Skyline Apartment REIT Acquires Tillsonburg, ON Property
January 3, 2008 - Press Release
Skyline Incorporated of Guelph, Ontario announced January 3, 2008, the close of a $3.66 million portfolio acquisition in Tillsonburg, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $179.6 million.
The Tillsonburg acquisition is the first in the city for Skyline and encompasses 99 residential suites.
The building is located at 182, 192, 204 Lisgar Avenue in Tillsonburg. 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-sixth 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, “This property requires renovations; however, with the low purchase price, we have an opportunity to refurbish it to a new and higher standard that will enhance the performance and value of these buildings for the Skyline Apartment REIT. With Toyota’s expansion into Woodstock, Tillsonburg will benefit through employment opportunities as well as growth from secondary offshoot businesses.”
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 3,144 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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