Starlight US Residential Fund files preliminary prospectus for up to US $ 197.6 million initial public offering


/ NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISTRIBUTION IN UNITED STATES./

TORONTO, October 5, 2021 / CNW / – Starlight US Residential Fund (the “Fund”) announced today that it has filed with the securities commissions in each of the provinces of Canada, and has obtained a visa for a preliminary prospectus for an initial public offering of limited partnership units (the “Offer”). The preliminary prospectus qualifies the distribution of a minimum of 98.8 million US dollars and a maximum of 197.6 million US dollars class A units, class C units, class D units, class E units, class F units, class G units and / or class U units of the Fund at a price of CA $ 10.00 per category A unit, category C unit, category D unit and category F unit and US $ 10.00 per category E unit, category G unit and category U unit.

The Fund was established on September 23, 2021 under an initial declaration of trust. The Fund was established for the primary purpose of acquiring, holding and operating, directly or indirectly, a portfolio consisting primarily of income-producing residential properties that demonstrate value based on local market prices and trends. supply and demand to meet the Fund’s target parameters or which may achieve increases in rental rates due to high yield and value added capital investments and active asset management. The Fund intends to acquire properties which are located primarily in Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, Caroline from the south, Tennessee, Texas, Utah and Washington. Following completion of the Offering, the Fund intends to acquire two multi-family residential properties which include a total of 757 suites located in the States of Florida and North Carolina in the markets of Tampa and Raleigh, respectively, and thirteen single-family properties located in the state of Georgia in the market of Atlanta (the “Initial Portfolio”). The balance of the net proceeds of the offering will subsequently be used to acquire one or more other income-producing residential properties in the aforementioned target markets within United States, in accordance with the main objective of the Fund.

Starlight Group Property Holdings Inc. (“Starlight”) is the promoter of the Fund and an affiliate of Starlight will act as the manager of the Fund. Starlight currently owns and / or manages 23.0 billion Canadian dollars in assets in Canada and United States, including more than 900 properties, approximately 70,000 multi-residential dwellings (of which approximately 10,000 multi-residential dwellings are located in United States and mainly in the states of Sunbelt and Mountain spread over 26 properties and having a current value of approximately CAN $ 3.0 billion) and approximately 8,000,000 square feet of retail space in Canada through various entities in six provinces and two territories, notably in partnership with several institutional investors and global family offices. Starlight has extensive experience in supervising and working with publicly traded entities and currently provides services to four publicly traded entities: True North Commercial REIT (TSX: TNT.UN), Northview Canadian High Yield Residential Fund (TSX: NHF.UN), Starlight US Multi -Family (No. 1) Core Plus Fund (TSX-V: SCPO.UN) and Starlight US Multi-Family (No. 2) Core Plus Fund (TSX-V: SCPT.A and SCPT.U). Starlight was among North America the most active real estate investors since its inception in 1995 and employs approximately 325 professionals, including more than 25 US residential real estate professionals with expertise in investments, asset management, finance and legal. Starlight has completed transactions with an aggregate value of over C $ 30.0 billion, with a transaction volume of approximately 110,000 residential suites with more than CAN $ 9.0 billion of invested capital.

The Fund has received expressions of interest from senior management of Starlight and certain investors known to the Fund manager to subscribe to a minimum of C $ 25.0 million Class C units (including retained equity held by Starlight and exchangeable for Class C units). The Syndicate of Agents for the Offering will be managed by CIBC World Markets Inc. (the “Principal Distributor”).

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in United States, nor will there be any sale of securities of the Fund in any jurisdiction where such an offer, solicitation or sale would be illegal. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and may not be offered or sold in United States the lack of registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

A preliminary prospectus containing important information concerning these securities has been filed with the securities commissions or similar authorities in each of the provinces of Canada. The preliminary prospectus is still in the process of being finalized or amended. Copies of the preliminary prospectus may be obtained from the Principal Agent and are available on SEDAR at www.sedar.com. There will be no sale or acceptance of an offer to buy the securities until a visa for the final prospectus has been issued.

About Starlight US Residential

Starlight US Residential was formed for the primary purpose of indirectly acquiring, owning and operating a portfolio of diversified, income-producing rental properties in the US residential real estate market through private, public and institutional vehicles. Starlight US Residential owns and manages a portfolio of approximately 10,000 multi-residential units across United States comprising more than CA $ 3.0 billion in assets under management. Please visit us at www.starlightus.com.

Forward-looking statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Fund and Starlight regarding future events, including statements regarding the use of proceeds from the Offering, the timing of the acquisition of the properties by the Fund and the subscription by senior management. by Starlight. In some cases, forward-looking statements may be identified by words such as “could”, “could”, “will”, “could”, “should”, “would”, “occur”, “expect”, “Plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “plan”, “predict”, “foresee”, “potential” , “continue”, “probable”, “timing”, or the negative thereof or other similar expressions concerning matters which are not historical facts.

Important factors and assumptions used by the management of the Fund in preparing forward-looking information include, without limitation, the ability to deploy the remaining proceeds of the offering, if any, to acquire additional properties; the Fund’s current expectations regarding: the impact of COVID-19 on the properties to be acquired by the Fund as well as the impact of COVID-19 on the markets in which the Fund intends to operate; the enforceability of any government regulations regarding tenants or rents of properties that the Fund intends to acquire as a result of COVID-19 or otherwise; the availability of residential properties for acquisition (other than the initial portfolio) and the price at which these properties can be acquired; the availability of mortgage financing and current interest rates; the capital structure of the Fund; the global and North American economic environment; foreign currency exchange rate; and government regulations or tax laws. Although management considers these assumptions to be reasonable based on information currently available, they may prove to be inaccurate.

Although management believes that the expectations reflected in these forward-looking statements are reasonable and represent the Fund’s internal projections, expectations and beliefs at this time, these statements involve known and unknown risks and uncertainties which may be general or specific and that give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be correct, that the assumptions may not be correct and that the objectives, strategic goals and priorities may not be achieved. Various factors, many of which are beyond the control of the Fund, could cause actual results for future periods to differ materially from current expectations of events or estimated or forecasted results expressed or implied by such forward-looking statements. These factors include the risks identified in the preliminary prospectus, including under the heading “Risk Factors” thereof, as well as, among others, risks relating to the availability of suitable properties to be purchased by the Fund, the availability of mortgage financing for these properties, and general economic and market factors, including the impact of COVID-19, interest rates, potential buyers of real estate, business competition, use of derivatives, changes in government regulations or tax laws. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Fund does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the reports are made or to reflect the occurrence of unforeseen events.

SOURCE Starlight US Residential Fund

Cision

See original content: http://www.newswire.ca/en/releases/archive/October2021/05/c0403.html


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