REIT says its new operating name reflects the evolution of its portfolio
A Canadian REIT valued at more than $1.2 billion has announced a change in its name.
Formerly known as Skyline Commercial REIT, the Ontario-based trust will now conduct business as Skyline Industrial REIT effective June 14.
The name change was undertaken “to reflect the evolution of its portfolio composition and, more specifically, its increased weighting in the warehousing, distribution, and logistics sector,” Skyline said in its announcement.
“With the increased focus of the REIT on investment specifically in the warehousing, distribution, and logistics sector, the REIT’s management team made the decision that its name should evolve to better reflect the portfolio,” said Michael Mackenzie, former president of Skyline Industrial REIT.
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The REIT has also announced the appointment of its new president: real estate industry veteran Mike Bonneveld, who previously served as director of acquisitions and vice president of Skyline Asset Management.
“The REIT is playing a key role in bringing new, purpose-built industrial stock to major Canadian markets that addresses the high demand for warehousing and distribution properties. I am looking forward to leading the REIT on this trajectory in its goal to provide further value for its unitholders,” said Bonneveld.
