|777 Kingsway Avenue, Thunder Bay, ON|
Skyline Incorporated of Guelph, Ontario announced June 10, 2009, the close of a $4.5 million portfolio acquisition in Thunder Bay, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $455 million.
The Thunder Bay acquisition is the second in the city for Skyline and encompasses 88 residential suites. Skyline acquired a two-tower complex in the city in late 2008.
The building is located at 777 Kingsway Avenue, and is comprised of two separate buildings. The acquisition expands Skyline Apartment REIT’s northern Ontario portfolio, is accretive for investors, and will provide management with opportunities to leverage upon existing economies of scale in the city. This property is the 60th property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, Chief Executive Officer of Skyline Incorporated commented that, “We are very happy with our most recent acquisition in Thunder Bay, which enhances our current holdings. We are strong believers in the strength of the Thunder Bay economy and the ongoing sustainability of the residential rental market. We also continue to see good multi-residential acquisition opportunities for the REIT across the province which would provide significant accretion to our investors.”
Based in Guelph, Ontario, Skyline Apartment REIT is 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 returns, grounded in fundamentally sound properties, Skyline capitalizes on its ability to continually identify accretive real estate investment opportunities to complement its growing portfolio. Skyline currently holds 5,574 residential suites across Ontario and 782,000 square feet of commercial space.