. These firms have solid skills in designing green buildings, which will allow our clients to reduce their energy costs and carbon footprints," said Brian Oshust, GENIVAR's Vice-President for Alberta. "We will be able to offer an expanded range of consulting services in all areas of engineering, including municipal infrastructure, transportation, environmental and energy, as well as in-depth architectural expertise. Both firms also significantly expand our private and public client base," he added.

"This is an exciting time for BGME North. Our clients will have access to a broader range of services while continuing to benefit from our employees' personalized attention," said Paul Beaubien, Principal, BGME North. "Over the years, we have developed solid electrical engineering and sustainable design expertise. By teaming up with our new colleagues, we will be better positioned to develop new opportunities and to undertake national and international projects within GENIVAR's network," mentioned Mr. Beaubien. "We appreciate GENIVAR's dynamic approach and look forward to a future filled with opportunities to develop our team and our clientele," he added.

"By joining forces with GENIVAR, we will gain access to a broader range of projects while promoting our services within GENIVAR's internal network. We will also be able to meet the growing needs of our clients, who are requiring an ever-wider range of design and engineering services," said Terry Bearden, Principal of Bearden Engineering. "GENIVAR's entrepreneurial culture meshes perfectly with our respective business approaches, and our employees will be able to further develop their skills while enjoying greater career opportunities," he added.
 

Mr. Richard Homburg, Chairman and CEO of Homburg Invest Inc. (Homburg Invest) announces that Homburg Invest Inc. has filed its financial results for the year ended December 31, 2009, prepared under International Financial Reporting Standards. The complete December 31, 2009, financial results and MD & A will be available for viewing and downloading from the corporation's web site at www.homburginvest.com and at SEDAR at www.sedar.com. 

As a result of the acquisition, KingSett Real Estate Growth LP No. 3 now holds in the aggregate 6,265,281 units, representing approximately 10.0% of the total issued and outstanding units.

KingSett Real Estate Growth LP No. 3 acquired these units for investment purposes and may, from time to time, acquire additional securities of the Trust or dispose of such securities as it may deem appropriate.

PIRET has also entered into an agreement to sell to a syndicate of underwriters led by Canaccord Financial Ltd. and Dundee Securities Corporation, on a bought deal basis, 5,800,000 trust units at a price of $3.50 per Unit for gross proceeds to PIRET of $20,300,000. PIRET has also granted the Underwriters an over-allotment option to purchase up to an additional 870,000 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Financing. PIRET intends to use the net proceeds from the Financing to fund the Acquisitions and for general corporate purposes. The Financing is expected to close on or about May 18, 2010 and is subject to regulatory approval.

The three Alberta properties consist of two properties in Edmonton, which represent 86,173 square feet, and one property in Calgary, which represents 20,174 square feet. The properties are being acquired pursuant to a sale / leaseback contract with Advance Engineered Products Ltd.. Advance was founded in 1984 and is a leading Western Canadian manufacturer of tank trailers and vacuum truck systems. Advance will enter into a 25 year lease with PIRET upon completion of the acquisition. The properties are being acquired for a purchase price of $15.0 million, which represents a going-in capitalization rate of 8.35%. The purchase price is expected to be settled with the proceeds of the Financing and a new $9.7 million mortgage at an anticipated rate of 4.80%. As previously disclosed, PIRET acquired three separate industrial properties located in Regina from Advance for a purchase price of $12.3 million.

The British Columbia property is an 88,400 square foot industrial property located in Surrey, British Columbia, which was constructed in 2009. The British Columbia property is occupied by a North American light manufacturer under a lease that expires in 2019. The property is being acquired for $10.0 million, which represents a going-in capitalization rate of 7.03%. The purchase price is expected to be settled with the proceeds of the Financing and a new $6.5 million mortgage at an anticipated rate of 5.25%.

The Ontario property is a 110,017 square foot industrial property located in Markham. The Ontario property is being acquired pursuant to a sale / leaseback contract with Candym Enterprises. Candym is a privately held importer and distributor of giftware to Canadian retailers and has been in operation since 1974. Candym will enter into a ten year lease with PIRET upon completion of the acquisition. The Ontario property is being acquired for a purchase price of $9.6 million, which represents a going-in capitalization rate of 7.75%. The purchase price is expected to be settled with the proceeds of the Financing and a new $6.2 million mortgage at an anticipated rate of 5.50%.

The Quebec property is a newly constructed 49,085 square foot industrial property located in Montreal, which will be tenanted by Federal Express Canada Ltd. under a 20 year lease upon completion of the acquisition. The property is being acquired for a purchase price of $7.1 million, which represents a going-in capitalization rate of 7.68%. The purchase price is expected to be settled with the proceeds of the Financing.

"PIRET has continued to execute on its accretive growth strategy by acquiring high quality, well tenanted industrial properties across Canada. PIRET continues to see acquisition opportunities that will bolster PIRET's portfolio and status as Canada's only publicly traded REIT focused exclusively on industrial real estate," said Darren Latoski, CEO of PIRET.

