Skyline Apartment REIT Acquires Ridgetown, ON Property in 2008
June 26, 2008 - Press Release
Skyline Incorporated of Guelph, Ontario announced June 26, 2008, the close of a $1.5 million portfolio acquisition in Ridgetown, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $219.735 million.
The Ridgetown acquisition is the third in the city for Skyline and encompasses 35 residential suites.
The building is located at 10 James Lane. The acquisition expands Skyline Apartment REIT’s southwestern portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the thirty-fourth 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 that, “The fact that right across the park where 10 James Lane is situated is another Skyline building at 16 Marsh gives us the opportunity to create synergies and efficiencies from a management perspective. The property is in solid condition with good long term onsite staff that will continue as members of the Skyline Team. This is a good little acquisition that is accretive to the performance of the REIT.”
Based in Guelph, Ontario, Skyline is the asset manager for Skyline Apartment REIT, a private real estate investment trust focused on acquiring and managing apartment buildings and commercial space in diverse communities across Canada. Driven by a desire to be the very best at pursuing steady, calculated, Real Estate growth grounded in fundamentally sound properties, Skyline takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio. Skyline currently holds 3,766 residential suites across Ontario and 267,070 square feet of commercial space.
Skyline Incorporated is committed to providing customers with a clean and comfortable environment while optimizing shareholder returns.
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