Topic: Real estate

Private equity and Canadian partnerships: tax considerations

By Andrew Lim (Calgary) on June 7, 2018 Posted in Finance, Real estate

Canada continues to be an attractive market for private equity (“PE“) investors with recent transactions highlighting significant investments into Canadian real estate and energy infrastructure assets. Partnerships (particularly, limited partnerships) continue to be a popular PE vehicle, providing a means of pooling and aggregating investment funds and allowing for income or losses to be “flowed-through” … Continue reading

Keeping real estate on trend with RealTech

By Troy Ungerman (Toronto) on January 9, 2018 Posted in M&A, Real estate, Technology and innovation

The impact of technology can be felt across virtually all sectors of the economy and real estate is no exception. In fact, technology affects all aspects of real estate from its procurement and development to its management and use. Real estate-specific technology is often aptly referred to as “RealTech”. Explaining RealTech The KPMG White Paper, … Continue reading

Real estate M&A: what’s retail got to do with it?

By Sara Josselyn (Toronto) on December 27, 2017 Posted in M&A, Real estate

So far this year, global merger and acquisition (M&A) activity in the real estate sector has reached new heights. In fact, Dealogic reports that as of the third quarter of 2017, the volume of real estate M&A, globally, was the second highest on record. While a variety of factors can account for this trend, one … Continue reading

Emerging trends in Canadian real estate: mobility, mobility, mobility

By Troy Ungerman (Toronto) on December 20, 2017 Posted in M&A, Real estate

We have all heard the expression: “Location, location, location” when it comes to buying real estate. Though that may be true for the immovable property itself, the 2018 Emerging Trends in Real Estate report (the Report) published by PwC Canada and the Urban Land Institute (ULI) suggests that the new and emerging trend in real … Continue reading

Mergermarket report highlights global real estate M&A trends and forecasts

By Denise Gan (Toronto) on July 27, 2017 Posted in M&A, Real estate

In its June 2017 edition of Venue Market Spotlight (the Report), Mergermarket explored current and projected developments in the real estate M&A sector by surveying 25 global dealmakers. Overall market activity Of the respondents surveyed about market activity in the next 12 months, 44% predict that real estate M&A activity is on the decline, 24% … Continue reading

Global M&A in the first half of 2015

By Troy Ungerman (Toronto) on August 4, 2015 Posted in Corporate finance, Energy, Financial institutions, Infrastructure, mining and commodities, Real estate

Similarly to American M&A in the first half of 2015, the first half of 2015 was remarkably active on the global mergers and acquisitions front. According to a recent Mergermarket report, total deal value topped US$1.7 trillion. This represents an increase of 15.2% over the first six months of 2014, and only 15.4% behind the record-setting … Continue reading

Tax considerations in M&A for purchasers dealing with non-resident vendors

By Michael Wong on June 18, 2015 Posted in Corporate finance, Real estate, Tax

If a non-resident vendor sells property, one consideration that a purchaser must be cognizant of is whether that property constitutes “taxable Canadian property” under the Income Tax Act (Canada). If the property is taxable Canadian property and the vendor does not obtain a certificate of compliance (discussed below), generally the purchaser must withhold 25% of … Continue reading

Mid-market deals dominate in Canadian M&A in Q1 2015

By Troy Ungerman (Toronto) on June 10, 2015 Posted in Corporate finance, Financial institutions, Infrastructure, mining and commodities, Real estate, Technology and innovation

Crosbie & Company’s quarterly Canadian M&A Report has indicated an overall decline in activity for the first quarter of 2015, with total deal volume down 7% and total value down 46% from the previous quarter. Deal size Accounting for the decrease in deal value is the fact that the majority of transactions this quarter took place … Continue reading

A mixed bag for global M&A activity in April 2015

By Troy Ungerman (Toronto) on May 28, 2015 Posted in Corporate finance, Energy, Real estate, Technology and innovation

Mergermarket published its M&A Monthly Insider for May of 2015 earlier this week, summarizing M&A activity around the world, and particularly in the regions of North America, Central and South America, Europe, Middle East and Africa, Asia-Pacific, and Japan. To date in North America, there have been 1,516 deals worth US $407.2 billion. April 2015 … Continue reading

Lease considerations in the M&A context – Part 2

By Michael H. Lieberman on April 15, 2015 Posted in Corporate finance, Real estate

In a previous post we began exploring lease considerations that landlords and parties to asset purchase and sale transactions should be aware of in the M&A context, including that many commercial leases will require landlords’ prior written consent to an assignment and that the original tenant/assignor typically will not be released from its covenant absent … Continue reading

The return of the REIT

By Jeffrey Spiegel (Toronto) on April 9, 2015 Posted in Corporate finance, Real estate, Tax

M&A activity involving real estate investment trusts (REITs) is heating up in Canada and south of the border, according to a recent PWC report, “Emerging Trends in Real Estate: Global Outlook for 2015”. Following a succession of REIT conversions in 2014 by companies with significant real estate holdings, coupled with ripe market conditions for REITs, … Continue reading

Lease considerations in the M&A context

By Michael H. Lieberman on January 29, 2015 Posted in Corporate finance, Real estate

In the wake of a series of announcements regarding the closure of the operations of several Canadian retailers as well as the withdrawal of US retailers from the Canadian market, questions are being asked regarding the potential impact on the landlords of the numerous store locations affected. This is not surprising given that a retailer’s … Continue reading

Real estate and M&A: forecasts, drivers and roadblocks

By Troy Ungerman (Toronto) on November 20, 2014 Posted in Corporate finance, Real estate

RR Donnelly has released the October edition of its Venue Market Spotlight, entitled Real Estate and M&A. The report, a summary of a survey of experts, speaks to what we can expect in terms of real estate-related M&A in the next 12 months. Experts predict an increase in activity, and this legal update will highlight … Continue reading

Seminar: Norton Rose Fulbright’s 7th Annual Mergers & Acquisitions School

By Sara Josselyn (Toronto) on August 18, 2014 Posted in Antitrust, competition and regulatory, Corporate finance, Employment and labour, Environment, Finance, Governance and directors' liability, Litigation, Real estate, Tax

On Wednesday, September 10, 2014 to Wednesday, October 22, 2014 from 6:30 pm – 8:30 pm (US/Central), Norton Rose Fulbright will be presenting its 7th Annual Mergers & Acquisitions School for corporate, in-house legal, investment banking and private equity professionals in Houston, Texas. This comprehensive program is designed for participants that desire to develop a … Continue reading

M&A activity bolstered by financial sponsors and real estate sector

By Sara Josselyn (Toronto) on April 10, 2014 Posted in Corporate finance, Real estate

Crosbie & Company recently released its Canadian M&A Activity – Fourth Quarter 2013 Report. The report explains that while M&A activity in Q4 didn’t deviate much from the year’s previous quarters, suggesting a relatively stable year from a numbers perspective, a closer look at 2013 deal activity as a whole tells a slightly different story. … Continue reading

M&A 2013 trend report: into Q1 2014 like a lamb

By Sara Josselyn (Toronto) on February 6, 2014 Posted in Corporate finance, Energy, Financial institutions, Pharmaceuticals and life sciences, Real estate

2013 started off slowly with a downturn in Q1, and Q4 brought the year to a close with mixed results. M&A activity in Canada resulted in 567 deals valued at US $71.8 billion. The year was the slowest by deal value since 2004 (US $42.3 billion); by contrast, deal count was the highest it has … Continue reading

Q1 2013 M&A Trends

By Trevor Zeyl (Toronto) on May 30, 2013 Posted in Corporate finance, Finance, Financial institutions, Real estate

Canadian M&A continued its decline in Q1 2013, reaching lows not seen since Q1 2009. According to Crosbie & Company Inc.’s Q1 2013 M&A Report, which compared M&A activity results from Q4 2012 to Q1 2013, the market has declined significantly both in transaction value (51%) and volume (35%). Specifically, while Q4 2012 saw 301 … Continue reading