Guelph, ON (October 31, 2012) - Skyline Group of Companies set a company record this week by purchasing a $120 million commercial portfolio for Skyline Industrial REIT; just the first phase of a two-phased acquisition with a total price tag of approximately $242 million.
Skyline Group of Companies set a company record this week by purchasing a $120 million commercial portfolio for Skyline Commercial REIT?; just the first phase of a two-phased acquisition with a total price tag of approximately $242 million.
This is the largest portfolio acquisition in the company’s over 13-year history and an exciting milestone for the small company from Guelph that currently holds nearly $1 billion in real estate among its two REITs. To build upon the incredible success of Skyline Apartment REIT, Skyline Commercial REIT? launched in January of this year as a new offering from Skyline Group of Companies. With the addition of this new commercial portfolio along with Phase 2 that is expected to close in March of next year, Skyline Commercial REIT? will have grown nearly 10 times its size prior to these acquisitions.
“This first phase of Skyline Commercial REIT?’s monumental purchase will further establish Skyline Group of Companies as a significant owner and operator in the commercial market. With now over $1 billion worth of assets under management, we have the ability to leverage ourselves in many ways that will benefit all of Skyline’s stakeholders. Through an excellent working relationship with Primecorp Commercial Realty, we worked closely with Aik Aliferis who advised us on this incredible opportunity. We also knew the vendor well and that trust between all parties went a long way to keep what is such a large transaction moving forward to achieve this successful outcome today. Many thanks to all the individuals that worked together to get this deal done”, said Jason Castellan, CEO & Co-Founder of Skyline Commercial REIT? and Skyline Group of Companies.
The full 60-property portfolio comprises nearly 2.4 million square feet of commercial space and spans across nine Ontario cities. Phase 1 is primarily located in the GTA and surrounding area and Phase 2 is a portfolio of properties in the city of Ottawa. The properties are in clusters for ease of management and to maximize efficiencies and accommodate tenant growth. Post-acquisition, Skyline Commercial REIT? will have over 430 individual tenants, supporting the REIT’s unique multi-tenant model, made up of mostly light industrial and office space. Further to this, no single tenant will represent greater than 1.8% of the REIT’s gross revenue, again, adding to the REIT’s multi-tenant diversification and stability model. Skyline Commercial REIT? is a privately-held REIT that is currently distributing a 9% per annum yield to its investors.
To learn more about Skyline Commercial REIT?, please visit www.skylinecommercialreit.ca.
To learn about additional alternative investment products offered through Skyline Wealth Management, please visit www.skylinewealth.ca.
Skyline Commercial REIT? is operated and managed by Skyline Group of Companies.