Skyline Apartment REIT Acquires St. Thomas, ON Property
January 25, 2007 - Press Release
Skyline Incorporated of Guelph, Ontario announced January 25, 2007 the close of a $16.2 million portfolio acquisition in St. Thomas, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $130.874 million.
The St. Thomas acquisition encompasses 258 residential suites and 65,000 sq. ft. of commercial space.
The building is located at 294, 300-330 Talbot Street in St. Thomas. The acquisition expands Skyline Apartment REIT’s western portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the thirteenth property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, CEO of Skyline Incorporated commented that “there is some significant upside in the commercial space as 40,000 feet is vacant, and when rented will add considerable value to this property. When and how easy still remains to be seen, as the downtown commercial market does have some competition right now. Overall this building is in excellent condition and is a landmark property in St. Thomas.”
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 2,179 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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