Doug Ashbury
Northern News Services

NNSL (May 20/98) - Urbco Inc. expects to complete its major acquisition by the end of next month, the Calgary-based company said.

Urbco, which built Yellowknife's Diamond Ridge, Diamond Park and Diamond Pointe, is buying $40 million in NWT real estate as well as construction company Ninety North Holdings Ltd.

Thursday, Urbco said it had reached an agreement on which assets will be included in the transaction and the values to be assigned to the various properties and businesses.

The assets include 214 residential units, plus 13 retail or commercial properties and the commercial construction company which is one of 10 companies being bought in the deal.

"This acquisition of such an extensive Northern real estate portfolio will almost double the size of Urbco," the company said.

The transaction includes buying 36 separate parcels located in Yellowknife, Iqaluit, Pangnirtung, Arctic Bay, Gjoa Haven, Cape Dorset, Igloolik, Sachs Harbour, Taloyoak and Pond Inlet.

Most of the commercial and retail properties have long-term leases with banks, utility companies, post offices and government offices.

James Britton, Kenn Harper, Jack Walker and John Crichton -- the individuals selling the assets -- will become Urbco directors when the deal closes.