Edmonton Global Monthly Briefing – Nov. 2019

Welcome to Edmonton Global’s monthly briefing. Each month we update you on what’s new and noteworthy in the Edmonton Metropolitan Region. subscribe

LaSalle Canada acquires Edmonton City Centre mall and office towers

LaSalle Canada Property Group and Frankfurt-based fund-servicing company Universal-Investment on behalf of Bayerische Versorgungskammer (BVK) along with managing owners North American Development Group and Canderel have acquired Edmonton City Centre (ECC) which includes the Edmonton City Centre shopping mall, TD Tower, Oxford Tower, and Centre Point Place spanning three city blocks in downtown Edmonton’s central business district. Financial terms were not disclosed but the Canada Pension Plan Investment Board reports it netted $146 million for its 50% stake, putting the deal’s value at $292 million.

“We are pleased to complete this transaction with our partners, as it represents a rare opportunity to own a landmark mixed-use asset with a strong tenant roster in the heart of Edmonton’s downtown core,” said John McKinlay, CEO of LaSalle Canada.

Edmonton City Centre, photo by IQRemix via Flickr
“We see tremendous potential in the ECC acquisition given the growth momentum of the adjacent Ice District, light rail transit connections that are supporting continued urban gentrification and population growth,” added Michael Cornelissen, senior vice president of acquisitions for LaSalle Canada.

The acquisition follows last month’s sale of a portion of the Stantec Tower to German real estate company Deka Immobilien. The ICE District Joint Venture subsequently announced that 12 of the planned 37 residential floors would be converted to hotel space to capitalize on a “massive” appetite for premium accommodations in Edmonton.

Young. Educated. Growing.

Scotiabank donates $1.25M to support AI research at the U of A

Scotiabank is donating $1.25 million across five years to fund the Scotiabank Artificial Intelligence Research Initiative in the University of Alberta’s Department of Computing Science. The money will “enhance artificial intelligence research to understand and build practical tools and predictive models for fraud detection and speech to text in analytics” and will also “support the growth and development of women in science, technology, engineering, and mathematics (STEM).”

Inter Pipeline commits $10 million to NAIT for plastic waste reduction research

Inter Pipeline Ltd. has committed $10 million over ten years to the Northern Alberta Institute of Technology (NAIT) to “research opportunities to reuse and recycle plastic in Canada.” Known as Plastics Research in Action (“PRIA”), the agreement represents the largest applied research partnership in NAIT’s history. “PRIA will draw on NAIT’s applied research expertise in the area of process engineering, process automation and environmental sustainability.”

G2V Optics raises $1.875M seed round

G2V Optics Inc. has raised a $1.875 million CAD seed round to help expand its artificial intelligence capabilities and to attract new indoor farming and research clients around the world. The funding round was led by Radar Endeavour Group with Accelerate Fund II, Bluesky Equities, Ashif Mawji, Douglas Gray (NOM Investments), Dr. Ray Muzyka (ThresholdImpact), and Blaine LaBonte (DJI Capital) participating. “Despite the economic uncertainty in Alberta right now, we continue to see investors step up to take advantage of technology opportunities with a global impact. Our ‘cleantech’ business is changing the game when it comes to the untapped potential of artificial intelligence and agriculture,” said CEO Ryan Tucker.

University of Alberta School of Business rises in 2020 World University Rankings

The University of Alberta’s School of Business has risen to 93rd overall in the Business & Economics subject of the 2020 Times Higher Education World University Rankings. “The ranking assesses universities by their performance in accounting and finance, business and management, and economics and econometrics subjects” and includes 632 universities.

$4M Edmonton Screen Media Fund launches

The Edmonton Screen Industries Office has launched a new $4 million fund to “help the city capitalize on the screen media industry, which includes video game development, film and television production and augmented and virtual reality.” While local projects are the focus, “those led by companies outside the region are also eligible for funding if they situate their activities in the Edmonton area and use local workers and service providers.”

Edmonton Global has created a downloads section on its website that includes resources that are freely available for use.

“It’s important that everyone in our region be able to speak to what’s happening here and the opportunities that are emerging,” says Malcolm Bruce, CEO of Edmonton Global.

“We have the beginnings of a regional toolbox in our downloads section. It includes sector and regional factsheets, slide decks, logos, and tax info that will be continually updated. In the new year, we’ll be adding videos and additional tools that businesses and other partners can use to help tell the story of the Edmonton Metropolitan Region.”

Edmonton Global is also encouraging businesses and organizations to identify additional tools and datasets that would aid in building the Edmonton region’s narrative.

More Edmonton Metro Region Headlines

Happenings

This briefing was brought to you by Taproot Publishing on behalf of Edmonton Global. This edition was compiled by Mack Male.

Subscribe to our newsletter! 

Questions? Get in touch
info@edmontonglobal.ca : 1-800-264-4952
Suite 100 - 10020 100 St.NW -T5J 0N5 Edmonton, AB
© Edmonton Global. All rights reserved