Skyline Commercial REIT signs 20-year lease with Congebec for 219,000 square foot cold storage facility in Mascouche, QC

Guelph, Ontario ?March 22, 2022, March 28, 2022 (GLOBE NEWSWIRE) -- Skyline Commercial REIT, a privately owned and managed portfolio of industrial properties across Canada, has signed a 20-year lease with Congebec Inc. (Congebec), a Quebec-based cold and multi-temperature storage, warehousing, and distribution firm, for tenancy at 3601 Avenue de la Gare, Mascouche, Quebec.

The 260,000 square foot property, currently under development by Skyline Commercial REIT and its partner, Rosefellow, will house a 219,000 square foot cold storage facility to be occupied by Congebec.

The property, which is to be located close to Provincial Highways 25 and 640, is slated for completion in Q3 2023.

"The cold storage sector is expanding rapidly?by 2027, cold storage construction is projected to reach US$18.6 billion globally, or an increase of 14 percent each year, according to Emergen research,"1 said Michael Mackenzie, President, Skyline Commercial REIT.

"Skyline Commercial REIT aims to capitalize on this growth through its development in Mascouche and its established relationship with Congebec. The REIT's relationship with Congebec Inc. began in 2018 with the acquisition of eight cold storage facilities located across Canada tenanted by Congebec Inc.; we are excited to grow this relationship and increase the REIT's investment in the cold storage sector, which continues to enjoy solid growth globally. This project results from the REIT's investment in a property development strategy that commenced in 2020. The strategy aims to deliver a pipeline of modern, well-located logistics and warehousing assets in key markets for the portfolio."

"This first foray into the North Shore of Montreal marks an important step for Rosefellow," said Mike Jager, co-founder of Rosefellow.

"We chose Mascouche because it is a proactive city in terms of development. We are proud to erect an industrial building for a client as prestigious as Congebec with the help of a partner such as Skyline."

"We are thrilled to welcome Rosefellow and Skyline's multi-tenant industrial project, and about the arrival of Congebec to the Centroparc," said Guillaume Tremblay, Mayor of Mascouche.

"Mascouche becomes the first city on the North Shore to have been selected by Rosefellow and its partners for this major investment. This once again demonstrates the attractiveness of our industrial park."

For information on Skyline Commercial REIT's active developments, visit: https://www.skylinecommercialreit.ca/new-property-development-and-partnerships/

1 "Raw materials shortfall is squeezing the cold storage sector." JLL, https://www.jll.ca/en/trends-and-insights/investor/raw-materials-shortfall-is-squeezing-the-cold-storage-sector. Accessed December 8 2021.

About Skyline Commercial REIT

Skyline Commercial REIT (the "REIT") is a privately owned and managed portfolio of commercial properties, focused on acquiring industrial and logistics-centred properties along major highway corridors and transportation routes in Canada.

Skyline Commercial REIT is distributed as an alternative investment product through Skyline Wealth Management Inc. ("Skyline Wealth"), the preferred Exempt Market Dealer for the REIT. 

Skyline Commercial 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 Commercial REIT, please visit SkylineCommercialREIT.ca.

To learn about additional alternative investment products offered through Skyline Wealth, please visit SkylineWealth.ca.

Skyline Commercial REIT is operated and managed by Skyline Group Of Companies.

For media inquiries, please contact:

Jeff Stirling

Vice President, Corporate Marketing & Communications

5 Douglas Street, Suite 301

Guelph, ON N1H 2S8

519.826.0439 x243

About Congebec

Congebec unifies the food world through its multi-temperature food processing, distribution and logistics services. Its twelve facilities are strategically located in Quebec, Ontario, Manitoba, Saskatchewan and Alberta and total more than 57 million cubic feet. Committed to food safety, Congebec is a value-added leader in the Canadian market for the food industry.

About Rosefellow

Rosefellow is a leading real estate developer based in Montreal with over 14 million square feet of industrial and multi-residential development projects located in the provinces of Québec and Ontario. Rosefellow designs, builds and manages properties that constantly push the boundaries of sustainable innovation. Their successes include Le Cent-Onze, a residential rental project located in Ville St-Laurent, which is expected to be delivered in the summer 2022, as well as numerous industrial buildings in the Montreal region and in Ontario.

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• 3601 Avenue de la Gare, Mascouche, Quebec