Skyline Apartment REIT Acquires $81.4M Cooperators Portfolio

September 17, 2008 - Press Release

1920 College Avenue, Regina, SK
1920 College Avenue, Regina, SK
19 Crosbie Place, St Johns, NL
19 Crosbie Place, St Johns, NL
2475 Laurier Boulevard, Quebec City, QC
2475 Laurier Boulevard, Quebec City, QC

Guelph, ON, Sept. 18, 2008 – Guelph-based Skyline is pleased to announce that it has completed its acquisition of six commercial properties from The Co-operators Group on behalf of Skyline Apartment REIT at a purchase price of $81,400,000. The deal features 480,861 sq ft of office space including three buildings in Guelph, Ontario, and one in each of St. John’s, Newfoundland; Quebec City, Quebec; and Regina, Saskatchewan.

The acquisition represents Skyline’s first foothold in communities outside of Ontario positioning the company for further expansion beyond its traditional investing grounds of Ontario. The company now has properties in 26 communities across 4 Canadian provinces.

The Co-operators will remain the core tenant, having signed a 15-year lease for 90% of the total space in the properties. The remaining space is fully leased with high-quality retail, professional, and office tenants.

This acquisition nearly triples the office space in Skyline’s portfolio. “We’re happy to now have these assets under management and under the ownership of the REIT,” said Jason Castellan, CEO of Skyline. “Knowing that we were entering into a 15-year sale-leaseback ensures a long term, stable return for our investors, while aligning ourselves with a well respected national company in the Co-operators.”

128-130 Macdonell St, Guelph, ON
128-130 Macdonell St, Guelph, ON

About The Co-operators:

Based in Guelph, Ontario, The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial and farm insurance, as well as investment products and property development. With assets of more than $7 billion, The Co-operators is owned by a group of Canadian co-operatives, credit union centrals, and like-minded organizations. It is well known for its community involvement and is listed among the 50 Best Employers in Canada.

About Skyline Apartment REIT

Skyline Apartment REIT (the “REIT”) is a privately owned and managed portfolio of primarily multi-residential properties, focused on acquiring both established and newly developed properties in secondary and tertiary communities across Canada.

Skyline Apartment REIT is distributed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth”), the exclusive Exempt Market Dealer for the REIT.

Skyline Apartment REIT is committed to providing best in class apartment suites and service to its residential tenants, while surfacing value with a goal to deliver stable returns to its investors.

To learn more about Skyline Apartment REIT and other alternative investment products offered through Skyline Wealth, please visit SkylineWealth.ca.

Skyline Apartment REIT is operated and managed by Skyline Group of Companies.

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 Grows into Langford, BC

September 11, 2019

On September 11, 2019, Skyline Apartment REIT, a privately-owned...

Skyline Apartment REIT Acquires 6-Property Sarnia & Niagara Falls Portfolio

July 6, 2016

Skyline Apartment REIT, a privately-owned and managed...

Skyline Apartment REIT Acquires More Oshawa, ON Properties in 2008

February 8, 2008

Skyline Incorporated of Guelph, Ontario announced February...

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.