Skyline Apartment REIT Acquires More Oshawa, ON Properties in 2008

Skyline Incorporated of Guelph, Ontario announced February 8, 2008, the close of a $4.95 million portfolio acquisition in Oshawa, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $196.55 million.

The Oshawa acquisition is the third in the city for Skyline and encompasses 41 residential suites.

The building is located at 333 Simcoe Street in Oshawa. The acquisition expands Skyline Apartment REIT’s eastern portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the thirtieth property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.

Jason Castellan, Chief Executive Officer of Skyline Incorporated commented, “We are happy about this high end, condominium quality apartment building acquisition in Oshawa. It is an immaculately kept property with a social room, underground parking, grand foyer with waiting area, and a very solid clientele. This property is located directly across from the newly constructed Lakeridge Health Oshawa Hospital. The Oshawa community is experiencing tremendous growth, and by having this property in such a key location will only benefit from Oshawa’s transformation.”

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 3,385 residential suites and 267,070 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.