The company, which is separating from most of its assets in Canada, has in recent days sold a number of additional assets in the US and Canada, the company has repaid bonds and it will be interesting to see how the company will use the high liquidity.
Company Skyline Investments, which specializes in, among other things, investments in income-producing hotel real estate in the United States and Canada, Announced today that it has completed the transaction for the sale of most of the company’s resorts and venture assets in Canada to Freed Corporation for C $ 210 million, an amount representing C $ 30 million on the value of these assets in IFRS books, as of June 30, 2021, Freed deal.
Upon completion of the transaction, Skyline will repay the bonds (Series A) in full, the company will be left after repayment with $ 35 million Canadian freedom in the invited cash flow.
During the third quarter of 2021, Skyline recognized in its profit and loss statements in accordance with IFRS rules a profit of approximately C $ 23.2 million, less tax and other comprehensive income attributable to the Freed transaction, in the amount of C $ 3.8 million, less tax.
During the fourth quarter of 2021, Skyline is expected to post an additional profit and loss of approximately C $ 14.8 million in the income statement.
As part of the deal, Freed, through a newly formed partnership, Resort Communities, will merge the resorts with the Muskoka Bay Resort, which is currently owned by Freed and its partners. Skyline will become a 29% partner in the resort partnership along with Fried, which will hold an extensive portfolio of top resorts in Ontario, Canada.
Fried has an option to purchase the remaining 29%.