Skyline Apartment REIT Caps off Impressive Year with Massive Acquisition
November 14, 2008 - Press Release
Guelph-based Skyline is pleased to announce that it has completed its acquisition of 18 multi-residential properties from Conundrum Residential Property Income Fund on behalf of Skyline Apartment REIT at a purchase price of $108 million. The deal features 1,519 rental suites in 9 different Ontario communities.
Skyline continues to execute on its successful strategy of focusing on and finding value in Ontario’s secondary markets. The company has acquired $244 million in assets this year alone bringing Skyline Apartment REIT’s current market value to $450 million.
At $108 million, the Conundrum acquisition is the largest deal in Skyline’s history. It also comes on the heels of Skyline’s $9 million acquisition of a 213 unit property in Thunder Bay on November 14th and a $81.4 million acquisition of The Cooperators office portfolio in September of this year. “The Conundrum deal gives us a foothold in six new cities including Hamilton and Brantford and expands our presence in strong rental markets such as St. Catharines and Peterborough”, says Jason Castellan, CEO of Skyline. “Add in our Thunder Bay acquisition and you can say we’re certainly excited to be ending 2008 on a high note.” Castellan adds, “We look forward to serving the residents of these new communities.”
The company now has real estate holdings in 33 communities across four Canadian provinces. The acquisition significantly expands Skyline Apartment REIT’s southwestern portfolio, which immediately provides the management with opportunities to leverage upon existing properties and create significant economies of scale. Since amalgamating its holdings into a private REIT on June 1, 2006, Skyline Apartment REIT has grown to 85 properties.
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
Vice President, Corporate Marketing & Communications, Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
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