Slate Retail REIT and Slate Office REIT both named new senior executives during the past few days. At Slate Retail (SRT-UN-T), Andrew Agatep was promoted to chief financial officer and David Dunn to chief operating officer. Slate Office REIT named Michael Sheehan as its new CFO.
Agatep joined Slate Retail REIT in 2015 and most recently served as a vice-president and controller overseeing financial reporting, treasury and risk management. Prior to joining Slate, Agatep worked at BHP Billiton in Australia and PricewaterhouseCoopers.
Dunn also joined Slate Retail REIT in 2015 and most recently served as vice-president, asset management. He previously worked at CBRE.
The REIT is an owner and operator of U.S. grocery-anchored real estate.
At Slate Office REIT (SOT-UN-T), Sheehan had previously overseen financial reporting, treasury and risk management as director and controller. Prior to joining Slate, he worked at Ernst & Young LLP.
Both of the CFO positions were previously held by Robert Armstrong. He will continue as a member of the senior leadership team of Slate Asset Management, supporting the REITs and other Slate business verticals.
McAllan retires from Oxford Properties
The retirement of Andrew McAllan after three decades of service truly marks the end of an era at Oxford Properties.
The former head of real estate management “was feted by his friends, colleagues, current and former presidents of Oxford Properties” said Oxford VP John Peets in a LinkedIn post.
“I post on behalf of thousands who celebrate your contributions to Oxford and the real estate industry, we will miss you dearly. You had a legendary career few will ever repeat.”
At Oxford, McAllan rose from managing director and senior vice-president to head of real estate management, a role he maintained for 23 years. He oversaw a 50-million-square-foot portfolio which included office, retail, residential units, industrial and hotels and led 1,300 employees in eight cities.
During his career, McAllan managed the integration of more than 7.7 million square feet of acquisitions.
Lacheur heads AY’s Canadian RE management
Neil Lacheur has joined Avison Young as principal and executive vice-president of real estate management services in Canada. In this newly created role, Lacheur leads the strategy to grow AY’s property management business across the country.
“This is an exciting time to join Avison Young as it continues its ambitious growth trajectory in Canada and globally,” Lacheur said in a release.
Lacheur joins Avison Young from QuadReal Property Group, where he had been since its founding, leading the firm’s customer service strategy and culture. He holds a degree in Economics from University of Victoria and is a LEED-GA.
Hughes joins Quadreal board
QuadReal Property Group has appointed Alastair Hughes to its board of directors. Hughes has over 30 years of real estate experience in multiple international markets.
He joins QuadReal’s board after serving on the global executive board at JLL, where he held various executive management positions including CEO of JLL Asia Pacific and CEO of JLL Europe, Middle East and Africa.
“Alastair is a globally recognized leader and board member,” said Thomas Garbutt, QuadReal’s board chair, in a release. “We welcome the unparalleled perspective he will bring to complement our board experience and to guide our dedicated leadership team.”
QuadReal’s $37.6-billion portfolio includes $12 billion in international investments.
Hughes holds a bachelor in economics from Heriot-Watt University and a diploma in land economy from the University of Aberdeen.
Goudron takes helm at Parq Vancouver
Peter Goudron has taken on the roles of president and CEO of Parq Vancouver. Goudron brings more than 25 years of gaming, operations management and leadership experience to the position and replaces Joe Brunini.
Most recently he was executive director at the B.C. Gaming Industry Association. Goudron began his career at the Pacific National Exhibition and then held executive roles at Great Canadian Gaming Corporation.
The downtown Vancouver entertainment and gaming complex features two luxury hotels, the downtown’s only casino, restaurants and lounges, park space and more.
Darling Colliers’ new Edmonton managing director
Richard Darling has joined Colliers International as managing director of its Edmonton office.
Darling joins Colliers from Acklands-Grainger, where during a two-decade career he led a team responsible for growing $600 million in annual sales and presided over 300 national accounts.
“Richard brings a fresh perspective to strategic leadership, and a proven history of motivating high-performance teams,” said Scott Addison, president, brokerage at Colliers Canada.
Darling will lead the Edmonton team driving business development and raising the profile of Colliers in the local market.
Lippay named CEO of FirstShot
FirstShot Fund Inc. has appointed Jamie Lippay as its CEO. Lippay previously built a highly successful enterprise sales force automation software and consulting business focused on the U.S. alcoholic beverage distribution industry.
His company was listed on Profit Magazine’s Fastest Growing Companies in Canada many times and received the Microsoft Blue Sky Innovation award for ground-breaking software.
Lippay, a CPA with 25 years of business experience, is a graduate of the University of Toronto commerce program and received an MBA from the Schulich School of Business.
FirstShot is considering acquisitions of distressed and vacant mall properties in Canada and the U.S. to be repurposed for destination sites.
CIM International Group new CFO
Real estate and resources company CIM International Group appointed Pascal Attard as CFO to replace Edward Yang, who had filled the role on an interim basis.
Attard was the CFO of Delivra Corp. until November 2019, when he guided that company through the sale of its business. Attard also served as vice-president of finance and corporate controller.
Prior to that, Attard was the corporate controller for Red Tiger Mining Inc., after rising through the ranks for six years at McGovern Hurley LLP.
