Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Skyline Industrial REIT Buys Over $300 Million Portfolio in Calgary and Edmonton, Alberta, The Canadian Business Journal

GUELPH, ON, Canada, Sept. 12, 2022 (GLOBE NEWSWIRE) — Skyline Industrial REIT(1) completes its largest-ever transaction, entering the City of Edmonton, Alberta and expanding its holdings in Calgary, Alberta .

On Thursday, September 8, 2022, a REIT purchased a portfolio of four business parks totaling over 2 million square feet of industrial space from a major Canadian pension plan.

The 97.7% occupied portfolio consists of 16 buildings on 129.5 acres of land. There are 51 tenants in total.

The total purchase price of the portfolio was $309.25 million.

All four business parks are ideally located in the popular Calgary and Edmonton submarkets, giving tenants instant access to national transportation channels to increase business efficiency.

Skyline Group of Companies Co-Founder and CEO Jason Castellan said:

“This milestone demonstrates the dedication and hard work of all employees across the corporate group and our confidence in the markets in which we invest across Canada.”

Skyline Industrial REIT President Mike Bonneveld said:

“Each property offers superior logistics, distribution and warehousing facilities to our tenants and provides superior service to our tenants’ customers. In terms of quality, it is consistent with REIT strategies and target asset types.”

The REIT recently completed a strategic disposal program, significantly increasing the importance of new modern industrial assets and developments. Proceeds from the sale of these assets continue to be repurposed into new acquisitions and the many development partnerships in the REIT’s pipeline.

“The reallocation of capital generated from our disposal strategy over the past 15 months provides us with the opportunity to acquire these assets and maximize our portfolio strength,” said Mr. Bonneveld.

“We believe this transaction is a strategic move for the REIT and the Skyline Group of Companies. We would like to thank CBRE Toronto, Calgary and Edmonton for supporting this transaction.”

The REIT believes this portfolio has significant advantages as both Calgary and Edmonton continue to experience strong net rental growth, as do other major Canadian markets.

According to CBRE’s Canadian Industry Report for the Second Quarter of 2022, Calgary’s leasing activity continued through the second quarter of 2022, with a net absorption of 2 million square feet. The market is also experiencing a tremendous rental acceleration, with rents rising 15.3% year-on-year to $9.49 per square meter. foot (2)

Post-acquisition, Skyline Industrial REIT now comprises 57 properties in 33 communities in five provinces across Canada, with a total of 8,753,999 square feet of industrial space.

Skyline Industrial REIT is now accepting investment and opened for the first time in about a year.

“We are determined to maintain our positive momentum and continue to position REITs as industry leaders in future deals like this,” said Bonneveld.

(1) Skyline Industrial REIT was formerly Skyline Commercial REIT. As a result of the REIT’s increasing interest in modern warehousing and logistics assets, effective June 14, 2022, the REIT updated its name to better reflect its portfolio composition and target sectors.

(2) CBRE. (n.d.). Retrieved September 7, 2022 from https://www.cbre.com/insights/figures/canada-industrial-figures-q2-2022 (page 12)

About Skyline Industrial REIT

Skyline Industrial REIT (“REIT”) is a privately held industrial real estate portfolio focused on the acquisition of warehousing, distribution and logistics-focused properties along Canada’s major highways and transportation routes.

Skyline Industrial REIT is marketed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth”), a recommended exempt market dealer for REITs.

Skyline Industrial REIT is committed to providing tenants with a superior place to do business and superior service while realizing value with the goal of providing stable returns to investors.

For more information on Skyline Industrial REIT, please visit SkylineIndustrialREIT.ca.

For additional alternative investment products offered through Skyline Wealth, please visit SkylineWealth.ca.

Skyline Industrial REIT is operated and managed by the Skyline Group Of Companies.

  • Over $300M Portfolio Purchase by Skyline Industrial REIT

CBJ Newsmaker

Skyline Industrial REIT Buys Over $300 Million Portfolio in Calgary and Edmonton, Alberta, The Canadian Business Journal

Source link Skyline Industrial REIT Buys Over $300 Million Portfolio in Calgary and Edmonton, Alberta, The Canadian Business Journal

Related Articles

Back to top button