I dunno why it was a single continous pour, thing is Calgary dosent have bedrock (thats close to the surface) so there needs to be a raft poured, so appearently the Howard Hughes Center in L.A. and the Al Durrah Tower in Dubai.
Encana will continue to operate out of the Bow, and as far as I know the pour wen't off without a hitch, they are now working on the 6 ave bridge, once that is done I can see the Bow really taking off.
H&R Real Estate Investment Trust needs to cut its distribution in half to pay for the development of EnCana Corp.â€™s new headquarters in Calgary, according to RBC Capital Markets analysts Neil Downey.
Called The Bow, the $1.4-billion project in Calgary sill requires $1.1-billion in funding. â€œH&R has $350-million of liquidity. This suggests a construction loan off $800-million is need to finish the project,â€ said Mr. Downey.
H&R has said in the past it is looking for equity partners but so far none have emerged. Mr. Downey said the REIT will only be able to come up with $500-million of financing, leaving it $300-million short.
The analyst says that if the REIT cuts its distribution it will result in $100-million in savings annually or $300-million over the three years it will take to build the project.
â€œIn light of the current unit price and dysfunctional financing in property investment markets, it appears that the internally generated and retained cash flow is the lowest-cost source of funds available to the REIT,â€ said Mr. Downey.
He believes H&R REIT needs to go ahead with project because the economic consequences of not going ahead would be worse. That said, the market value of the building will end up being less than total construction costs,, said Mr. Downey.
The analyst reduced his 12-month target price on the REIT to $10 from $19.25.