Skyline Apartment REIT sells Regina, Saskatchewan property

Skyline Apartment REIT sells Regina, Saskatchewan property

On July 30, 2021, Skyline Apartment REIT sold a property at 1920 College Avenue, Regina, SK. The property totaled 153,241 square feet of commercial office space and was tenanted by The Cooperators.

The total sale price for the property was $28.25M.

“The property was originally purchased by Skyline Apartment REIT in 2008 as part of a six-property portfolio of commercial office properties tenanted by The Cooperators,” said Matthew Organ, President, Skyline Apartment REIT.

“1920 College Avenue was identified in 2020 as a non-core asset that was appropriate for a strategic disposition. Skyline Apartment REIT will continue to focus on multi-residential assets.”

1920 College Avenue was sold at a premium to its International Financial Reporting Standards (IFRS) value established in January 2021. Funds surfaced from the property’s sale will be used toward accretive property acquisitions with the goal of creating maximum value for Skyline Apartment REIT unitholders.

Post-disposition, Skyline Apartment REIT comprises 235 properties (a remaining four of which are comprised 100% of commercial space) in 60 communities in seven provinces across Canada, with a total of 20,527 suites.