Skyline Apartment REIT Acquires Ridgetown, ON Property

Skyline Incorporated of Guelph, Ontario announced August 1, 2007, the close of a $1.8 million portfolio acquisition in Ridgetown, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $157.15 million.

The Ridgetown acquisition is the second in the city for Skyline and encompasses 37 residential suites.

The building is located at 16 Marsh Street in Ridgetown. The acquisition expands Skyline Apartment REIT’s western portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the nineteenth property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.

Jason Ashdown, COO of Skyline Incorporated stated that, “16 Marsh Street represents the purchase of a high quality, well managed asset that caters to a senior population. The building is an excellent compliment to our current property in Ridgetown and will allow Skyline to further exercise economies of scale and combined marketing and management strategies.”

Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as asset manager for Skyline Apartment REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline Apartment REIT currently holds 2,779 residential suites and 211,153 square feet of commercial space. Moving towards this vision, Skyline Incorporated takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio.