Nunavut’s biggest landlord goes national

After its transformation into Northview, Northern Property REIT will own 24,323 residential units and 1.2 million square feet of commercial space, a portfolio worth about $3 billion.

If regulators and unit-holders say yes, many northern Canadian tenants will be writing their cheques to a new company this fall: Northview Apartment Real Estate Investment Trust.

Northern Property REIT, already one of northern Canada’s biggest owners of residential and commercial property will get even bigger after it completes the deal, NPR announced last seek.

Under it, Northern Property will acquire a southern-based company called True North Apartment Real Estate Investment Trust, along with a suite of properties owned by Starlight Investments Ltd. and the Public Sector Pension Investment Board.

When the deal is completed, NP REIT will change its name to Northview Apartment REIT and become the third-largest publicly traded real estate company in Canada.

And the new firm will own about 25,000 residential units across eight provinces and two territories, worth about $3 billion.

“Northview’s national platform and diverse portfolio will provide unit-holders of both NPR and True North with a unique opportunity to build a great Canadian business,” NPR’s president and CEO