On Monday, June 16th, 2014, Skyline Apartment REIT purchased an 8-property portfolio consisting of residential buildings in the cities of Niagara Falls, ON and St. Catharines, ON. The Skyline Apartment REIT already has several buildings in both cities. The total purchase price for the portfolio was $101 million.
Also on Monday, June 16th, 2014, Skyline Apartment REIT successfully sold its single Lindsay, ON, and three of its Peterborough, ON properties.
“The sale of three of the Apartment REIT’s Peterborough assets, and our sole Lindsay asset, a total of 418 units, was a record price for assets in these markets, and allowed us to acquire a significantly larger portfolio in the St. Catharines/ Niagara region, without the requirement to raise new equity from investors,” says Mike Bonneveld, Vice President, Skyline Asset Management Inc. “These two transactions resulted in a net increase of 412 residential units, and a material increase in portfolio revenues. While the Peterborough and Lindsay properties were strong financial performers for the REIT, the overall financial benefits of the transactions, as well as the ability to enhance our Niagara Region holdings and be one of the dominant owners in that market, is very exciting.”