WINNIPEG, Dec. 10, 2012 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.UN) (“Artis” or the “REIT”) announced that it has recently acquired $44.9 million of industrial and retail properties in Western Canada and in Ontario’s Greater Toronto Area (the “GTA”), and has entered into unconditional agreements to acquire two additional Western Canadian properties for an aggregate of $47.3 million.

“2012 has been an active year for Artis, with approximately CAD$697 million and US$289 million of accretive acquisitions closed during the year, and several more deals tied up now, which we anticipate will close in 2013,” said Armin Martens, CEO of Artis REIT.  “However, contrary to recent news reports out of the U.S., we are not going firm on the acquisition of the IDS Center in downtown Minneapolis; the IDS Center is not a property Artis has under contract or Letter of Intent.”

See the full release HERE.

From the Globe and Mail:

Hudson’s Bay Co., whose third-quarter loss widened, will consider spinning off its valuable real estate into a real estate investment trust, borrowing a page from the playbook of grocery giant Loblaw Cos. Ltd.

“We’ve always believed that some time in the future we could have the opportunity … to create a REIT, similar to what Loblaw is proposing,” Richard Baker, the U.S. real estate magnate who controls HBC and is its governor (chairman) and chief executive officer, told an analysts’ conference call on Tuesday morning.

“It’s nice to be invested in a retailer that owns a lot of real estate and the type of real estate we w own would fit very nicely into a REIT.”

HBC isn’t working on a REIT plan currently, he added. “But it is something we often talk about and foresee some day in the future getting more involved in. “ Last week, Loblaw unveiled its intention to unlock its real estate value by setting up a REIT by mid-2013, prompting the grocer’s share price to surge. Loblaw will keep a more than 80-per-cent stake in the real-estate company, which is expected to own about $7-billion worth of property, most of it housing its supermarkets.

Read more: http://www.theglobeandmail.com/globe-investor/hbc-eyes-spinoff-for-real-estate-holdings/article6189388/

Kevington Building Corp. is seeking approval from the District of North Vancouver today to build a 3-storey commercial and office building at 3053-3059 Edgemont Boulevard, at the corner of Queens Road. The project, named Edgemont Commons, is on the site currently built as a strip retail plaza occupied by North Shore Credit Union. NCSU will be the anchor tenant in the new development. Three more retail units are proposed on the ground floor and twelve office units are proposed for the second and third storeys. Vehicle access will be provided via the rear lane west of the property. 46 parking stalls in two levels of underground parking are proposed.

The total building height to the top of the roof is 44.5 feet in compliance with the CD-65 zone.

From the Globe and Mail:

Loblaw Cos. Ltd. is preparing to create what it says will be one of Canada’s largest real estate investment trusts.

The Toronto-based grocery giant says it wants to unlock value for shareholders and maximize the value of its real estate portfolio by establishing a REIT that will go public by the middle of 2013.

Loblaw estimates that it will initially contribute real estate with a current market value exceeding $7-billion to the REIT and wants to keep a significant majority interest in the REIT.

“The creation of the REIT is expected to build long-term value both for Loblaw and the REIT,” Loblaw chairman Galen Weston said in a news release Thursday.

Read more: http://www.theglobeandmail.com/globe-investor/loblaw-set-to-create-one-of-canadas-largest-reits/article6017572/

At a Glance: Loblaw in B.C.

• Over 50 properties in B.C. with an assessed value of $870 Million
• 24 properties in Metro Vancouver
• Superstore on Marine Drive assessed value of $83 Million

With hotel plan gone, Onni favours offices.

At first it was going to be a hotel, then the plan was to build an office tower.

Now Port Moody residents will get their say on a major development slated for the Suter Brook site at an upcoming public hearing.

The Onni Development Corp. has applied for a land-use contract amendment that would allow the company to build a nine-storey office tower at 220 Brew St., on the south side of Suter Brook Way where it meets Ioco Road.