The acquisition will split First Capital’s real estate portfolio, with Choice buying mostly grocery-anchored properties worth $5 billion, and KingSett taking a mix of assets, including shopping malls and development sites, valued at $4.4 billion. First Capital’s total portfolio is valued at $9.4 billion, including debt. (The Logic, The Globe and Mail)
Other investors in the Palo Alto, Calif.-based firm’s latest round include Toronto-headquartered Leadout Capital, as well as U.S. funds A.Capital Ventures and Red Swan Ventures. Expo will use the funding to keep developing its technology. (The Logic)
CEO Harry Culham said at the bank’s annual general meeting on Thursday that the lender plans to commit more capital and expertise to help drive economic growth across the country. He also announced an $800-million commitment through 2032 to support cancer research, childhood development and community-building initiatives. (The Logic)
CEO Ellis Jacob has been reaching out to rivals, including Regal Cineworld Group and Cinemark, about a possible acquisition of Canada’s largest movie theatre chain, sources told Bloomberg. (Bloomberg)
Court records obtained by CBC’s The Fifth Estate and Radio-Canada show the Canada Revenue Agency paid the refund last May to Teresa Wallace, who runs a B.C. hemp and grain processing business, even though the requested refund was red-flagged for review. (CBC, Radio-Canada)
The Ottawa-based early-stage venture capital firm closed its fifth fund late last year, Mistral partner Raif Barbaros told The Logic. Limited partners include Business Development Bank of Canada, HarbourVest, Venture Ontario, Scotiabank and Alberta Enterprise Corporation, which invested $7.5 million. The firm has made about a dozen investments through the fund so far. (The Logic)
Leaders at Canadian companies reported limited access to high-quality data sources for employees working with AI, and fewer centralized tools that can be reused—meaning staff were more likely to build tools from scratch, according to a PwC survey. The 34 Canadian company leaders surveyed said their workforces were less likely to be offered ongoing, role-specific AI training sessions and were less likely to trust AI-generated insights than the global average of 1,220 corporate leaders surveyed. (The Logic)
The Ski-Doo maker said it faces 25 per cent tariffs on the majority of its off-road vehicles, potentially costing a total of $500 million, due to changes in U.S. regulations that came into effect earlier this month. (The Logic)
Speaking at the lender’s annual general meeting on Wednesday, Darryl White said Canada remains resilient despite growing uncertainty tied to trade tensions and the oil shock. While he acknowledged that the impact is being felt unevenly across the economy—with central Canada bearing much of the brunt—he said the country will remain “as good a place as anywhere” in the world over the next couple of years. (The Logic)
Now that Ottawa has officially rescinded the three per cent levy, Google said it will reimburse customers for all the fees it collected to cover the tax between Oct. 1, 2024 and June 30, 2025. (The Logic)