He holds a bachelor of accountancy, with honours, from Brock University and is both a CPA and CA.
In addition, Toronto-based CIM said Steven Zhang replaced Yang as its corporate secretary.
Partington heads Gallagher’s Canadian operations
International insurance firm Gallagher named Dave Partington CEO of its Canadian retail property/casualty brokerage operations.
Partington joined Gallagher in 2012, initially leading regional offices in the U.K. In 2014, he relocated to the U.S. as president of the small business practice for Gallagher’s retail P/C brokerage operations.
Missaghie joins Inovalis board
Missaghie is president and CEO of Arch Corporation and portfolio manager, Anson Advisors Inc. responsible for management of the Arch Absolute Return Real Estate Fund.
Marleau resigns from Delma board
“Mr. Marleau is among the founders of this company and has contributed to what it has become today and the foundation of tomorrow’s growth,” said Henri Petit, Delma’s CEO, in a release.
'Busiest year ever': Hot rural real estate market isn't cooling off – Ottawa Valley News
Breaking down the real estate space – Wealth Professional
Real estate has been one of the more interesting asset classes during the pandemic. On the one hand, markets such as the GTA and Vancouver have seen residential demand go through the roof, while other areas of the country have dried up. Office spaces that were vibrant, are now quiet and are posing question about the future of tenancy. Meanwhile, areas of the industrial space are booming thanks to the demand for e-commerce, distribution and data centres. Yet while those demands are up, publicly traded REITs are down, making it more difficult for advisors looking to gain exposure to the space.
“We are very strong believes in diversification for portfolios, real estate is similar to other assets where you take different angles to achieve diversification. That tends to be geography, property type and risk strategy,” says Colin Lynch, head of global real estate investments at TD Asset Management. “You can’t predict the nature a shock, but you can construct a portfolio that has the adequate balance, exposure and risk parameters to ensure it performs well in great and tough economic times.”
While some are quick to point fingers at specific sectors underperforming, Lynch says he looks more within the sectors themselves. One area, retail for example, has had positive stories with essential services like groceries and pharmaceutical. Whereas shopping malls were hit hard during the shutdown and could see changes in consumer behavior. “Early indications have been that foot traffic isn’t back to normal levels. People are being more purposeful entering malls, going to a particular store, making a purchase and departing.”
Adventures in real estate: How the pandemic is changing the way we live now – Toronto Life
Upsize, downsize, flee to the country, live on a boat, buy an RV, get a farm, shack up with the in-laws, and other life-altering changes Torontonians are making in these crazy times
The smart money this pandemic year was on manufacturers of trampolines, pools and, yep, top-loading washers. Wherever you looked, the answer was sold out, check back later. Some enterprising types tried scalping above-ground pool kits. Stuck indoors in our sweatpants, we craved a jump, a dip and in-home laundry. Most of all, we craved space.
Despite the unemployed chefs and empty theatres and ghost-town corporate core, despite the iffy assurances that it’s okay to send your kids back to school, despite the seemingly permanent undercurrent of volatility making our daily lives so queasy—despite everything—home prices and sales just kept climbing. Weirdest of all, after a few soft months during the pandemic’s earliest stages, sales spiked. In August, there was a 20.1 per cent increase in the average house price compared to August of last year, and a 40.3 per cent jump in sales. Even the price of condos—you know, those super-dense glass towers where residents freak out about sharing elevators—won’t quit. By August, condo prices had climbed 9.5 per cent. So much for the theory that the only buyers were Airbnb speculators.
What’s going on? We offer a few theories. First is that our (fingers and toes crossed) success at flattening the curve and reopening parts of the economy means we’re good and ready to buy again. Then there’s the likelihood that we’ve all got calamity survivor syndrome, leaping into major life changes (getting married, getting pregnant, signing a mortgage) as a kind of promise ring for a brighter future.
The simplest answer: in a world where we measure personal safety in two-metre increments and spend our evenings sewing masks, a safe haven is our most valuable commodity. We’ve all become ruthless cost-benefit analysts of personal space. If you live in an apartment, this is the year to score a place with another bedroom to use as a home office. Or maybe you decided to buy—according to a survey this summer by Mortgage Professionals Canada, twice as many renters as in 2019 planned to purchase in the next year. If you live in a house, you want a bigger yard (for those trampolines and pools) or another storey so you can hide from the kids. Or maybe you’re feeling the urgency to give up on the city, sell your place in a bidding war (still happening!) and live out your fantasy of tending crops on an organic farm where your only neighbours are emus whose wool you weave into your own sack dresses (a July Ontario Real Estate Association survey found that 61 per cent of respondents wanted to move to the suburbs or countryside).
At the moment (but hopefully not for long), so much of what we take for granted about city living now falls into the category of unnecessary risk—belting out show tunes at karaoke, ditching work for Hanlan’s Point, navigating bustling sidewalks. No wonder everyone wants an escape, whether in an RV, a starter yacht or a cottage. (Prices increased in Muskoka by 15 per cent year over year between January and the end of May, and sales were up 73 per cent for the month of June.)
In the linked stories above, you’ll meet people who decided this was the year to take a leap and spring for that RV, buy that farm or put a down payment on that downtown condo. We might not have a vaccine (digits crossed on that one, too), but at least we’ve learned how to shelter in place in the best ways possible.
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