Skyline Apartment REIT Acquires Ridgetown, ON Property in 2008

Skyline Incorporated of Guelph, Ontario announced June 26, 2008, the close of a $1.5 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 $219.735 million.

The Ridgetown acquisition is the third in the city for Skyline and encompasses 35 residential suites.

The building is located at 10 James Lane. The acquisition expands Skyline Apartment REIT’s southwestern portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the thirty-fourth 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 that, “The fact that right across the park where 10 James Lane is situated is another Skyline building at 16 Marsh gives us the opportunity to create synergies and efficiencies from a management perspective. The property is in solid condition with good long term onsite staff that will continue as members of the Skyline Team. This is a good little acquisition that is accretive to the performance of the REIT.”