Q Management Purchases 24 Ontario Properties
Q Management L.P. has entered into agreements to acquire 24 properties (2,107 suites) in Hamilton and London, Ontario.
Q Management will pay Skyline Apartment REIT $173M for a portfolio of 11 buildings in downtown Hamilton. The portfolio totals 1,035 suites.
“This acquisition fits well with our strategy of assembling portfolios of high-rise multifamily residential properties in larger Ontario urban centers that are well-positioned for continued growth," Q President and CEO Dan Argiros said in a release.
”Our goal was to acquire a critical mass of properties in the Hamilton market and this portfolio achieves that.”
Q will also purchase 13 properties from Homestead for $129.7M. They include four Hamilton properties (425 suites) and nine London properties (558 suites).
With these additions, Q will own and manage 9,500 suites in 69 buildings in Ontario, with the majority in Toronto, Ottawa, Hamilton and London.
The transactions are expected to occur in two stages, with London closing in late September, and Hamilton in mid-October.