Skyline Apartment REIT Acquires More Oshawa, ON Properties in 2008
February 8, 2008 - Press Release
Skyline Incorporated of Guelph, Ontario announced February 8, 2008, the close of a $4.95 million portfolio acquisition in Oshawa, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $196.55 million.
The Oshawa acquisition is the third in the city for Skyline and encompasses 41 residential suites.
The building is located at 333 Simcoe Street in Oshawa. The acquisition expands Skyline Apartment REIT’s eastern portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the thirtieth 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, “We are happy about this high end, condominium quality apartment building acquisition in Oshawa. It is an immaculately kept property with a social room, underground parking, grand foyer with waiting area, and a very solid clientele. This property is located directly across from the newly constructed Lakeridge Health Oshawa Hospital. The Oshawa community is experiencing tremendous growth, and by having this property in such a key location will only benefit from Oshawa’s transformation.”
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 3,385 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.
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 preferred Exempt Market Dealer for the REIT. It is also available on Fundserv (Code: RBS2400).
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 about additional 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
Vice President, Corporate Marketing & Communications, Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
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