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Winnipeg Free Press - PRINT EDITION

Real estate comes of age

Commercial property market draws heavies

By: Murray McNeill

Posted: 04/22/2010 1:00 AM | Comments: 0 (including replies)

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Winnipeg’s commercial real estate market escaped the recession relatively unscathed compared to other locations.

They had a national coming out party for Winnipeg's commercial real estate market on Wednesday, and its days as one of the country's wallflowers are over.

A bigger-than-expected crowd of nearly 500 real estate industry players, including 140 from outside the province, descended on the Fort Garry Hotel for a one-day forum on Winnipeg's commercial real estate market.

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It's the first time that MMPI Canada, a Toronto-based firm that has been staging real estate forums in Canada since 1992, held one in Winnipeg.

And MMPI Canada vice-president George Przybylowski said there will be more to come.

"The answer is definitely yes. No question about it. The only question is the timing, and the feedback I'm getting is that it would be best to do it every two years."

He said the reason the company never held one here before was because there was never enough interest in the Winnipeg market from industry players outside the province.

But all that changed last year after the Manitoba economy and the local commercial real estate market escaped the recession relatively unscathed compared to much of the rest of the country. Suddenly, outside investors were keen to learn more about the Winnipeg market and its prospects for the future.

Przybylowski said they were hoping for 350 attendees at Wednesday's forum and got 470. Among them were some of the industry's biggest national players -- guys like KingSert Capital managing partner Jon Love, Morguard Investments Ltd. president and COO Stephen Taylor, and Allied Property REIT president and CEO Michael Emory -- who all participate in one of the afternoon panel discussions. All three said their companies are high on the Winnipeg market, already have properties here and are keen to acquire more.

Taylor said Morguard has close to $400 million worth of properties under management in Manitoba, and it's been its best-performing portfolio over the past 10 years.

"Manitoba has always been one of our best-kept secrets," he said, adding in some ways he's disappointed their secret is finally getting out.

Another panel participant -- Timbercreek Asset Management Inc. vice-president and CFO Ugo Bizzarri -- said the Toronto-based real estate fund also likes the Winnipeg market and has a deal in the works to acquire some apartment blocks here.

"Just because we're not here (already) doesn't mean we don't like it," he said in an interview. "It's just a matter of finding the right deal."

There was also no shortage of local heavy hitters at Wednesday's forum, with the likes of James Richardson & Sons chairman and CEO Hartley Richardson, and True North Sports & Entertainment Ltd. chairman Mark Chipman talking about why their businesses love Winnipeg.

Bizzarri said Timbercreek officials like Winnipeg for all the reasons that Richardson and many other speakers cited -- things like a stable local economy, low vacancy rates, strong population growth and high levels of employment.

Don White, chairman of the WinnipegREALTORS Commercial Division and one of the key players in helping to get the forum here, predicted the information that was shared and the contacts that were made will help to lay the groundwork for more real estate investments and more economic growth for Winnipeg.

murray.mcneill@freepress.mb.ca

Republished from the Winnipeg Free Press print edition April 22, 2010 B5

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