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.

[apt_about_reit]

For media inquiries, please contact:

Jeff Stirling
Director of Marketing, Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
(519) 826-0439(519) 826-0439 x 243

Related Articles:

Skyline Apartment REIT Acquires Third Cornwall Property – and Moves Into the City of Belleville

February 28, 2013

March 1, 2013 – Skyline Apartment REIT made its...

Skyline Apartment REIT Acquires Owen Sound, ON Properties

August 24, 2006

Skyline Incorporated of Guelph, Ontario announced August...

Skyline Unveils Micro CHP System at St. Catharines, ON Property

May 26, 2016

View the original article on Canadian Apartment Magazine...

Disclaimer

The information provided on this website is for general information purposes only and is derived from sources that Skyline Apartment REIT believes are reliable. This website does not constitute an offer of, or solicitation for, the purchase and sale of any securities under any circumstances. Please read the confidential offering documents before investing, as they contain important information on fees and risk factor. Nothing herein should be construed as investment, legal, tax, regulatory or accounting advice.