Skyline Apartment REIT Acquires $6.1 Million Complex in Timmins
June 15, 2010
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Bringing the Trust’s current market value to over $520 million, Skyline Apartment REIT (Skyline) announces the acquisition of a $6.1 million multi-residential complex in Timmins, Ontario.
The acquisition is the second in the city for Skyline and encompasses 91 residential suites, adding to the 48-suite property the Trust acquired in 2008.
The complex is comprised of two separate buildings, located at 820 and 860 Suzanne Street. The acquisition expands Skyline’s northern Ontario presence, is accretive for investors, and will provide management with opportunities to leverage upon existing economies of scale.
The complex is the 64th acquisition since Skyline became a private real estate investment trust in June 2006. The portfolio now consists of 90 properties in 33 communities across four provinces.
“The recent acquisition of 91 units in Timmins further builds upon Skyline Apartment REIT’s significant portfolio, both in terms of scale and market presence,” says Jason Castellan, President of Skyline. “The Timmins rental market is strong and in excellent demand, which gives us the confidence that further opportunities exist to grow the portfolio there. This acquisition is highly accretive to the portfolio, adding value for investors and further solidifying our roots in this strong northern Ontario community.”
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