Yellowknife (Jun 07/06) - An Ontario company has gobbled up one of Yellowknife's prime commercial landlords.

Dundee Real Estate Income Trust (REIT) has purchased Bellanca Development and its four buildings in the downtown.

Part of a larger deal, the Toronto-based company also purchased two other properties in Edmonton and Saskatoon from Princeton Development.

The total value of the six acquisitions was $97.1 million, and Dundee was unwilling to comment on the exact value of the Bellanca properties alone.

"We're very bullish on Yellowknife," said Michael Cooper, vice-chairman and chief executive officer with Dundee REIT.

The four local buildings it acquired were the Northwest Tower, the Precambrian Building, the Scotia Centre and the Bellanca Building.

A rapidly growing western economy was one of the main reasons Dundee REIT focused in on Yellowknife.

"The more we looked at the Yellowknife properties, the more we liked," said Cooper.

Bellanca Development founder Shorty Brown said he will be staying on with the company and serving as as vice-president of development.

Dundee REIT will continue to use the Bellanca Development Ltd. title with the Yellowknife properties.

All of the Bellanca staff members, which include five office workers and four building operators have signed on to continue working with Dundee REIT, said Randy Cameron, senior vice-president for the western region.

The 30 custodians Bellanca had employed have all been re-hired as well said Cameron.

"Everybody is pleased," he said. The four Yk office buildings combined are running at 97 per cent occupancy rate.

The Northwest Tower and the Bellanca Building both are completely full.

The Scotia Centre sits at about 95 per cent while the Precambrian Building is at 93 per cent capacity.

Along with the four properties, Dundee REIT also received nine acres of land located in parcels around the city.

The company has no specific plans for the vacant land, added Cameron.