SKYLINE COMPLETES BLUE MOUNTAIN ACQUISITIONS

Skyline International Development Inc. has closed a $20 million investment and acquisition in Blue Mountain, Ont. Skyline has purchased both retail and undeveloped residential land interests in and adjacent to the renowned Blue Mountain Village at the base of Blue Mountain Resort which offers ski, golf and lodging. Under the retail portion of the agreement, Skyline has acquired 50% of existing commercial retail space within the Blue Mountain Village from current owner Intrawest ULC. In addition, Skyline will manage the remaining 50% of the Village’s retail space. Skyline has also acquired the land to build an additional 1,800 square metres of retail space to expand the Village retail. Skyline’s retail interest under agreement at Blue Mountain is currently generating $1.5 million of net operating income. In the residential portion of the acquisition, Skyline has acquired 136 acres of remaining developable land in and adjacent to the Village, with plans to double the Village’s current residential footprint. Skyline intends to develop 1,200 residential units, townhouses and single-family homes along the golf course and in the Village centre in the years ahead.