Skyline Industrial REIT buys $300M+ portfolio across

Guelph, Ontario, Canada, Sept. 12, 2022 (GLOBE NEWSWIRE) — Skyline Industrial REIT(1) has accomplished its largest-ever transaction, entered town of Edmonton, Alberta, and expanded its holdings in Calgary, Alberta. 

On Thursday, September 8, 2022, the REIT bought a portfolio of 4 business parks with a complete of greater than two million sq. ft of commercial area, from a serious Canadian pension plan.  

The portfolio, which is 97.7% occupied, includes 16 buildings on 129.5 acres of land. Together, the properties accommodate 51 tenants.  

The whole buy worth of the portfolio was $309.25M. 

All 4 business parks are ideally situated in sought-after sub-markets of Calgary and Edmonton, offering tenants with speedy entry to nationwide transportation channels to advertise business effectivity. 

“The transaction is not only the largest ever for Skyline Industrial REIT, but also the largest closing across all of Skyline Group of Companies’ investment products,” stated Jason Castellan, Co-Founder & Chief Executive Officer, Skyline Group of Companies. 

“This milestone demonstrates the dedication and hard work of all our people across the group of companies, and our confidence in the markets across Canada where we invest.”  

“This transaction was a momentous one for Skyline Industrial REIT, and we are thrilled to be entering the city of Edmonton, expanding our Calgary holdings, and enhancing our presence across Canada,” stated Mike Bonneveld, President, Skyline Industrial REIT. 

“Each of the properties provides exceptional logistics, distribution, and warehousing facilities to its tenants—which translates to excellent service to the tenants’ customers. This acquisition aligns with the REIT’s strategy and targeted asset format in terms of geography, clear height, tenant profile, and flexibility.” 

The REIT just lately accomplished a strategic disposition program and has considerably elevated its weighting in new trendy industrial belongings and developments. Proceeds from the sale of those belongings have continued to be redeployed into new acquisitions and towards the various growth partnerships within the REIT’s pipeline. 

“The redeployment of the capital generated from the disposition strategy over the past 15 months has given us the opportunity to acquire these assets and enhance our portfolio to the utmost,” stated Bonneveld.  

“We believe this transaction is a strategic move for the REIT and for Skyline Group of Companies. We thank CBRE Toronto, Calgary, and Edmonton for their assistance with this transaction.” 

The REIT believes there’s vital upside to this portfolio as each Calgary and Edmonton proceed to expertise vital Net rental progress just like different main markets across Canada.   

According to CBRE’s Q2 2022 Canada Industrial report, Calgary leasing exercise has persevered into Q2 2022 with two million sq. ft of internet constructive absorption, and the market has skilled extraordinary lease acceleration, with rents rising 15.3% year-over-year to $9.49 per sq. foot.(2)  

Post-acquisition, Skyline Industrial REIT now consists of 57 properties in 33 communities in 5 provinces across Canada, with a complete of 8,753,999 sq. ft of commercial area. 

Skyline Industrial REIT is at present open for funding—its first time opening in almost one 12 months. 

“We are determined to continue our forward-thinking momentum and continue to position the REIT as an industry leader with more future transactions such as this,” stated Bonneveld. 

(1)Skyline Industrial REIT was beforehand Skyline Commercial REIT. As a results of the REIT’s rising deal with trendy warehousing and logistics belongings, the REIT up to date its identify to raised mirror its portfolio composition and goal sector, efficient June 14, 2022). 

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

About Skyline Industrial REIT

Skyline Industrial REIT (the “REIT”) is a privately owned and managed portfolio of commercial properties, centered on buying warehousing, distribution, and logistics-centred properties alongside main freeway corridors and transportation routes in Canada. 

Skyline Industrial REIT is distributed as a substitute funding product by means of Skyline Wealth Management Inc. (“Skyline Wealth”), the popular Exempt Market Dealer for the REIT. 

Skyline Industrial REIT is dedicated to offering excellent locations to do business and superior service to its tenants, whereas surfacing worth with a purpose to ship steady returns to its traders. 

To study extra about Skyline Industrial REIT, please go to SkylineIndustrialREIT.ca. 

To find out about extra different funding merchandise provided by means of Skyline Wealth, please go to SkylineWealth.ca. 

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

• $300M+ portfolio buy by Skyline Industrial REIT