[Guelph, ON – July 13, 2020]
On July 13, 2020, Skyline Commercial REIT, a privately-owned and managed portfolio of commercial properties across Canada, announced the sale of a flex office/retail complex at 221 Holiday Inn Drive in Cambridge, ON.
The complex totaled 19,060 square feet of commercial space. The total sale price for the property was $2.73M. The property was sold at a premium to its International Financial Reporting Standards (IFRS) value established in January 2020.
“Skyline Commercial REIT’s management team identified 221 Holiday Inn Drive as a non-core asset appropriate for disposition,” said Michael Mackenzie, President, Skyline Commercial REIT.
“We continue to seek new properties for the portfolio that are accretive to unit value, with a focus on light industrial real estate including logistics and warehousing.”
Post-disposition, Skyline Commercial REIT now comprises 87 properties in 34 communities in five provinces across Canada, with a total of 7.6 million square feet of commercial space.
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