Skyline purchases The Co-operators office building portfolio
Jul 17, 2008
GUELPH, ON, July 17 /CNW/ - Guelph-based companies Skyline and The Co-operators Group are pleased to announce that Skyline has acquired six high quality commercial properties from The Co-operators Group, including Co-operators General Insurance Company (CGIC) on behalf of Skyline Apartment REIT at a purchase price of $81,400,000. The deal is expected to close August 19th and features 480,861 sq ft of office space including three buildings in Guelph, Ontario and one in each of St. John's, Newfoundland; Quebec City, Quebec; and Regina, Saskatchewan. The Co-operators will remain the core tenant, having signed a 15-year lease for 90% of the total space in the properties. This acquisition takes Skyline into the Saskatchewan, Quebec and Newfoundland markets for the first time and more than doubles the office space in its portfolio. "The local properties in this deal are buildings we have long had an interest in," said Jason Castellan, CEO of Skyline. "We are thrilled to be adding such high quality office space, with first class tenants to our portfolio. This made the out of province acquisitions easier knowing who was in them and how well they kept them." About The Co-operators: Based in Guelph, Ontario, The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial and farm insurance, as well as investment products and property development. With assets of more than $7 billion, The Co-operators is owned by a group of Canadian co-operatives, credit union centrals and like-minded organizations. It is well known for its community involvement, and is listed among the 50 Best Employers in Canada. About Skyline: Based in Guelph, Ontario, Skyline is the asset manager for Skyline Apartment REIT, a private real estate investment trust focused on acquiring and managing apartment buildings and commercial space in diverse communities across Canada. Driven by a desire to be the very best at pursuing steady, calculated, Real Estate growth grounded in fundamentally sound properties, Skyline takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio. Skyline currently holds 3,731 residential suites across Ontario and 747,391 square feet of commercial space.
For further information: Leonard Sharman, The Co-operators, 1-877-795-7272, ext 2707; Jason Castellan, Skyline, (519) 826-0439