Reason for Enbridge leaving is they are building a new tower in Edmonton in order to bring employees all together currently spread out over about 6 locations. Enbridge place is a well located tower in Downtown Edmonton and given a new large tenant will get their name on the building Dream should be able to re lease a good portion in 2017 when half of Enbridge lease come due.
A similar situation is in Calgary where Telus is building Telus Sky a 750,000 sf mixed office and residential project.again whatever company takes their place in current building will get naming rights.
Naming rights are very attractive to companies especially those not big enough to do their own buildings.
Obviously if the current oil price remains an event for several years going forward there will be a lot of hurt in Alberta for any REIT with substantial holdings. We have seen these depressed oil prices in the past and they somehow seem to work their way back up as marginal and other producers reduce output.