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  1. H&R REIT hits a roadblock with The Bow LORI MCLEOD November 14, 2008 When H&R Real Estate Investment Trust signed on as the owner and developer of EnCana Corp.'s new head office in Calgary last year, the deal marked a milestone. At the peak of the real estate boom in February, 2007, the handshake between the natural gas producer and the real estate developer set in motion the creation of a unique, crescent-shaped skyscraper which is set to become the tallest office tower west of Toronto. At the time it was announced the project known as The Bow, became a symbol of Calgary's coming of age as a Canadian financial powerhouse in the midst of the commodities boom. Almost two years later, times have changed and the development that was to become H&R's crown jewel has hit a funding wall. "At present there are no financing arrangements in place on any of the REIT's development projects, and the current difficult economic conditions have impacted H&R's financing strategy," the trust said late yesterday in a release of its third-quarter financial results. The trust said it is considering selling assets, including The Bow, to address its funding challenges. So far, attempts to find an investor for the project have failed and are unlikely to succeed until H&R moves further along with its financing and construction efforts, said Neil Downey, analyst at RBC Dominion Securities Inc. H&R's biggest problem has been the seizure of the credit markets, which happened swiftly, unexpectedly, and before it secured a construction loan for The Bow, said Dennis Mitchell, portfolio manager at Sentry Select Capital. Labour and materials costs are rising, and the cost of the project has risen from $1.1-billion to $1.4-billion. Adding to the pain is the downturn in the financial and commodities markets, which is sending office vacancy rates up and real estate values down. While the large scale of The Bow was a bit concerning, in "heady" times it was an exciting project, Mr. Mitchell said. "In February of 2007 you were essentially in the peak of the market. You were talking about [real estate firm] Equity Office Properties being purchased in a bidding war. You had people talking about a wall of capital coming into the markets. It was a pretty heady time," said Mr. Mitchell, whose firm recently sold nearly all of the 55 million H&R shares it owned. His view in February, 2007, was that H&R would be able to sell a 50-per-cent stake in the project at a gain in about six months. As the project proceeds, over budget and in need of $1.1-billion in funding, H&R is facing some tough choices, Mr. Downey said. While it was not mentioned as an option by H&R, Mr. Downey has raised the possibility of a distribution cut of up to 50 per cent, starting in 2009 and continuing until the project is completed in 2011, he said. "This would be a Draconian move by REIT standards," he added. However, it would provide H&R with an additional $300-million in capital, which should be enough to make up the financial shortfall if it can secure a $500-million construction loan, he said.
  2. Quebecor World hors de l'édifice de Quebecor 26 juin 2008 - 16h04 Presse Canadienne Signe de plus que Quebecor (QBR.B) et Quebecor World (IQW) prennent des chemins séparés: l'imprimeur déménagera cet automne son siège social à l'extérieur de l'édifice du conglomérat médiatique. Les deux entreprises n'ont pas réussi à s'entendre sur le renouvellement du bail pour les locaux que Quebecor World loue à Quebecor au siège de cette dernière, en face du square Victoria, à Montréal. C'est ce que révèle le plus récent rapport du contrôleur de Quebecor World, la firme comptable Ernst & Young, déposé plus tôt ce mois-ci en Cour supérieure du Québec. Quebecor World a donc fait le tour des locaux disponibles au centre-ville de Montréal et a déniché trois étages libres au 999 de Maisonneuve ouest, un édifice appartenant à la firme torontoise OP Trust Office. Selon des documents déposés au tribunal, Quebecor World économisera 3 ,1 M$ sur dix ans en optant pour le 999 de Maisonneuve. Quebecor World s'est placée à l'abri de ses créanciers en janvier et tente actuellement de se restructurer sous la protection des tribunaux au Canada et aux États-Unis.
  3. Ils sont presque prêts à terminer (en hauteur) le One WTC à NY, qui va être coiffé de cette énorme flèche... Un super-spire pour un super-tall! Ici, on voit juste le dernier morceau de la flèche, appelé The Rocket. La flèche en entier aura la même hauteur que la Maison Astra (Montreal Trust), malade Je pense que notre bonne vieille PVM va avoir de la compétition... Voyez en vidéo... http://www.flickr.com/photos/qflefevre/8653987366/in/photostream
  4. Après avoir appris mercredi qu'il était poursuivi par la firme comptable KPMG, voilà que M. Boisvenue est poursuivi par le gardien de valeurs Northern Trust Canada. Pour en lire plus...
