Skyline Apartment REIT Acquires Port Elgin, ON Property
September 28, 2007 - Press Release
Skyline Incorporated of Guelph, Ontario announced September 28, 2007, the close of a $5.9 million portfolio acquisition in Port Elgin, Ontario, adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $171.6 million.
The Port Elgin acquisition is the second in the city for Skyline and encompasses 96 residential suites.
The buildings are located at 764, 780, and 794 Waterloo Avenue in Port Elgin. 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-second property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Ashdown, COO of Skyline Incorporated reflected that, “This property is centrally located just blocks from downtown and is an excellent compliment to our current Port Elgin holdings. Port Elgin is a thriving community with a strong local economy and all necessary amenities. This property will ensure we achieve economies of scale and the ability drive the local rental market as Skyline Apartment REIT now owns two of the largest rental properties in the Saugeen Shores area.”
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 3,047 residential suites and 211,153 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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