John Curran
Northern News Services

Yellowknife (Aug 19/05) - Huntingdon Real Estate Investment Trust has paid $13 million to be the proud new owner of Centre Square Mall on Franklin Avenue.

The deal includes 92,506 square feet of retail space, a six-storey office complex, and parking for more than 300 vehicles.

But the spaces occupied by the library, the Northern Heights condominium tower and an additional two-storey office space are not included in the deal.

"We are somewhat bullish on the North," said Gino Romagnoli, the Winnipeg-based operation's investor relations manager. "Our sister company already owns Beck Court and Nova Village and is considering purchasing Nova Court."

It was too early to say if Huntingdon would undertake any major renovations to the mall, but Romagnoli called its purchase, "a long-term hold."

He said the trust prefers looking at secondary markets to buying property in places like Toronto or Vancouver.

"We get a better return on our investment," he said.

Last spring retailers leasing space at Centre Square complained of less than ideal shopping conditions, and that rising temperatures outside were causing leaks inside.

"I guess having new owners will be a good thing if they do something about that," said Emory Keller, who manages Javaroma's Centre Square location.

As for the price the new owners paid, she wasn't surprised by the $13 million price tag.

"In Yellowknife, everything is very expensive," she said.