  5. Investing in infrastructure A question of trust Chicago pioneers a new way of paying for infrastructure May 12th 2012 | CHICAGO AND WASHINGTON, DC | from the print edition FOR decades America has underinvested in infrastructure—even though poor roads, delayed flights, crumbling bridges and inefficient buildings are an expensive burden. Deficiencies in roads, bridges and transport systems alone cost households and businesses nearly $130 billion in 2010, mostly because of higher running costs and travel delays. The calculated underinvestment in transport infrastructure alone runs to about $94 billion a year. This filters through to all parts of the economy and increases costs at the point of use of many raw materials, and thereby reduces the productivity and competitiveness of American firms and their goods. Overall the American Society of Civil Engineers reckons that this underinvestment will end up costing each family in the country about $10,600 between 2010 and 2020. Yet though investment in infrastructure would bring clear gains in efficiency, there is little money around, and all levels of government are reluctant or unable to pile up more debt. Traditional sources of funding, such as the (flat) tax on petrol, have delivered a dwindling amount of revenue as soaring prices at the pump have persuaded people to drive less. The federal government has been unable to get Congress to agree on other ways to generate new sources of funding for transport, to the point where money for new highways has almost dried up. For years America has talked about a federal infrastructure bank, which would blend private and public finance and would yield returns over a long number of years. Various other countries have tried the idea, but it has never caught on in the United States. Barack Obama wants $10 billion in funding as initial capital for a national infrastructure bank as part of his jobs plan. So far the idea has gone nowhere in Congress. In March the mayor of Chicago, Rahm Emanuel, announced that his city could not wait for such help from elsewhere and will go it alone. With the speedy approval of the city council he created a new breed of infrastructure finance known as the Chicago Infrastructure Trust (CIT). The trust is not so much an infrastructure bank with money to hand out, but a city effort to match public infrastructure needs to private investors on a case-by-case basis; something more like an exchange. The city will finance the running costs of the trust itself to the tune of $2.5m. Several financial institutions are already lined up to make investments totalling $1.7 billion, among them Macquarie Infrastructure and Real Assets, Ullico, Citibank and JPMorgan. The background to this is that Mr Emanuel wants to spend about $7 billion to rebuild the city of Chicago—on everything from streets, to parks, to the water system, schools, commuter rail and the main airport. Tom Alexander, a spokesman for the mayor, says the city cannot ignore the future as it deals with the present. But raising the money needed for new investment, while maintaining the current infrastructure, is a daunting task. The CIT allows Mr Emanuel to tap the private sector for money, rather than just raising taxes and borrowing. The private sector will invest money in projects and get it back in the shape of tolls, user fees, premium pricing or even tax breaks. The first project is an investment of $225m to make city buildings more energy-efficient. This is expected to reduce annual energy costs by $20m, and the savings will then be used to pay back the investors. The CIT will provide some capital, bond financing and grants. It will also offer tax-exempt debt to entice investors. Returns on investment could vary from 3% on tax-exempt bonds to 8% for equity partners. Private involvement should, in theory, improve the quality of projects that get undertaken. A politically-expedient but financially dubious project would be unlikely to generate enough money to interest private investors. Padding, short cuts or shoddy construction are less likely to be tolerated. And city leaders might in turn overcome their aversion to the efficient pricing of public resources such as parking and busy roads. At the moment, investor appetites are keen and the supply of potential projects looks ample. The project is causing some anxiety in Chicago, though. Although the new trust would leave all the resulting investment under public ownership, the city’s recent bitter experience with a bungled 75-year lease of its parking meters under a previous mayor has left residents fearful. And with reason. For example, experience with public-private partnerships shows that cost-benefit estimates can sometimes prove wildly optimistic. When projects go bad—leaving half-built roads and schools—they become a public problem. Private investment might well end up being recouped in higher user fees. Mr Emanuel is well aware that other cities are watching this experiment with interest. The mayor is a hugely ambitious man, who is undoubtedly keen to leave a lasting legacy, and who some believe may want to remain as mayor for a period of Daleyian proportions. He, of all people, will want to build something that other cities will want to copy, not avoid. http://www.economist.com/node/21554579
