OTTAWA, Nov. 6, 2012 /CNW/ - Primecorp Commercial Realty Inc., acting as Advisor, announced today the successful purchase of Phase I of a two Phase commercial portfolio acquisition by Skyline Commercial REIT. The transaction was led by Primecorp's National Commercial Group Aik Aliferis, Nick Pantieras and Sam Firestone.
The complete portfolio acquisition is comprised of 60 properties with nearly 2.4 million square feet of commercial space and spans across nine Ontario cities. Phase I is primarily located in the GTA and surrounding area and Phase 2 is a portfolio of properties in the City of Ottawa.
"Doing a quarter of a billion dollar deal is so exciting and exhilarating! Working with Skyline 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. Doing business with great companies and people is what makes this business so amazing", 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. To build upon the incredible success of the Skyline Apartment REIT, the Skyline Commercial REIT launched in January of this year as a new offering from the Skyline Group of Companies. With the recent addition of this new commercial portfolio, the Skyline Commercial REIT will grow nearly 10 times its current size by early next year when Phase 2 of the acquisition is slated to close.
"Through an excellent working relationship with Primecorp Commercial Realty, we worked closely with Aik Aliferis who advised us on this incredible opportunity. We also knew the vendor well and that trust between all parties went a long way to keep what is such a large transaction moving forward to achieve this successful outcome today. Many thanks to all the individuals that worked together to get this deal done", said Jason Castellan, CEO & Co-Founder of the Skyline Commercial REIT and the Skyline Group of Companies.
"This was a rare opportunity in the Canadian market", Principal and Co-Founder of Primecorp, Nick Pantieras says. "Our extensive knowledge of market fundamentals enabled us to identify the optimal buyer for this portfolio, providing a strategic fit for Skyline. The portfolio is diverse in terms of geography and tenant profile proving stability and growth opportunities".
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 $4.0 Billion since inception in over 46 Canadian cities.
SOURCE: PRIMECORP COMMERCIAL REALTY INC.
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