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.
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Real estate investment trusts have been hot in recent years as yield-hungry investors chase these securities for their healthy dividends.
But higher-net-worth individuals can also invest in private REITs, which similarly own properties ranging from apartments to shopping malls, and may even provide a higher yield than their public peers.
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NEW YORK (Reuters) – During a 2009 trip to Hong Kong, mutual fund portfolio manager Michael McGowan came across two 40-story office towers nearing completion in Kowloon East, a formerly industrial neighborhood across the bay from the city center, that were renting space for about HK$10 ($1.30) per square foot per month.
Read more: http://www.cnbc.com/id/49920801
Looking for an investment with skyscraper-high returns? Forget condominiums in Toronto or Calgary and think about real estate investment trusts that own apartments.
That’s the conclusion of Michael Smith, a real estate analyst at Macquarie Equities Research, in the fourth annual installment of his study comparing a REIT investment in the apartment sector to a condo investment. The REITs are still way ahead.
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Homeowners are paying an increasing proportion of property taxes in Vancouver and Toronto– but not in Montreal, where businesses are increasingly picking up the tab.
That’s the finding of a report to be released Monday by the Real Property Association of Canada, which represents large commercial real estate developers, including real estate investment trusts (REITs), banks and pension funds. The industry argues that business is shouldering too much of the property-tax burden, decreasing the ability of cities to attract companies and jobs.
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It’s a little bit surprising that the investing world’s bubble police haven’t yet pounced on real estate investment trusts.
After being massacred in the 2008-09 market crash, REITs have been outstandingly good investments. The S&P/TSX Capped REIT Index is up 54 per cent on a cumulative basis over the past three years, roughly three times more than the broader market. In these risk-averse times, that’s the kind of performance that leads to bubble talk.
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CALGARY— Just over two years ago Toronto-based Allied Properties Real Estate Investment Trust decided to expand its portfolio outside the borders of Ontario.
The REIT, which focuses on a niche market of older inner-city buildings, started buying properties in Calgary. After the sale of the Calgary Chamber of Commerce and Demcor buildings close in November, the REIT’s Calgary portfolio will include 14 properties comprising 607,344 square feet.
Read more: http://tinyurl.com/977x5ru