47 Memorial Drive, Brantford, ON
October 30, 2012 - As promised, the Acquisitions Team has been hard at work the last couple of weeks completing the acquisition of another property for the Skyline Apartment REIT.
In addition to this, the REIT also successfully sold its 5th and final Oshawa (Ontario) property closing out a 2-phased sale of all Oshawa properties in the REIT that began back in August of this year. Located at 33 Richmond Street West, this 70-unit property sold for approximately $6.6 million, providing additional equity for the REIT to close what is anticipated to be another 300 or so apartment units before the end of the year.
“Dispositions are just as critical to the Apartment REIT’s asset management strategy as new acquisitions. Knowing what and when to sell allows us to deploy those proceeds to purchase greater income streams – an integral part of the REIT’s continued growth and stability model”. – Mike Bonneveld, Director of Acquisitions, Skyline Asset Management Inc.
This of course, is great news for Apartment REIT investors as the REIT continues to purchase new properties without raising new investor equity or issuing new REIT units – further adding to the strength and value of the investment.
The new acquisition was made in the city of Brantford (Ontario). This 119-suite building is located at 47 Memorial Drive and will add to the REIT’s current holdings in the city while strengthening its brand presence in the area and improving efficiencies for management. The total purchase price was approximately $10.9 million.
Post-acquisition and disposition, the Skyline Apartment REIT currently comprises 8,060 residential suites and approximately 700,000 square feet of commercial space in 106 properties, spread out across 42 communities in four provinces. The total internally appraised IFRS value of the Skyline Apartment REIT is nearly $700 million.