Manulife Place Renovations | 145.99m | 36s | AIMCo | MdeAS

What do you think of this project?

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cmd uw said:
Not surprising when a bank is occupying the majority of the office tower. They will want the best frontage for their retail branch. You see it in most cities - yes even the Centre of the Universe.
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Indeed, but an opportunity lost from what we had before and what could have been.
 
IanO said:
Inde as theyed, but an opportunity lost from what we had before and what could have been.
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????
They will probably occupy less retail space here than the retail space they will be vacating at 103rd and Jasper. That's not an opportunity lost, that's at worse a wash.

And as part of that wash, they will occupy some 200,000 sf of space in the heart of the financial district with approximately 1,200 employees.

As well as their own TI, the move will trigger $30M in upgrades to the project and potentially keep Manulife in this market as a stable, long-term, committed downtown landlord.

Opportunity lost? This one is much better categorized as opportunity realized by both parties involved in the transaction.
 
I'm speaking to and directly about the retail CRU on that corner Ken.

The rest of it is fantastic.
 
IanO said:
Manulife, as not everything needs to be in ICE.
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Agreed. It is better for the overall health of downtown for financial institutions not to be just concentrated in ICE District, particularly as it was meant to be an entertainment district, not a bank district.

I do feel the Manulife corner space which was previously retail would have been better to remain as retail especially with the new LRT line close by. But perhaps something nice can be added in the 103 Street space the CWB will be vacating. If so, it may be close to a wash overall.
 

Creating a Canadian banking leader with growth priorities from coast-to-coast – The combination brings together complementary banks with complementary footprints and established positions in Western Canada. The united bank’s growth objectives in the region will be supported by executive and operational leaders based out of Edmonton, Alberta. National Bank will increase banking services across CWB’s existing network. CWB customers will continue to have access to branches in the communities where they typically bank across Canada, as well as additional locations in National Bank’s network. As part of the transaction, National Bank’s board of directors will be strengthened by the addition of two CWB nominees.
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"The united bank’s growth objectives in the region will be supported by executive and operational leaders based out of Edmonton, Alberta"

Seems like they're staying. It's a bit interesting that National Bank bought out CWB.

On the flip side, this could be a play for National Bank to try and break into the Big Five. Since they're based out of Montreal, they could inevitably use CWB as their stepping stone into Western Canada and inject significant capital into growth for CWB or whatever the united bank ends up being.

On the other hand I did economics and not finance so what do I know lol, it could be good news for all we know.
 
According to the Canadian Press story I just read, here are two additional pieces of information:

- National Bank says it will maintain Canadian Western's headquarters and two nominees from the bank will join National's board of directors.
- The transaction is expected to close by the end of next year.

A good deal for National Bank and Canadian Western too, as National Bank does not have a huge western presence, so it makes sense. It sounds like they intend to keep CWB's presence and perhaps even beef it up. It would probably be hard to for them to try run the western operations from Montreal, so although I am sad to see CWB not continue on its own, it could work out ok.
 
Don't know how to feel about this right now but as long as Edmonton continues to be the western HQ and the current presence is maintained (or even increased) then no issues from me but if they attempt to move out of Edmonton to either Calgary or Montreal then this would be an absolutely devastating blow.
 
From what I'm seeing, reading and understanding, there's not going to be a move of the HQ anytime soon. CWB's asset growth has been middling and stagnant over the last two years, and it seems like National Bank is going to be using CWB as their vehicle for growth in Anglo Western Canada since they're mainly focused in Quebec.

It honestly could be good news in terms of growth, both in asset and jobs for the future, especially if they're trying to make the Big Five into the Big Six.

Personally wouldn't mind us as Anglo Montreal of the West in this regard.
 
They obviously have staff and talent here but I am worried long term. I don't know the inside of these things but it seems long term there would be less employees and less reason to be in Edmonton, unless they specifically really want to keep Edmonton as a western hub and make a public commitment to that effect. But I dunno, time will tell.
 
JMatt88 said:
Hopefully they don't move head office to Calgary, this is definitely mixed news indeed!
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This is where our lack of confidence in ourselves comes through and can become self fulfilling. Fairly certain National Bank's head office will remain in Montreal.
 
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