GUELPH, ON, June 10 /CNW/ - Skyline Asset Management Inc. (Skyline) of Guelph, Ontario, today announced the acquisition by Skyline Apartment Real Estate Investment Trust (Skyline Apartment REIT) of a $6.1 million multi-residential complex in Timmins, Ontario, thereby adding to the REIT's existing multi-residential and commercial real estate portfolio across Canada. This acquisition brings Skyline Apartment REIT's total current market value to over $520 million. The escrow closing took place yesterday.
This acquisition is the second in the city for Skyline Apartment REIT and encompasses 91 residential suites, significantly enhancing its existing 48-suite property acquired in Timmins in 2008.
The complex is comprised of two separate buildings, located at 820 and 860 Suzanne Street. This acquisition expands Skyline Apartment REIT's northern Ontario presence, is accretive for investors, and will provide management with opportunities to leverage upon existing economies of scale. This complex is the 64th acquisition since Skyline Apartment REIT became a private real estate investment trust in June of 2006. The portfolio now consists of 90 properties, in 33 communities, across four provinces.
Jason Castellan, President of Skyline, commented that "This recent acquisition of 91 units in Timmins further builds upon Skyline Apartment REIT's significant portfolio, both in terms of scale and market presence. The Timmins rental market is strong and in excellent demand, which gives us the confidence that further opportunities exist to grow the portfolio there. This acquisition is highly accretive to the portfolio, adding value for investors and further solidifying our roots in this strong northern Ontario community."
Based in Guelph, Ontario, Skyline is the asset manager for Skyline Apartment REIT, a private real estate investment trust focused on acquiring and managing apartment buildings and commercial space in diverse communities across Canada. Driven by a desire to be the very best at pursuing steady, calculated, real estate growth grounded in fundamentally sound properties, Skyline takes pride in its ability to continually identify accretive real estate investment opportunities to complement the growing portfolio of Skyline Apartment REIT. Skyline Apartment REIT currently holds 6,032 residential suites across Ontario and 785,632 square feet of commercial space across the country. The Skyline group of companies are committed to providing tenants with clean and comfortable living and work environments, while optimizing unitholder returns.
SOURCE SKYLINE MANAGEMENT INC.
For further information: For further information: on Skyline Apartment REIT, please contact: Jason Castellan, Co-Founder & President, firstname.lastname@example.org, 1.800.800.RENT (7368); Wayne Byrd, CMA, Chief Financial Officer, email@example.com, 1.800.800.RENT (7368)