The Tri-City News – Highest tower in Coquitlam offers too little parking, says council.

A proposal for a 43-storey tower in Coquitlam’s Town Centre raised eyebrows at Monday’s council meeting, but it wasn’t because of the neck-craning height of the building.

At 43 storeys, the Metropolitan 3 (M3) will be the highest building in Coquitlam. Other buildings in the Cressey project include the Metropolitan 1 (M1) at 27 storeys and the Metropolitan 2 (M2), which is under construction and will be 25 storeys.

But despite the big numbers, council members weren’t focusing on how high the tower would rise but on what’s missing down below: parking.

Read more: http://www.tricitynews.com/news/182089551.html

Courtesy CBC

Ian Gragtmans of Colliers Toronto joins Kevin O’Leary and Amanda Lang on CBC to discuss REITs.

View the discussion HERE.

From the Globe and Mail:

A consortium led by KingSett Capital is making an all-cash $4.4-billion hostile offer for Primaris Retail Real Estate Investment Trust. The proposed deal is believed to be the biggest ever takeover offer for a publicly listed Canadian REIT.

The consortium includes the Ontario Pension Board. Primaris owns indoor malls and has no large controlling shareholder. KingSett Capital bills itself as Canada’s leading private equity real estate investment firm.

If successful, the Primaris properties would be broken up, with RioCan Real Estate Investment Trust, Canada’s biggest shopping mall manager, grabbing $1.1-billion worth. That would include five regional malls and three open shopping centres anchored by grocery outlets.

Read more: http://www.theglobeandmail.com/globe-investor/kingsett-led-group-launches-44-billion-hostile-bid-for-primaris-reit/article5991047/

Primaris REIT’s Portfolio can be viewed here.

B.C. Assets include:

• Aberdeen Mall in Kamloops, 461,000 SF
• Driftwood Mall in Courtenay, 232,000 SF
• Orchard Park in Kelowna, 712,000 SF
• Woodgrove Centre in Nanaimo, 748,000 SF
• Westbank SC in Kelowna, 74,000 SF

The December 5th Urban Design Panel meeting has two high profile projects on the agenda – Oakridge Centre and one of Aquilini’s arena towers which twice previously received unanimous design support.

View the meeting agenda HERE.

Courtesy The National Post

“While the housing market languishes, investment activity in commercial property continues to be red hot, with a $500-million deal for Standard Life’s real estate portfolio the latest on the horizon.

By some definitions, this could make 2012 the best year ever for commercial property sales — a year in which the Bank of Nova Scotia sold its head office for a record-breaking $1.27-billion.

Postmedia News has learned that Montreal-based Standard Life is selling a major Toronto office along with three other properties in Montreal, Calgary and Edmonton in what would be the third-largest deal of the year.

Standard Life spokeswoman Ann-Marie Gagné confirmed the sale of the two buildings in Alberta, but would not disclose the purchase price. The two had been part of a deal for a four-piece portfolio but it has since been broken up into two transactions.”

View the full article HERE.