A Bay street sign is seen in Toronto’s financial district.Mark Blinch/The Globe and Mail
M&A analysis: It has the hallmarks of a transformational deal: The combination of Choice Properties REIT and Canadian REIT will create Canada's largest publicly traded commercial property owner, and the merger is backed by the powerful Weston family. The buyer's investors, though, don't seem so smitten. Story (Tim Kiladze, for subscribers)
The deal: The Weston family plans to buy a large commercial real estate trust for $3.9-billion, a move that would expand their real estate portfolio beyond retail and help insulate their Loblaw supermarket business from rapidly changing consumer shopping habits. The Westons, through their Choice Properties Real Estate Investment Trust, have a deal to acquire Canadian Real Estate Investment Trust (CREIT) and its suite of 206 industrial, office and retail properties across Canada. Story (Marina Strauss and Rachelle Younglai)
Excess capital: Home Capital Group Inc. is increasing the pace at which it issues new home loans as the alternative mortgage lender seeks to rebuild its diminished business. Story (James Bradshaw, for subscribers)
FINANCIAL SERVICES WRAP
Financial products: ETFs are struggling to impress investors with their innovation. Story
DEAL WRAP
Pension funds: Canadian pension fund OMERS said on Thursday it had raised its stake in Thames Water, Britain's largest water company, to around 32 per cent, shrugging off worries about renationalisation. Story
Asset sale: Canadian oil and gas producer Cenovus Energy Inc is looking to sell assets in Western Canada's Deep Basin, but will not part with its refinery business as it works to reduce debt, its chief executive said on Thursday. Story
U.S. venture financing: LimeBike just keeps piling on the millions. The dockless bike-sharing startup announced today that it has raised an additional US$70 million from Fifth Wall Ventures and Rainbow Technology. This is an extension of the US$50 million Series B round the startup announced last October. VentureBeat
U.S. venture financing: DroneBase, a drone services provider for businesses, has raised US$12 million in a series B round of funding led by Union Square Ventures and Upfront Ventures, with participation from DJI, Hearst Ventures, and Pritzker Group. VentureBeat
U.S. venture financing: Miso Robotics today announced that it has raised US$10 million to bring its restaurant worker robot Flippy to fast food chains and restaurants. Flippy will begin flipping burgers at CaliBurger in Pasadena, California later this year and expand to 50 CaliBurger locations by the end of 2019. VentureBeat
WHAT WE'RE READING ELSEWHERE
Hedge funds: Even as the average hedge fund has been lowering its fees, the cost to invest with a small subset of great performing managers is expected to rise, according to research from BRI Partners that will be published in the coming months. Institutional Investor
IN CASE YOU MISSED IT
The Streetwise newsletter is daily. If you're reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.