NuCove Property, a wholly owned subsidiary of NuCove located in St.John's, Newfoundland, is specifically focused on acquiring undervalued real estate assets that have great potential for increasing economic value over the short to medium-term. Through professional management and investment of financial and human resources, NuCove Property is positioned to uncover the fair market value of these assets and pursue development or liquidation strategies that will result in significant profit.NuCove Property’s first transaction was the indirect acquisition of a Nova Scotia based company that owned a large assembly of raw undeveloped lands just 25-30 minutes outside the city of Halifax, within the Halifax Regional Municipality.
The Halifax property encompasses approximately 2,000 acres and includes an estimated 14 kilometers of linear waterfront property as it encompasses some or all of seven different fresh-water lakes. In 2004, NuCove sold 67% of the common shares of the numbered Nova Scotia company that indirectly controls the land to a large Atlantic Canadian-based company with great skills and expertise in property development. Together, the partners are now pursuing the highest and the best value development of the property.
