Primecorp acts as advisor as Skyline Commercial REIT closes Phase 2 of the largest portfolio acquisition in the company's history worth $242 Million (April 16th, 2013)

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.

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