Skyline Industrial REIT buys $300M+ portfolio across Calgary & Edmonton, AB

Guelph, Ontario, Canada, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Skyline Industrial REIT(1) has completed its largest-ever transaction, entered the city of Edmonton, Alberta, and expanded its holdings in Calgary, Alberta. 

On Thursday, September 8, 2022, the REIT purchased a portfolio of four business parks with a total of more than two million square feet of industrial space, from a major Canadian pension plan.  

The portfolio, which is 97.7% occupied, comprises 16 buildings on 129.5 acres of land. Together, the properties accommodate 51 tenants.  

The total purchase price of the portfolio was $309.25M. 

All four business parks are ideally located in sought-after sub-markets of Calgary and Edmonton, providing tenants with immediate access to national transportation channels to promote business efficiency. 

“The transaction is not only the largest ever for Skyline Industrial REIT, but also the largest closing across all of Skyline Group of Companies’ investment products,” said Jason Castellan, Co-Founder & Chief Executive Officer, Skyline Group of Companies. 

“This milestone demonstrates the dedication and hard work of all our people across the group of companies, and our confidence in the markets across Canada where we invest.”  

“This transaction was a momentous one for Skyline Industrial REIT, and we are thrilled to be entering the city of Edmonton, expanding our Calgary holdings, and enhancing our presence across Canada,” said Mike Bonneveld, President, Skyline Industrial REIT. 

“Each of the properties provides exceptional logistics, distribution, and warehousing facilities to its tenants—which translates to excellent service to the tenants’ customers. This acquisition aligns with the REIT’s strategy and targeted asset format in terms of geography, clear height, tenant profile, and flexibility.” 

The REIT recently completed a strategic disposition program and has significantly increased its weighting in new modern industrial assets and developments. Proceeds from the sale of these assets have continued to be redeployed into new acquisitions and toward the many development partnerships in the REIT’s pipeline. 

“The redeployment of the capital generated from the disposition strategy over the past 15 months has given us the opportunity to acquire these assets and enhance our portfolio to the utmost,” said Bonneveld.  

“We believe this transaction is a strategic move for the REIT and for Skyline Group of Companies. We thank CBRE Toronto, Calgary, and Edmonton for their assistance with this transaction.” 

The REIT believes there is significant upside to this portfolio as both Calgary and Edmonton continue to experience significant Net rental growth similar to other major markets across Canada.   

According to CBRE’s Q2 2022 Canada Industrial report, Calgary leasing activity has persisted into Q2 2022 with two million square feet of net positive absorption, and the market has experienced extraordinary rent acceleration, with rents rising 15.3% year-over-year to $9.49 per square foot.(2)  

Post-acquisition, Skyline Industrial REIT now consists of 57 properties in 33 communities in five provinces across Canada, with a total of 8,753,999 square feet of industrial space. 

Skyline Industrial REIT is currently open for investment—its first time opening in nearly one year. 

“We are determined to continue our forward-thinking momentum and continue to position the REIT as an industry leader with more future transactions such as this,” said Bonneveld. 

(1)Skyline Industrial REIT was previously Skyline Commercial REIT. As a result of the REIT's increasing focus on modern warehousing and logistics assets, the REIT updated its name to better reflect its portfolio composition and target sector, effective June 14, 2022). 

(2) CBRE. (n.d.). Retrieved September 7, 2022, from (pg 12) 


About Skyline Industrial REIT

Skyline Industrial REIT (the “REIT”) is a privately owned and managed portfolio of industrial properties, focused on acquiring warehousing, distribution, 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. 

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

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

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


$300M+ portfolio purchase by Skyline Industrial REIT

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