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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

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