  6. Un thread pour toutes les nouvelles dans le monde des affaires de Montréal. Est-ce que quelqu'un pourrait changer le titre du thread s.v.p. ? Une filiale de la Laurentienne achète Fiducie AGF 06 juin 2012 Une filiale de la Banque Laurentienne (T.LB), B2B Trust, et la Société de Gestion AGF (T.AGF.B) ont annoncé mercredi la conclusion d'une entente selon laquelle B2B Trust fera l'acquisition de la totalité d'AGF dans le cadre d'une transaction d'achat d'actions. B2B Trust fera l'acquisition de Fiducie AGF pour une contrepartie au comptant correspondant à la valeur comptable nette de la société au moment de la clôture, soit environ 242 millions de dollars. Fiducie AGF fournit actuellement des CPG, des dépôts à terme, des prêts investissements et des prêts hypothécaires garantis par l'entremise de 20 500 conseillers financiers et 1050 courtiers hypothécaires à la grandeur du pays. L'entente prévoit également le versement d'une contrepartie conditionnelle d'au plus 20 millions sur cinq ans si la qualité du crédit respecte certains critères. En outre, B2B Trust fera en sorte, immédiatement après la clôture, que Fiducie AGF rembourse la dette subordonnée due à la Société de Gestion AGF Limitée et rachète les actions privilégiées détenues par celle-ci, pour une contrepartie totalisant 173,5 millions. La transaction devrait se conclure en août 2012, sous réserve des avis et approbations réglementaires. À la date de clôture, les actifs de Fiducie AGF devraient s'élever à environ 3,8 milliards et comprendront essentiellement l'encaisse et des valeurs mobilières négociables de 700 millions, et des prêts de détail d'environ 3,1 milliards. L'intégration des activités, prévue pour 2013, devrait donner lieu à des charges non récurrentes de 30 millions à 35 millions. Il est prévu que, grâce cette transaction, le résultat net de la Banque augmente d'environ 28 à 30 millions annuellement à compter de 2014. http://affaires.lapresse.ca/economie/services-financiers/201206/06/01-4532218-une-filiale-de-la-laurentienne-achete-fiducie-agf.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=cyberpresse_BO4_la_2343_accueil_POS2 La Caisse investit 100 millions dans la Banque Laurentienne La Caisse de dépôt et placement du Québec annonce un investissement de 100 millions de dollars en capital-actions dans la Banque Laurentienne. La Banque Laurentienne (T.LB) poursuivra ainsi sa croissance et renforcera sa présence sur les marchés à l'échelle du pays. «La Banque Laurentienne fait partie du paysage québécois depuis plus de 165 ans et a réussi à se tailler une place sur les marchés financiers canadiens, notamment en exploitant une filiale de distribution de services bancaires. Aujourd'hui, la Caisse devient partenaire de cette banque en croissance dont la performance des dernières années est gage d'un avenir prometteur et de rendements attrayants pour nos déposants», a indiqué Normand Provost, premier vice-président, Placements privés à la Caisse. «Nous sommes très heureux de pouvoir compter sur la participation de la Caisse de dépôt et placement du Québec comme actionnaire de la Banque Laurentienne», a indiqué Réjean Robitaille, président et chef de la direction de la Banque Laurentienne. La Banque Laurentienne exploite le troisième plus important réseau de succursales bancaires au Québec. http://affaires.lapresse.ca/economie/services-financiers/201206/06/01-4532231-la-caisse-investit-100-millions-dans-la-banque-laurentienne.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=cyberpresse_BO4_la_2343_accueil_POS1
  7. Festival international de jazz de Montréal: TD remplace GM (Source: Radio-Canada) Déjà parmi les bailleurs de fonds de l'événement depuis 2004, TD Canada Trust deviendra commanditaire principal et présentateur officiel du Festival international de jazz de Montréal dès 2010. 2009-07-08 11:57:43 Le Festival international de jazz de Montréal (FIJM) aura un nouveau commanditaire principal l'an prochain. Le Groupe Financier Banque TD, dont les actifs totalisaient 575 milliards de dollars le 30 avril dernier, prend la place de General Motors, en faillite. L'appui de TD, qui représente l'une des plus importantes commandites au Québec, permettra au FIJM de poursuivre ses activités et sa croissance, malgré le contexte économique difficile. TD soutient financièrement sept autres grands festivals de jazz et de nombreux autres festivals musicaux partout au Canada depuis sept ans, de même que l'Association de l'Orchestre national des jeunes du Canada, la fondation Piano Plus, ainsi que les Aventures familiales TD Canada Trust avec l'Orchestre du CNA. Le 31e FIJM se déroulera du 1er au 11 juillet 2010.
