eines der größten projekte in calgary steht still - bauarbeiter - was wird aus denen ????
H&R REIT hits a roadblock with The Bow
LORI MCLEOD
From Friday's Globe and Mail
November 14, 2008 at 9:20 AM EST
When H&R Real Estate Investment Trust signed on as the owner and developer of EnCana Corp.'s new head office in Calgary last year, the deal marked a milestone.
At the peak of the real estate boom in February, 2007, the handshake between the natural gas producer and the real estate developer set in motion the creation of a unique, crescent-shaped skyscraper which is set to become the tallest office tower west of Toronto.
At the time it was announced the project known as The Bow, became a symbol of Calgary's coming of age as a Canadian financial powerhouse in the midst of the commodities boom.
Almost two years later, times have changed and the development that was to become H&R's crown jewel has hit a funding wall.
"At present there are no financing arrangements in place on any of the REIT's development projects, and the current difficult economic conditions have impacted H&R's financing strategy," the trust said late yesterday in a release of its third-quarter financial results.
The trust said it is considering selling assets, including The Bow, to address its funding challenges.
So far, attempts to find an investor for the project have failed and are unlikely to succeed until H&R moves further along with its financing and construction efforts, said Neil Downey, analyst at RBC Dominion Securities Inc.
H&R's biggest problem has been the seizure of the credit markets, which happened swiftly, unexpectedly, and before it secured a construction loan for The Bow, said Dennis Mitchell, portfolio manager at Sentry Select Capital.
Labour and materials costs are rising, and the cost of the project has risen from $1.1-billion to $1.4-billion.
Adding to the pain is the downturn in the financial and commodities markets, which is sending office vacancy rates up and real estate values down.
Jau, es hatte schon bessere Laune hier. Meines Wissens bleiben drei Condo Tower erstmal nur grosse Loecher in der Landschaft. Aber "the Bow"? Nee, ich glaube das ist einfach ein zu grosses Prestigeobjekt. Da laesst sich der Buergermeister schon was einfallen.
Wenn wir dann erstmal wieder ueber die Spritpreise stoehnen, sind die Oilcompanies auch wieder happy. Und um die dreht sich hier nunmal alles. Bankenkrise, US - Wahlen, Oelpreisverfall... Wird nicht ganz locker in den naechsten Monaten.
Aber wenn wir alle brav mit nem V8 zum Broetchenholen fahren, wird das schon. Don´t worry!
Das Kanada Forum
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15.11.2008 17:54
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