[Guelph, Ontario – July 6, 2022]
As part of its portfolio repositioning program, Skyline Industrial REIT1 has sold a mixed-use commercial building at 66 Hincks Street, New Hamburg, Ontario. The transaction closed on July 6, 2022, with a total sale price of $4.5M. The building totals 50,076 square feet of commercial space on three acres.
Skyline Industrial REIT has been evolving its strategy to focus on new, modern, state-of-the-art, warehousing, and logistic-focused assets, and to transition away from older, smaller multi-bay assets.
The increased need for these types of assets across the industry has presented an opportunity for the REIT to seek acquisition of these asset types as the REIT aims to increase its value and weighting in this sector.
The REIT has transacted multiple property dispositions over the past five months in addition to its recent New Hamburg sale. These include:
815 & 825 Weber Street East and 1170 King Street East, Kitchener, Ontario (Rockway Plaza)
- Closed March 14, 2022
- Multi-tenant retail plaza totaling 27,411 square feet on 1.58 acres
- Total sale price: $7.3M
17 Woodyatt Drive, Brantford, Ontario
- Closed June 13, 2022
- Multi-tenant service commercial property totaling 72,527 square feet on 3.46 acres
- Total sale price: $10.91M
“Skyline Industrial REIT has been focused on completing our disposition program and increasing our weighting in the warehousing, distribution, and logistics sector since the process began in 2021,” said Mike Bonneveld, President, Skyline Industrial REIT.
“These individual property sales bring us closer to our desired position in the sector using this strategy. The proceeds from these various sales will continue to be redeployed toward our development pipeline and anticipated acquisitions of larger modern warehousing and logistics facilities. Skyline Industrial REIT is committed to delivering opportunities that can surface further value for its investors through stable and growing distributions.”
As of the New Hamburg disposition, Skyline Industrial REIT comprises 53 properties in 32 communities in 5 provinces across Canada, with a total of 6,606,304.0 square feet of commercial space.
1 Skyline Industrial REIT was previously Skyline Commercial REIT. As a result of the REIT’s increasing focus on modern warehousing and logistics assets, the REIT updated its name to better reflect its portfolio composition and target sector, effective June 14, 2022).
About Skyline Industrial REIT
Skyline Industrial REIT (the “REIT”) is a privately owned and managed portfolio of industrial properties, focused on acquiring warehousing, distribution, and logistics-centred properties along major highway corridors and transportation routes in Canada.
Skyline Industrial REIT is distributed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth”), the preferred Exempt Market Dealer for the REIT.
Skyline Industrial REIT is committed to providing outstanding places to do business and superior service to its tenants, while surfacing value with a goal to deliver stable returns to its investors.
To learn about additional alternative investment products offered through Skyline Wealth, please visit SkylineWealth.ca.
Skyline Industrial REIT is operated and managed by Skyline Group Of Companies.
For media inquiries, please contact:Jeff Stirling
Vice President, Corporate Marketing & Communications, Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8