|641 Cedar Street, Timmins, ON|
Skyline Incorporated of Guelph, Ontario announced January 14, 2008, the close of a $3.15 million portfolio acquisition in Timmins, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $187.65 million.
The Timmins acquisition is the first in the city for Skyline and encompasses 48 residential suites.
The building is located at 641 Cedar Street in Timmins. The acquisition expands Skyline Apartment REIT’s northern portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the twenty-eighth 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 explained, “The acquisition of this building at 641 Cedar Street in Timmins is our first purchase in the north. We chose this property very carefully. It is very solid building with excellent tenancy, great location and all the amenities that make it a very desirable building. We also consider this building as a great foothold to build upon as we begin to find and acquire more opportunities in the surrounding areas.”
Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as asset manager for Skyline Apartment REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline Apartment REIT currently holds 3,263 residential suites and 267,070 square feet of commercial space. Moving towards this vision, Skyline Incorporated takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio.