Skyline Apartment REIT Acquires London, ON Property in 2008
January 28, 2008 - Press Release
Skyline Incorporated of Guelph, Ontario announced January 28, 2008, the close of a $3.95 million portfolio acquisition in London, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $191.6 million.
The London acquisition is the fifth in the city for Skyline and encompasses 81 residential suites.
The buildings are located at 1450, 1460, 1480 and 1500 Beckworth Avenue in London. 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 twenty-ninth 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 explained, “The Beckworth Apartments are located in a quiet neighbourhood in London and are in close proximity to Fanshawe College and community centres. This property has real value that can be unlocked through hands on active management. Using our scale in London, we can improve the performance of this property and improve the quality and living experience for our tenants here.”
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 3,344 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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