On Wednesday, December 21st, 2016, the Skyline Commercial REIT purchased a portfolio of 11 light industrial/storage properties spanning across the provinces of Alberta and Saskatchewan.
The portfolio consists of agricultural, construction, materials handling and transportation equipment dealerships John Deere and Peterbilt, which are operated by Cervus Equipment Corp. The total purchase price of the portfolio was $55.7M. The properties total approximately 350,000 square feet of commercial space.
“The Cervus Transaction is the first of its kind for the Skyline Commercial REIT, as it represents the beginning of a growth partnership between the REIT and this well-established public entity,” says Michael Mackenzie, President, Skyline Commercial.
“Having concluded the initial transaction successfully, we can now look to further partner with Cervus Equipment in the development of their distribution network across Canada. As Canada’s largest distributor of John Deere equipment, we believe Cervus will be an active player with the REIT.”
“The Cervus portfolio represents the Commercial REIT’s first acquisitions west of Ontario, and includes assets in Regina, Saskatoon and Calgary.”
Newly-acquired Skyline Commercial REIT property at 292177 Crosspointe Road, Calgary, AB
Although Skyline owns several multi-residential acquisitions in Western Canada, these are Skyline’s first commercial properties in the Western provinces, with the exception of one commercial building in Regina, SK, a 2008 purchase by the Skyline Apartment REIT that was part of a six-property Co-operators Group portfolio.
Post-acquisition, the Skyline Commercial REIT comprises 81 properties in 30 communities across four provinces (AB, ON, QC, SK), with more than 5.1 million square feet of commercial space.
View article from Property Biz Canada: Skyline Commercial REIT Buying Cervus Portfolio