2006 – Skyline Announces Creation of REIT
July 6, 2006 - Press Release
Skyline Incorporated of Guelph, ON announced the amalgamation of $84 million of real estate and the creation of Skyline Real Estate Investment Trust (“Skyline REIT”). The private Skyline REIT enters the income trust market with 1,299 residential suites and 168,000 square feet of commercial space.
Since 1995, Skyline has purchased $72 million in real estate across 29 properties in 10 different rural and urban centres. During this growth period, industry peers and the investment community have recognized Skyline as a respected real estate asset manager. Upon creation of the Skyline REIT, Skyline Incorporated currently has a further 150 units worth $9.0 million under contract and set for closing by July 2006.
Skyline REIT will be focused on predominantly multi-unit residential real estate as its core investment class; however, will seek to further benefit investor returns with a select component of commercial real estate holdings.
The Skyline REIT structure was developed in conjunction with Stikeman Elliott LLP (www.stikeman.com), Canada’s foremost legal expert on income trusts. The REIT will be governed by a seven-member Board of Trustees according to the Skyline REIT Declaration of Trust.
As a private entry into the REIT sector, Skyline is committed to providing its investors with an established growth alternative to an often unpredictable and volatile public market. Skyline REIT will provide investors with access to a historically strong investment vehicle over the long-term with the inherent benefits of real estate investing: stable and consistent cash flows and long-term capital appreciation.
While differentiating itself from the public REIT participants, Skyline REIT will mirror several of their operating guidelines and distribution policies. Management’s intention is to provide investors a private market real estate opportunity at similar corporate governance thresholds as publicly traded REITs.
Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as asset manager for Skyline REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). Skyline Incorporated prides itself on its ability to continually identify accretive real estate investment opportunities to complement its growing portfolio.
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