IQALUIT - Two hotels, an office building and close to 160 residential units will change hands in the territorial capital under a multi-million dollar real estate deal announced this month

The Qamutiq building in downtown Iqaluit may be one of many properties involved in a nearly $51-million real estate transaction this month. Northern Property REIT is buying nearly 159 residential units, a newly developed office building, a hotel, and "an older operating hotel" in Iqaluit. - Jeanne Gagnon/NNSL photo

Northern Property Real Estate Investment Trust will acquire the properties in Iqaluit in a $50.7 million transaction also involving properties in Alberta and British Columbia.

The Alberta-based company will sell trust units and shares to a group of securities traders in a deal expected to pay down debt and fund several acquisitions, including the purchase of 151 apartment units in Nanaimo, B.C., and 230 apartments units in Jasper, Alta., stated a May 5 press release. Northern Property added the money will also be used to acquire 159 residential units in Iqaluit, "a newly developed office building, a hotel, several strategically located residential and commercial development properties and an older operating hotel which will ultimately be demolished."

A number of the properties being purchased in Iqaluit are speculated to belong to Nova Builders. Nova owns the new Qamutiq office building in downtown Iqaluit, the Nova Inn and the older Navigator Inn. It is unclear whether the residential units also belong to Nova or whether the Tammaativvik boarding home is involved in the transaction. Nova Builders owner Mike Mrdjenovich said he is selling the properties for health reasons.

"I spent 34 years up there, it's enough and I'm not feeling good. My health is not good," he said.

Northern Property already owns 585 residential units in Iqaluit, along with 39 furnished executive suites and 149,055 square feet of commercial space. The company did not respond to a request for an interview.

The deal, subject to regulatory approval, should be completed by May 27, stated Northern Property in the press release.

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