Guelph, Ontario, Canada, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Skyline Industrial REIT acquired two newly constructed industrial assets in Quebec and Ontario, continuing to increase its weighting in new, more modern industrial properties across Canada.
On October 24, 2023, Skyline Industrial REIT acquired all partner interests from its development partner, Rosefellow, and is now the sole owner of the recently completed facility at 3601 Avenue de la Gare, Mascouche, Quebec.
This state-of-the-art facility is a multi-tenant development totaling 321,000 square feet of purpose-built industrial space. The 226,000-square-foot cold storage facility has been leased to Congebec on a long-term lease, with an additional 100,000 square feet currently under negotiation. Construction was completed in late September, and Congebec was officially welcomed with a ribbon-cutting ceremony on September 18, 2023.
This development was a joint venture partnership project completed between Skyline Industrial REIT and Rosefellow Developments.
"For our tenant, Congebec, this development is the first new facility of its kind in the province of Quebec in a decade,” said Mike Bonneveld, President, Skyline Industrial REIT.
“It is also a major milestone for both Congebec and Skyline Industrial REIT, as it marks the first major cold storage facility on Montréal's North Shore. We are extremely proud of this development and are thrilled to integrate it into our portfolio of managed assets. Thank you to all parties involved in developing and acquiring this project."
Additionally, on November 2, 2023, Skyline Industrial REIT acquired a newly developed, single-tenant industrial asset at 353 Griffin Way in Woodstock, Ontario.
The property is a single-tenant industrial warehouse totaling 148,050 square feet. This best-in-class property recently completed construction in October 2023 and is 100% leased. This acquisition adds a complementary asset to the REIT’s southwestern Ontario holdings and aligns with Skyline Industrial REIT's investment strategy.
"Skyline Industrial REIT entered the Woodstock market back in 2022 with the purchase of a newly developed multi-tenant asset at 454 & 468 Innovation Way,” said Bonneveld.
“We continue to see Woodstock as a suitable market for growth, and we are excited to be expanding our presence here with this acquisition."
Post-acquisitions, Skyline Industrial REIT, is now 84% weighted in warehousing, distribution, and logistics-focused assets and comprises 49 properties in five provinces across Canada, with a total of 9,196,171 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”), the preferred Exempt Market Dealer for the REIT. It is also available on Fundserv (Code: RBS2404).
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, please visit SkylineWealth.ca.
Skyline Industrial REIT is operated and managed by Skyline Group of Companies.
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