Skyline Apartment REIT Acquires Mississauga, ON Property
November 10, 2010 - Press Release
Skyline is pleased to announce the recent purchase of a 12-storey, 155- unit apartment building in Mississauga, Ontario. This $18.4 million multi-residential complex at 120 Dundas Street East is highly accretive to the portfolio and is our first purchase in this city. This new addition to the REIT now brings Skyline Apartment REIT’s portfolio stats up to 6,298 residential units and 785,632 square feet of commercial space, in 33 communities, across 4 provinces. The current market value of the REIT is now over $550-million, but not for long. This new acquisition is our third this year: Timmins (91 units), London (146 units) and Mississauga (155 units) and we will also be closing a significant portfolio of Properties within the next few weeks that will add over 600 new residential units to the REIT.
Jason Castellan, Chief Executive Officer and Co-Founder of Skyline commented that, “This property in Mississauga has offered us a great opportunity to capitalize on an accretive acquisition in a new market for Skyline. It is a strong and growing market where there is a significant and highly diverse population to draw from, and many other opportunities for us to grow and benefit from the local economies of scale when the right deal comes along. We are truly excited about this location with its proximity to transit and other key amenities, as it appeals to wide spectrum of current and potential tenants.”
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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