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Starlight Western Canada Multi-Family (No. 2) Fund Raises $130,000,000 Maximum Size Initial Public Offering with Capacity to Acquire Approximately $425 Million of British Columbia Multi-Family Real Estate and Announces Monthly Cash Distributions
Starlight Western Canada Multi-Family (No. 2) Fund Raises $130,000,000 Maximum Size Initi...
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[{"type":"text","content":"\n \n \n \n Starlight Western Canada Multi-Family (No. 2) Fund Raises $130,000,000 Maximum Size Initial Public Offering with Capacity to Acquire Approximately $425 Million of British Columbia Multi-Family Real Estate and Announces Monthly Cash Distributions\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 21, 2022\n \n \n /CNW/ - Starlight Western Canada Multi-Family (No. 2) Fund (the \"\n \n Fund\n \n \") announced today that it has raised its maximum offering size and completed its initial public offering (the \"\n \n Offering\n \n \"). Pursuant to the Offering and a concurrent private placement, the Fund issued\n \n $130,000,000\n \n of trust units, consisting of 4,207,395 Class A Units, 5,404,905 Class B Units and 3,387,700 Class C Units of the Fund at a price of\n \n $10.00\n \n per Class A Unit, Class B Unit and Class C Unit (collectively, the \"\n \n Units\n \n \"). The Fund will have the capacity to acquire approximately\n \n $425 million\n \n of\n \n British Columbia\n \n multi-family real estate.\n \n \n The Fund is the first limited-term, public vehicle launched by Starlight Group Property Holdings Inc. (\"\n \n Starlight\n \n \") to raise funds through a prospectus offering targeting Canadian multi-residential rental properties.\n \n \n \"We are extremely pleased with the successful completion of the maximum size offering, the result of which is the formation of Starlight's first public, Canadian multi-family fund which will focus on newly constructed and newer vintage properties in\n \n British Columbia\n \n ,\" said\n \n Daniel Drimmer\n \n , Chief Executive Officer of the Fund. \"We welcome both new investors and long-time supporters to our newest investment vehicle and look forward to delivering on the Fund's objectives and creating value.\"\n \n \n The Units were offered to the public through a syndicate of agents led by CIBC World Markets Inc. and included Welli...