Skyline Apartment REIT Sells Lindsay, Ontario and Peterborough, Ontario Properties; Acquires Eight Properties in Niagara Region
June 16, 2014 - Press Release
On Monday, June 16th, 2014, Skyline Apartment REIT purchased an 8-property portfolio consisting of residential buildings in the cities of Niagara Falls, Ontario and St. Catharines, Ontario. The Skyline Apartment REIT already has several buildings in both cities. The total purchase price for the portfolio was $101 million.
Also on Monday, June 16th, 2014, Skyline Apartment REIT successfully sold its single Lindsay, Ontario, and three of its Peterborough, Ontario properties.
“The sale of three of the Apartment REIT’s Peterborough assets, and our sole Lindsay asset, a total of 418 units, was a record price for assets in these markets, and allowed us to acquire a significantly larger portfolio in the St. Catharines/ Niagara region, without the requirement to raise new equity from investors,” says Mike Bonneveld, Vice President, Skyline Asset Management Inc. “These two transactions resulted in a net increase of 412 residential units, and a material increase in portfolio revenues. While the Peterborough and Lindsay properties were strong financial performers for the REIT, the overall financial benefits of the transactions, as well as the ability to enhance our Niagara Region holdings and be one of the dominant owners in that market, is very exciting.”
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:
Cindy BeverlyVice President, Marketing & Communications
Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, Ontario N1H 2S8
cbeverly@skylinegrp.ca
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