Skyline Apartment REIT Acquires Sixth Owen Sound, ON Property

Skyline Incorporated of Guelph, Ontario announced April 3, 2007 the close of a $750,000 portfolio acquisition in Owen Sound, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $133.924 million.

The Owen Sound acquisition encompasses 20 residential suites.

The building is located at 2855-6th Avenue West in Owen Sound. Skyline Apartment REIT’s central portfolio already includes five buildings in Owen Sound and the addition of this acquisition will add to our presence in this city. This property is the fifteenth property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.

Jason Castellan, CEO of Skyline Incorporated commented that “this 20 suite building was a nice addition to our current Owen Sound portfolio. When approached by the owner asking us if we were interested in buying, we were excited to work a deal that was beneficial to both parties.”

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 2,257 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.