Calgary wants to spend $450 million to help downtown vacancy, but to what end?
As office tower vacancies in downtown Calgary exceed 30 per cent and the resulting hole in municipal tax revenues increases along with it, the city has formally outlined its vision for renewal and revitalization in the core.
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City wants to incentivize the owners of downtown towers to change, part of a plan to save hollowed out core
Posted: May 26, 2021 5:00 AM MT | Last Updated: May 26
Calgary was already suffering from high vacancies in downtown office towers before the pandemic, now the city is hoping to fund conversions to eliminate some of that excess space and bring life to the core. (Jim Brown/CBC)
The Finance Ministry recently announced various amendments which aim to augment further funding for the infrastructure and real estate sectors by enabling infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) to easily avail debt financing from investors, including foreign portfolio investors (FPIs). While the intent is clear, the question remains whether FPI investment has now been enabled in debt securities issued by REITs and InvITs.
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Ares Management Corporation is set to acquire Black Creek Group’s U.S. real estate investment advisory and distribution business.
Founded in 1993, Black Creek had approximately $11.6 billion of assets under management across two non-traded Real Estate Investment Trusts (REITs) and various institutional fund vehicles.
Black Creek’s senior management team has an average of 25 years of experience in sourcing, acquiring, operating and developing properties in the U.S. Supported by large institutional investors and an established retail investor base, Black Creek has a longstanding track record across major property types, including industrial, multifamily, office and retail. The company has over 100 investment professionals operating across eight offices throughout the U.S.
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