Skyline Apartment REIT Acquires Thunder Bay, ON Property
June 10, 2009 - Press Release
Skyline Incorporated of Guelph, Ontario announced June 10, 2009, the close of a $4.5 million portfolio acquisition in Thunder Bay, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $455 million.
The Thunder Bay acquisition is the second in the city for Skyline and encompasses 88 residential suites. Skyline acquired a two-tower complex in the city in late 2008.
The building is located at 777 Kingsway Avenue, and is comprised of two separate buildings. The acquisition expands Skyline Apartment REIT’s northern Ontario portfolio, is accretive for investors, and will provide management with opportunities to leverage upon existing economies of scale in the city. This property is the 60th 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, “We are very happy with our most recent acquisition in Thunder Bay, which enhances our current holdings. We are strong believers in the strength of the Thunder Bay economy and the ongoing sustainability of the residential rental market. We also continue to see good multi-residential acquisition opportunities for the REIT across the province which would provide significant accretion to our investors.”
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 Management”), 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, please visit SkylineApartmentREIT.ca.
To learn more about Skyline Apartment REIT and other alternative investment products offered through Skyline Wealth Management, 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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