Skyline Industrial REIT has invested C$309.2m (€234.5m) to buy a portfolio of four business parks from an unnamed ”major Canadian pension plan”.
The Canadian real estate investment trust said the industrial portfolio of over 2m sqft are located in Calgary and Edmonton. The portfolio, which is 97.7% occupied, comprises 16 buildings on 129.5 acres of land.
Following the acquisition, Skyline Industrial REIT’s portfolio will consist of 57 properties in 33 communities in five provinces across Canada, with a total of 8.75m sqft of industrial space.
Jason Castellan, co-founder and CEO of Skyline Group of Companies, said the transaction is not only the largest ever for Skyline Industrial REIT but also the largest closing across all of Skyline Group of Companies’ investment products.
“This milestone demonstrates the dedication and hard work of all our people across the group of companies, and our confidence in the markets across Canada where we invest.”
Mike Bonneveld, the president of Skyline Industrial REIT, said: “This transaction was a momentous one for Skyline Industrial REIT, and we are thrilled to be entering the city of Edmonton, expanding our Calgary holdings, and enhancing our presence across Canada.
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