Skyline Apartment REIT Acquires New Hamburg, ON Property
November 21, 2007 - Press Release
Skyline Incorporated of Guelph, Ontario announced November 21, 2007, the close of a $4.3 million portfolio acquisition in New Hamburg, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $175.9 million.
The New Hamburg acquisition is the first in the city for Skyline and encompasses 55,917 sq.ft. of commercial space.
The building is located at 66 Hincks Street in New Hamburg. The acquisition expands Skyline Apartment REIT’s central portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the twenty-third property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, Chief Executive Officer of Skyline Incorporated commented that, “The addition of the Magnussen Business Centre in New Hamburg to the portfolio has stable and long term leases, is in excellent physical condition and offers a very accretive return to our investors. The growth in this area demonstrates current and future demand that we can build on to maximize the performance of this property.”
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 Apartment REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline Apartment REIT currently holds 3,045 residential suites and 267,070 square feet of commercial space. Moving towards this vision, Skyline Incorporated takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio.
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