Subjects: MUTUAL FUNDS, MISCELLANEOUS, MISCELLANEOUS, MISCELLANEOUS
Skyline Industrial REIT purchases two newly developed industrial assets in the Montreal area, totaling 373,000+ square feet
Guelph, Ontario, Canada, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Skyline Industrial REIT recently purchased two newly constructed industrial assets in the Montreal, Quebec area. The REIT acquired all partner interests from its development partner, Rosefellow Fund 1, and is now the sole owner of both assets.
Together, the assets total 373,360 square feet of purpose-built industrial space.
On January 16, 2024, Skyline Industrial REIT acquired the remaining partner interest of 555 & 565 Avenue Victor Davis in Pointe-Claire, Quebec. This multi-tenant industrial logistics and warehousing development totals 274,000 square feet and is 100% leased to Steve Madden and Dormez-Vous (Sleep Country Canada).
The development was a joint venture partnership project between Skyline Industrial REIT, F.I.T. Ventures and Rosefellow Developments. Construction was completed in late September and tenants were officially welcomed at a ribbon-cutting ceremony in October 2023.
On February 20, 2024, Skyline Industrial REIT purchased a single-tenant industrial logistics and warehousing facility located at 6100 Rue Notre-Dame Est in Montreal. Completed in 2023, the building totals 98,954 square feet and is 100% leased to Proactive Supply Chain Group.
Mike Bonneveld, President, Skyline Industrial REIT, commented on the two acquisitions: "We are grateful for the opportunity to acquire these assets from our development partners now that they are completed and stabilized. These assets signify not only our strategic foresight in the Montreal market, but they also underscore our commitment to enhancing our portfolio of modern, A-class industrial assets."
Skyline Industrial REIT continues to focus on acquiring, operating, and developing light industrial, logistics, and warehousing assets in primary Canadian cities along major transportation routes and global shipping outlets.
Post-acquisitions, Skyline Industrial REIT comprises 51 properties in five provinces across Canada, with a total of 9,984,210 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 SkylineWealthManagement.ca.?
Skyline Industrial REIT is operated and managed by Skyline Group of Companies.?
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