Skyline Industrial REIT Sells Two Properties in Q1 2023
The REIT sells two properties, nearing the end of its strategic disposition program.
Skyline Industrial REIT has sold two non-core assets and is nearing the completion of its “strategic disposition program” which began in 2021 and focused on selling smaller bay, multi-tenant industrial properties and remaining office assets.
Recognizing an increased need for purpose-built warehousing and logistics spaces across Canada, the REIT has shifted focus from general light industrial and manufacturing properties to larger, more modern, industrial, warehousing and distribution focused assets. Post-dispositions, the REIT is now 97.72% weighted in warehousing, distribution, and logistics focused assets.1
A single-tenant industrial building, located at 500 Saint-Louis Street, Saint-Jean-sur Richelieu, Quebec:
- Transaction completed on February 10, 2023
- Totalling 56,000 square feet of industrial manufacturing space on 8 acres
- Total sale price: $10.75 Million
A multi-tenant office building located at 380 Hunt Club Rd. Ottawa, Ontario:
- Transaction completed on February 27, 2023
- Totalling 50,869 square feet of suburban office space
- Total sale price: $4.08 Million
“With these dispositions now complete, we are nearing the end of our strategic disposition program, with only a few remaining properties left for disposition that will finally complete this initiative and bring us to our desired position in the sector.” said Mike Bonneveld, President, Skyline Industrial REIT.
“We look forward to expanding our development pipeline and continuing to acquire quality industrial assets that will further enhance our portfolio. Thank you to all the parties involved in these transactions.” Said Mike Bonneveld, President, Skyline Industrial REIT.
Post dispositions, Skyline Industrial REIT comprises 60 properties in 5 provinces across Canada, with a total of 9,264,097 square feet of Industrial space.
1 As at February 27, 2023
2 Skyline Industrial REIT was previously Skyline Commercial REIT. As a result of the REIT’s increasing focus on modern warehousing and logistics assets, the REIT updated its name to better reflect its portfolio composition and target sector, effective June 14, 2022).