Skyline Industrial REIT completed two significant strategic non-core dispositions in September 2023 and is continuing to increase its weighting in new modern industrial assets and developments.
The REIT sold 12 assets (485,488 square feet) across four provinces in September.
In the past number of years, the REIT has shifted its focus from older, smaller-bay properties to larger, more modern, purpose-built developments in the industrial warehousing, distribution, and logistics sector.“The sale of these non-core assets will have a substantial impact on Skyline Industrial REIT’s portfolio as it significantly increases the REIT’s weighting in the warehousing and logistics space and provides capital to complete the acquisition of a number of larger, more modern assets.” said Mike Bonneveld, President, Skyline Industrial REIT.
“We are proud to have provided exceptional service and spaces to Cervus/Brandt and Confederation Freezers over the years, and we thank all parties involved in these transactions,” said Bonneveld.
A portfolio of 11 properties occupied by Cervus/Brandt Tractor in Alberta, Saskatchewan, and Manitoba, that was sold back to the parent company of the tenant in an off-market transaction:
- Transaction completed on September 1, 2023
- Totalling 364,954 square feet of light Industrial/showroom space
An older, single-tenant industrial cold storage building located at 7801 Boulevard Henri-Bourassa E, Montreal, Quebec:
- Transaction completed on September 13, 2023
- Totalling 120,534 square feet of industrial cold storage space
- Currently 100% occupied by Confederation Freezers
Post-dispositions, Skyline Industrial REIT is now 83.6% weighted in warehousing, distribution, and logistics focused assets, and comprises 47 properties in five provinces across Canada, with a total of 8,727,113 square feet of industrial space.
About Skyline Industrial REIT
Skyline Industrial REIT (the “REIT”) is a privately owned and managed portfolio of industrial properties, focused on acquiring warehousing 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 Management”), the preferred Exempt Market Dealer for the REIT. It is also available on Fundserv (Code: SKY2012).
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 more about Skyline Industrial REIT, please visit SkylineIndustrialREIT.ca.
To learn about additional alternative investment products offered through Skyline Wealth Management, 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