Doug Ashbury
Northern News Services

NNSL (May 25/98) - Northerners will get the chance to invest in the new Urbco, the company's president Don Wilson said.

With about 300 shareholders, Urbco is a closely held public company listed on the Alberta Stock Exchange.

Calgary-based Urbco is acquiring a Northern real estate portfolio of 214 residential units and 13 retail or commercial properties as well as construction company Ninety North.

After the deal closes, the plan is to list the company on the Toronto Stock Exchange and launch a share offering.

"Taking the company to the TSE will provide an opportunity for us to raise more capital," Wilson said.

Ninety North president Jim Britton said this could be part of a trend where companies working in the NWT "look to the public markets for capital."

Britton is a former GNWT deputy minister of economic development and tourism. He also worked in government in the North as regional director in Iqaluit. In 1985 he left the GNWT for a career in real estate.

"These days, you have to reinvent yourself."

Yellowknifers know Urbco best for their condominium-style Diamond Pointe, Diamond Ridge and Diamond Park homes. Urbco could introduce more of this type of home in the Iqaluit and other NWT communities.

The properties acquired in the deal include 36 parcels located in Iqaluit, Yellowknife, Pangnirtung, Arctic Bay, Gjoa Haven, Cape Dorset, Igloolik, Sachs Harbour, Taloyoak and Pond Inlet. The deal also includes ten private companies many of which hold the real estate as their lone assets.

Some of the more prominent buildings include Iqaluit House, home to the Royal Bank branch, and the Sivulliik building. Iqaluit's post office and Bank of Montreal branch are located in the Sivulliik building.

In Yellowknife, Stanton Medical Plaza beside McDonald's, and the Bowling Green building, are among the properties.

Urbco Inc. expects to complete the $40-million acquisition by the end of next month. The new company will be almost double the size of the current Urbco.

Britton is just one of several business people with real estate assets to be part of the new company.

As well as Britton, some of the business people involved are Kenn Harper, Jack Walker and John Crichton.

Walker is president of the Yellowknife Inn Ltd. Iqaluit-based Harper owns stores in Iqaluit and Pangnirtung. Crichton is NAV Canada's chief executive officer and a former First Air executive.

A share search shows Ike Haulli and George Quluat, both of Igloolik, Timmun Allariaq of Cape Dorset, Tim Dailla of Pangnirtung, Simon Merkosak of Pond Inlet and Rose Machmer of Iqaluit, are among owners of the assets to become part of Urbco.

Britton also said the company looks to be the developer on two, possibly three, major projects in Iqaluit in the short-term.

Among Ninety North's current projects is a $9-million school in Pangnirtung.