Immediately following the completion of the Acquisitions, PIRET's portfolio will comprise 28 properties, which represent approximately 1.5 million square feet of GLA. PIRET's portfolio (by GLA) will be diversified across Canada with 18% in British Columbia, 38% in Alberta, 11% in Saskatchewan, 3% in Manitoba, 15% in Ontario, 14% in Quebec and 2% in New Brunswick.

Additional information about PIRET is available at www.piret.ca or www.sedar.com. 

The Parks Canada team, and the landscape architects from Public Works and Government Services Canada, in cooperation with IBI Group / DAA (Daniel Arbour & Associates), succeeded magnificently in bringing the Lairet River into the light of day while evoking Jacques Cartier's wintering site in a contemporary manner. This award adds an air of celebration to the year 2010, highlighting the 475th anniversary of Jacques Cartier's overwintering in Quebec.

Meticulous historical research was carried out to determine the evolution of the morphology of the Lairet River, which has now been returned to its original riverbed over a distance of more than 300 metres. The river has also been naturalized to encourage the establishment of a viable ecosystem. For the most part, the flora that has been planted along the banks resemble the descriptions by Jacques Cartier in his travel writings. Urban furniture, lighting and a paved cycling path round out the site's refurbishment.

Parks Canada carried out the revitalization project of this historic site at a cost of $4 million. This major project is the result of a vision merging several components, such as sustainable development, enhancement of the visitor's experience, integration into the milieu, and the reconstitution of the historical landscape from Jacques Cartier's era.

Cartier-Brébeuf National Historic Site of Canada commemorates the site where Jacques Cartier and his companions overwintered in 1535-1536, near the Iroquois village of Stadacona. It also pays homage to the establishment of Quebec's first Jesuit mission in 1625-1626.
 

Holding the distinction as the greenest convention facility in the world, this venue is a spectacular addition to the city of Vancouver. The building and design team surpassed their extremely ambitious sustainability objectives in achieving a rating of LEED Platinum certification. Green features of the VCC expansion facility include an extraordinary 5-acre living roof landscaped with more than 400,000 indigenous plants and grasses structured in layers. The roof system acts as an insulator reducing heat gains in summer and heat losses in winter, as well as contributing to the building's stormwater management. An in-house waste water recycling system significantly increases the building's water efficiency by reusing water for toilet flushing and other non-potable uses.

"LEED was just an idea 10 years ago when it first came to Canada. Today, the industry has embraced LEED on a massive scale, with over 200 million sq. ft. of projects in Canada," commented Mr. Mueller during the LEED plaque ceremony. "This building is a demonstration of the tremendous momentum and acceptance of creating sustainable buildings. With the growing realization that buildings are responsible for 35% of greenhouse gas emissions in Canada and other environmental impacts, green building construction and operation is imperative for a sustainable future."

The CaGBC National Conference scheduled June 8-10 at the Convention Centre will focus on the theme "Performance Matters: The next generation of buildings and communities". The program features over 60 speakers and panelists and will offer tours of green buildings in Vancouver including a behind the scenes look at the VCC marine habitat, green roof and the on-site black water treatment and desalinization systems that are projected to reduce potable water use 60-70% over typical convention centers.

The award was created in 2009 in an effort to encourage and inspire individuals to champion the issue of affordable home ownership in their communities and encourage more Habitat for Humanity affiliates to adopt green sustainable building(1) practices. To qualify for the award, individuals must demonstrate active participation and involvement in the following three categories: donate; participate; and advocate.

"Many low-income families living in affordable housing are facing financial challenges due to increasing utility costs," said Jan Belanger, Assistant Vice-President, Community Affairs, Great-West Life, London Life and Canada Life. "It is our hope that this award will continue to encourage individuals like Jim to actively support and engage in affordable and sustainable home building as a means to help Canadians break the "energy poverty" cycle."

Carragher has helped raise approximately $88,000 for Habitat for Humanity in the past year, with 100 per cent of the funds being used to build sustainable homes in Prince Edward Island. He also played a leading role at the 2009 Eco-Build - a PEI build that met Habitat for Humanity Canada's sustainable building criteria - and has demonstrated his commitment to ensuring sustainable home construction in future Habitat PEI projects.

"It is our goal to have 90 per cent of our builds meet third-party best-in-class green building standards by 2012," said Stewart Hardacre, President and COO of Habitat for Humanity Canada. "The green homes built by our volunteers help reduce greenhouse gas emissions by up to three tons, and save our partner families about $500 annually in utility costs."

Great-West Life, London Life and Canada Life, along with their staff and distribution associates, have a long history of supporting Habitat for Humanity Canada, sponsoring multiple builds and contributing hundreds of hours to build homes. Great-West Life and its subsidiaries have made a five-year commitment of $250,000 to support this award. 

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BuildAction is the operational arm of the Disaster Management Commission, with access to the extensive knowledge and resources of the RICS and the Commissioners.
 

By Michel Rémy

Click here to download pdf of the discussion paper. 

Since the last quarter of 2009, Canadian real estate capital markets are bouncing back. No less than six real estate issuers have announced their intent to proceed with an initial public offering and a listing on the Toronto Stock Exchange. Of those six, four would be real estate investment trusts (REITs), one would be a business corporation and the last a limited partnership.

In our first Bulletin for the Square Foot, we have prepared a short summary of the new issues on t