  8. Astral Media delaissera le secteur de l'ancien Forum pour etablir son siege social a la place Place Montreal Trust en juillet 2010. Elle occupera 100 000 pieds carres de l'edifice .L' immeuble portera dorenavant le nom d'Astral. Ceci d'apres le journal les affaires.
  9. If you go to NY, this is a must see. Trust me I am not a fan of Broadway shows but this one is amazing. It was a nice change from the original tv show and movies. Plus some of the stuff they say in this is hilarious. Especially when Grandma speaks. :goodvibes: I hope to see it again soon.
  10. Streetscapes | Exchange Place An Early Tower That Aspired to Greatness G. Paul Burnett/NYT By CHRISTOPHER GRAY Published: July 20, 2008 FIFTY-NINE stories does not seem like much now, but when planned in 1929, the City Bank-Farmers Trust Building was to be the tallest skyscraper in the world after the Empire State Building. With its sheer limestone facade, haunting sculptural treatment and rich marble halls, the building — which is being converted to residential use — is a surprising find on its cramped, odd-shaped block at Exchange Place, at the conjunction of Beaver, Hanover and William Streets. In 1929, the financial district was booming. The architects Cross & Cross were at work on a 50-story office building for Continental Bank at Broad Street and Exchange Place, which ultimately wasn’t built. Then the National City Bank of New York merged with the Farmers’ Loan and Trust Company, and entered the skyscraper sweepstakes. When their architects, also Cross & Cross, filed plans at the Bureau of Buildings on Oct. 2, The New York Times described the new structure, at 71 stories and 846 feet, as the highest ever officially proposed. The design for the City Bank-Farmers Trust tower called for an illuminated globe on top, but the stock market crash a few weeks after filing brought the project up short, and it was reduced to 59 stories. Research by the Landmarks Preservation Commission gives the height as 685 feet, although just before completion The Times reported it as 750 feet. A partial set of engineering drawings from 1930 by the firm of Purdy & Henderson shows the 54th floor — several levels below the roof — as 670 feet high. The exact height of the building remains unclear. But it is safe to say that, when completed, it trailed the Empire State Building (1,250 feet), the Chrysler Building (1,046 feet) and the Bank of the Manhattan (927 feet). In August 1930, The Times reported that Gilbert Nicoll, a 20-year-old messenger, was near death after being hit by an iron bolt dropped from the 57th floor. He had been unemployed for months, according to the article, and the accident happened on his first day as a bank messenger. The building was completed the next year. The outside is plain, even ho-hum, except for 14 moody hooded figures at the 19th floor. The magazine Through the Ages said in 1931 that they represented “giants of finance, seven smiling, seven scowling.” Figures of coins on the ground floor represented countries in which the bank had its main branches. The Times called the building “conservative modern.” According to a 1931 article in Architecture and Building, the two lavish lobbies were fashioned from 45 different kinds of marble, quarried in Germany, Italy, Czechoslovakia, France, Spain, Belgium and elsewhere. The brothers Eliot and John Walter Cross formed a talented and versatile partnership. Well born, well educated and socially connected, they did in-town mansions and country estates, banks and garages, lofts and skyscrapers — like the 1931 General Electric building at 51st Street and Lexington Avenue, with its Art Deco radio-wave imagery. The architects’ niece Sarnia Marquand told a reporter in a 1980 interview that John Cross was the designer in the firm and Eliot handled the business side. Their most recognizable design is probably the sumptuously plain Tiffany & Company store at 57th Street and Fifth Avenue, which dates to 1940. According to the 1996 Landmark designation report, City Bank-Farmers Trust went through several changes, evolving into First National City Bank, and then, in 1976, Citibank. Its move out of the skyscraper happened in stages, the last one in 1989. The tower is easy to see from a distance but hard to find on the ground in the maze of irregular downtown streets. The City Bank-Farmers Trust banking hall runs along William Street. It is a high, columned space in English oak with polished marble and nickel trim, all handled in the Art Deco classicism that had become a safe alternative to radical European modernism. At Exchange and William, the main entrance to the banking hall is a high rotunda, flush with varying marbles, the most striking a golden travertine from Czechoslovakia, quite different from the pallid ivory-colored stone popular in the 1960s. From the tower there are wide views to the harbor and around to old skyscrapers on the land side. Today, a real estate firm, Metro Loft Management, is renovating the tower for rental apartments, and has 350 units ready on the floors from 16 to the top. A second phase, lower down, will involve office tenants; the company that takes the high banking hall will have a most spectacular retail space. E-mail: [email protected] http://www.nytimes.com/2008/07/20/realestate/20scap.html
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