/NOT FOR DISTRIBUTION TO
The Fund is the first limited-term, public vehicle launched by
"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
The Units were offered to the public through a syndicate of agents led by
The Fund was established for the primary purpose of directly or indirectly acquiring, owning, operating and stabilizing a portfolio of newer vintage and newly-constructed income-producing, multi-family real estate properties that demonstrate value based on pricing and local supply and demand trends to achieve the Fund's target metrics by increasing in-place rents to market rents, revenue enhancement through ancillary income opportunities and operating expense reductions as a result of active asset management. The Fund intends to acquire properties that are geographically diversified across
As disclosed in the Fund's final prospectus, the Fund is currently in the process of acquiring (i) 60 multi-family suites located at
Starlight is the promoter of the Fund and an affiliate of Starlight will act as manager of the Fund. Starlight currently owns and/or manages
The Fund also announced today the initial, prorated distribution on its outstanding Units for the period from
$0.03224 per Class A Unit, representing approximately$0.30950 per Class A Unit on an annualized basis;$0.03125 per ClassB Unit representing approximately$0.30000 per ClassB Unit on an annualized basis; and$0.03298 per ClassC Unit representing approximately$0.31662 per ClassC Unit on an annualized basis.
After the initial distribution, the Fund expects to declare monthly distributions on the Units until further notice as follows:
$0.02579 per Class A Unit, representing approximately$0.30950 per Class A Unit on an annualized basis;$0.02500 per ClassB Unit representing approximately$0.30000 per ClassB Unit on an annualized basis; and$0.02639 per ClassC Unit representing approximately$0.31662 per ClassC Unit on an annualized basis.
The monthly cash distributions will be as set out above until such time as the Fund announces any changes to the distributions. Any such announcement will be by way of a further press release.
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
Forward-looking Statements
This news 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 concerning the use of proceeds of the Offering, the capacity of the Fund to acquire
Material factors and assumptions used by management of the Fund to develop the forward-looking information include, but are not limited to: the ability to deploy the remaining proceeds from the Offering; the Fund's current expectations about: 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 applicability of any government regulation concerning tenants or rents at properties the Fund intends to acquire as a result of COVID-19 or otherwise; the availability of multi-family properties for acquisition (other than the Initial Portfolio) and the price at which such properties may be acquired; the Fund's ability to acquire all of the properties comprising the Initial Portfolio; the availability of mortgage financing and current interest rates; the capital structure of the Fund; the economic and political environment in British Columba; and governmental regulations or tax laws. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the Fund's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Fund's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the final prospectus, including under the heading "Risk Factors" therein, as well as, among other things, risks related to the availability of suitable properties for purchase by the Fund, the availability of mortgage financing for such properties, and general economic and market factors, including the impact of COVID-19, interest rates, prospective purchasers of real estate, business competition, use of derivatives, changes in government regulations or income tax laws, as well as environmental risks. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Fund undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
About Starlight Western Canada Multi-Family (No. 2) Fund
The Fund is a trust formed under the laws of
SOURCE Starlight Western Canada Multi-Family (No. 2) Fund
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