OTTAWA, May 14, 2013 /CNW/ - Primecorp Commercial Realty Inc., acting as
Advisor, announced the successful purchase of phase 2 of a two- phase
commercial portfolio acquisition by Skyline Commercial REIT. The
transaction was led by Primecorp's National Investment Team Aik
Aliferis, Nick Pantieras and Sam Firestone.
The commercial portfolio is comprised of 29 properties primarily located
in the GTA (Phase 1) and 17 properties in the city of Ottawa (Phase 2).
It is made up of nearly 2.4 million square feet of commercial space,
spanning across nine Ontario cities.
Phase 1 was fully acquired in October 2012; the collection of GTA
properties had a $120 million purchase price, and properties spanned
across the cities of Mississauga, Vaughan, Brampton, Etobicoke, Barrie,
Newmarket, North York and Orillia.
The Phase 2 Ottawa properties were acquired in two clusters as the
equity was raised to close each deal. The last cluster closed in April
2013. The Ottawa portfolio is made up of nearly 1 million square feet,
making this transaction the largest portfolio sale in the industrial
asset class in Ottawa's history.
"Working with Skyline on this quarter of a billion dollar transaction
has been a pleasure; their keen ability at building portfolios and
value over time makes them a leader in the real estate investment
genre. I can't say enough about the professional way Skyline
approaches their deals. They are very careful and diligent buyers and
are able to see opportunities and execute on those opportunities,
greatly enhancing their portfolios. We are very proud of the long
standing relationships we create with our clients and look forward to
repeating transactions of this magnitude over and over again", said Aik
Aliferis, Principal and Co-Founder of Primecorp.
This is the largest portfolio acquisition in Skyline's history which
currently holds nearly $1 billion in real estate among its two REITs.
"This acquisition is a milestone in many ways for Skyline and its group
of companies," says Jason Castellan, Skyline's Co-Founder and CEO.
"With this $240 million Commercial REIT acquisition, we have well
surpassed $1.1 billion worth of real estate assets, and close to $500
million of investor equity under management. With the continued support
from our investors and our desire to drive efficiency and value, we
will make the most out of the real estate we have now, while seeking
new opportunities through acquisitions."
Primecorp is a progressive Commercial Real Estate Investment Brokerage,
Management and Advisory Firm founded by Principals Aik Aliferis, Sam
Firestone, Steve Lerner and Nicolas Pantieras. The Firm has offices in
Ottawa, Toronto and Montréal, with affiliate offices in Halifax and
Edmonton. Primecorp has completed Real Estate transactions in excess
of C $5.0 Billion since inception in over 51 Canadian cities.
SOURCE: PRIMECORP COMMERCIAL REALTY INC.
For further information:
MEDIA RELATIONS - AIK ALIFERIS
1.888.720.2020 ext 234