NCC Properties Limited Sells 126 Residential Units to the Nunavut Housing Corporation
On November 19, 2021, NCC Properties Limited (“NCCP”) closed on the sale of 126 residential units to the Nunavut Housing Corporation (“NHC”). These units were part of the original 250 residential units constructed by NCC from 1998 to 2000 in order to meet the staff housing needs of the newly formed Government of Nunavut. The units were leased to the NHC for a 20-year term. Upon expiry of the original lease term, NCCP and NHC engaged in negotiations for the NHC to acquire a portion of the portfolio from NCCP. The units sold to the NHC were located in the following communities: 40 units in Iqaluit, 23 units in Arviat, 20 units in Baker Lake, 10 units in Rankin Inlet, 13 units in Kugluktuk, 10 units in Cambridge Bay and 10 units in Gjoa Haven. The remaining 124 units from the original legacy portfolio are located in the following communities and are subject to new lease agreements with the NHC: 34 units in Igloolik, 32 units in Pangnirtung, 32 units in Pond Inlet and 26 units in Kinngait.
NCC management is actively working with the Board of Directors, which consists of senior management of the four Inuit birthright regional development corporations, to evaluate reinvestment opportunities for the proceeds on sale.