/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
The Fund was established for the primary purpose of indirectly acquiring, owning and operating a portfolio primarily comprised of value-add, income-producing, multi-family properties that can achieve significant increases in rental rates as a result of undertaking high return, light value-add capital expenditures and active asset management, and are located in the States of Arizona, Colorado, Florida, Georgia, Nevada, North Carolina, Tennessee and Texas. Shortly following completion of the Offering, the Fund intends to indirectly acquire two multi-family residential properties that comprise a total of 943 suites located in the States of Arizona and Texas in the markets of Phoenix and Austin, respectively. The balance of the net proceeds of the Offering, if any, will be used to subsequently acquire one or more additional value-add income-producing, multi-family properties in the above-noted target markets within the United States, within nine months of the closing date of the Offering, consistent with the primary purpose of the Fund, and for working capital purposes.
Starlight Group Property Holdings Inc. (“Starlight“) is the promoter of the Fund and will also act as manager of the Fund. Starlight is a privately held real estate investment and asset management company that is driven by an experienced team comprised of approximately 110 professionals. Starlight currently owns and/or asset manages C$7.0 billion in assets in Canada and the U.S., including its partnerships with four institutional investors and a number of international family offices. Starlight currently provides asset management services to Northview Apartment REIT (TSX: NVU.UN, NVU.DB), True North Commercial REIT (TSX: TNT.UN) and Starlight U.S. Multi-Family (No. 5) Core Fund (TSX-V: STUS.A and STUS.U). Starlight has completed transactions having an aggregate value of over C$15.0 billion, with a transaction volume of approximately 63,000 suites since its inception.
The Fund has received commitments from the principal of Starlight and certain other investors known to the principal of Starlight to subscribe for a minimum of C$15.2 million of Class C Units. The syndicate of agents for the Offering is being led by CIBC and includes Scotiabank, BMO Capital Markets, GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc. and Industrial Alliance Securities Inc. (collectively, the “Agents“).
The Fund has received conditional approval from the TSX Venture Exchange (the “Exchange“) to list the Class A Units and Class U Units distributed under the Offering on the Exchange under the symbols “SUVA.A” and “SUVA.U”, respectively. Listing of the Class A Units and Class U Units is subject to the Fund fulfilling all of the requirements of the Exchange.
This press release does not constitute an offer to sell or…