Take Stock – December 31

Canadian Real Estate Investment Trust (TSX:REF.UN) has acquired a 50 per cent stake in a set of Edmonton retail properties for $39.2 million, the property company announced Wednesday. CREIT said it will assume a $5.7 million first mortgage,

Canadian REIT acquires stake in Edmonton mall

Canadian Real Estate Investment Trust (TSX:REF.UN) has acquired a 50 per cent stake in a set of Edmonton retail properties for $39.2 million, the property company announced Wednesday. CREIT said it will assume a $5.7 million first mortgage, carrying an interest rate of 5.9 per cent and a term to maturity of 8.2 years for properties that form part of the South Edmonton Common shopping centre.

The centre is currently made up of 2.1 million square feet of retail space and includes an IKEA, Walmart, Home Depot and Loblaw Superstore.

CREIT’s stake includes 60,000 square feet of fully developed leasable area as well as property under re-development and retail development land.

Existing tenants include Tim Hortons/Wendy’s, Petro-Canada and The Keg Steakhouse. The average remaining lease term for the properties is about eight years.


Economists predict slow job growth in 2010

The economy might be on the rebound, but economists warn 2010 will be a year of slow job growth with manufacturing bringing up the rear. ScotiaBank chief economist Warren Jestin says in a normal year, on average, the economy grows about 300,000 jobs.

But over the next year, he says, we will probably not exceed more than 200,000 jobs — what he calls a “pretty muted performance.” Since employment peaked in October 2008, Canada has lost about 320,000 jobs. When the economy recovers, it is expected to look much different than before the downturn because manufacturing jobs won’t likely return to previous levels. TD Bank chief economist Don Drummond says Canada will continue an evolution away from goods and towards services. According to Statistics Canada, there were 2.249 million manufacturing jobs in 2000. By 2008, that number had fallen to 1.97 million — a loss of about 280,000 jobs.

Meanwhile, the services sector grew to 13.104 million workers in 2008 from 10.942 million in 2000 — a gain of more than two million jobs.

“We’re going to be seeing the development of a much more specialized type of manufacturing,” said Jayson Myers, president of Canadian Manufacturers and Exporters.

“It will be more customized, specialized, hi-tech and around that the jobs will be in engineering, design and technology.”

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(Contributed image)
Wolf Creek Public Schools will not participate in curriculum pilot

Central Alberta school jurisdiction joins others across Alberta

AstraZeneca vaccine is ready to be used at a homeless shelter in Romford, east London, Wednesday, Feb. 3, 2021. THE CANADIAN PRESS/AP-Frank Augstein
Most unvaccinated Canadians uncomfortable with AstraZeneca vaccine: survey

Just 41 per cent of Canadians who aren’t vaccinated, but intend to… Continue reading

Advocate file photo
Red Deer County approves winery in central Alberta

Winery proposed for rural property northwest of Innisfail

Sharis Carr, a nurse at the Aaron E. Henry Community Health Service Center in Clarksdale, Miss., holds a vial of the Johnson & Johnson COVID-19 vaccine that was administered to seniors, Wednesday, April 7, 2021. A second COVID-19 vaccine is being investigated for possible links to blood clots, though the syndrome appears to be extremely rare. THE CANADIAN PRESS/AP/Rogelio V. Solis
Canada receives report of blood clot linked to AstraZeneca

OTTAWA — A Quebec woman is the first in Canada to develop… Continue reading

Jennifer Lopez, left, and Alex Rodriguez take a selfie as they arrive at the 26th annual Screen Actors Guild Awards in January 2020. VAX Live: The Concert to Reunite the World will showcase Lopez. (Photo by Matt Sayles/Invision/AP, File)
Selena Gomez and J.Lo headline vax concert for poor nations

NEW YORK — Backed by an international concert hosted by Selena Gomez… Continue reading

A vial of the vaccine by Janssen Pharmaceuticals, a company owned by Johnson & Johnson. Federal health officials in the U.S. said early Tuesday they were urging a pause in the use of Johnson & Johnson’s COVID-19 vaccine after reports of six serious blood clots, and officials in Washington state and around the country quickly complied. (Aristide Economopoulos/NJ Advance Media)
How J&J and AstraZeneca differ from the mRNA vaccines from Pfizer and Moderna

Johnson & Johnson’s single-dose COVID-19 vaccine has hit a stumbling block in… Continue reading

An emergency response worker carries an air monitoring device at the site of a crude oil spill at a Trans Mountain Pipeline pump station in Abbotsford, on Sunday, June 14, 2020. THE CANADIAN PRESS/Darryl Dyck
Failed fitting caused 190,000-litre spill at Trans Mountain site in B.C.: TSB

VANCOUVER — A Transportation Safety Board report says the failure of a… Continue reading

Ottawa
Indigenous leaders, experts urge Ottawa to quickly pass UNDRIP bill before election

OTTAWA — Indigenous leaders and legal experts are pushing federal lawmakers to… Continue reading

Visitors to a roadside memorial pay their respects in Portapique, N.S., on Friday, April 24, 2020. The Canadian Red Cross confirmed today it has collected $6.2 million in donations to help the families in rural Nova Scotia affected by the mass shooting last spring that claimed 22 lives. THE CANADIAN PRESS/Andrew Vaughan
Red Cross collects $6.2 million for families affected by Nova Scotia mass shooting

HALIFAX — Canadians and people from around the world donated $6.2 million… Continue reading

Hindu devotees wearing face masks as a precautionary measure against the coronavirus stand in a queue to offer prayers inside a temple dedicated to goddess Kali in Jammu, India, Tuesday, April 13, 2021. New infections have surged in the past month and India has now reported over 13.6 million cases — pushing its toll past Brazil, and making it second only to the United States. In the past 24 hours, over 160,000 new infections have been detected and experts fear that the worst is yet to come. (AP Photo/Channi Anand)
Johnson & Johnson delays shot rollout in Europe

BERLIN — Johnson & Johnson says it is delaying the rollout of… Continue reading

Restaurant workers and restaurant delivery workers wait in line to sign up for Johnson & Johnson's COVID-19 vaccine at a mobile vaccine site, Wednesday, April 7, 2021, in the Sunset Park neighborhood of New York. The mobile vaccination effort includes two buses equipped with four to six vaccinators each, delivering the COVID-19 vaccine directly to communities most in need. (AP Photo/Mark Lennihan)
US recommends ‘pause’ for J&J vaccine over clot reports

WASHINGTON — The U.S. is recommending a “pause” in using the single-dose… Continue reading

FILE-Team Canada’s Meaghan Mikkelson fights for control of the puck with U.S.A.’s Hayley Scamurra during third period of Women’s Rivalry Series hockey action in Vancouver, Wednesday, February 5, 2020. Gina Kingsbury, Hockey Canada’s director of women’s national teams, hopes a Rivalry Series against the United States can happen this winter.THE CANADIAN PRESS/AP/Michael Dwyer
Canadian women’s hockey team to open selection camp in Nova Scotia

Six goaltenders, 15 defenders and 26 forwards will vie for spots on Canada’s 23-player roster

Most Read