Daily Market Update

by REP25 Feb 2015
Vancouver firm opens one stop shop for Chinese investors
When Vancouver-based Macdonald Realty dispatched Dan Scarrow, the agency’s vice-president of corporate strategy, to China last March to investigate the feasibility of launching a branch office in Shanghai, the assignment was initially only going to be for four months. A year later, Scarrow, a second-generation Chinese Canadian who is fluent in Mandarin, is still there. On his decision to go to Shanghai, Scarrow said It was sort of two-fold. The first one is that Chinese investors are becoming a bigger and bigger part of our market — both on the residential side and the commercial side. And after our investigation over here we found that there are no other Canadian real estate companies over here in China that actively do this, so we would be the first one." To find out more, see the article on the Vancouver Sun.

Hudson Bay Co. teams up with realtors
Hudson’s Bay Co. is teaming up with two real estate giants – one in Canada and one in the United States – to create new companies valued at $4.2-billion as a potential first step to taking the properties public. According to BNN, the moves come as Hudson’s Bay looks to surface shareholder value from its extensive real estate portfolio, which the company now says is worth $9.2-billion. The Toronto-based retailer acquired New York-based Saks Inc. in late 2013 for $2.4-billion (U.S.) and is now focusing on improving its store and digital businesses while expanding its discount arm Saks Off Fifth and bringing Saks Fifth Avenue to Canada by next year.

Metrolinx makes plans to buy real estate
According to an article in the Globe and Mail, the Toronto regional transit agency will take an unprecedented step into the real estate business Wednesday when it issues a request for proposals to develop four of its Eglinton-Crosstown station properties. Following in the footsteps of financially successful transit agencies overseas, Metrolinx’s plan will aggressively seek returns on transit investments by ensuring new stations are parts of mixed-use buildings from Day One. It’s a long-term strategy that infrastructure funding experts say should revolutionize how Canadians think about paying for transit expansion. Metrolinx, which has retained real estate services firm Avison Young to advise on Phase I of a “competitive procurement process,” is slated to officially launch the request for proposals on Wednesday. Winning bids are expected to be chosen in May.

Sam Mizrahi featured in Toronto Life
Toronto Life has a profile on a real estate developer who snagged one of the city's hottest properties - Stollery's, the men's clothing stores at Yonge and Bloor - is featured in a Q&A to discuss development projects and his past endeavours. Read full story here.

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