Starlight Investments Introduces Open-Ended Multi-Family Fund in Canada with CIBC Partnership

Starlight Investments is excited to unveil its latest venture, the Starlight Canadian Core Multi-Family Fund, aiming to create a diversified portfolio of high-quality residential rental properties across Canada’s major urban markets. This innovative fund is designed as an open-ended vehicle focusing on strategically acquiring purpose-built rental apartments, with an initial investment of $750 million aimed at fostering significant growth within North America’s real estate sector.

Strategically partnered with CIBC Global Asset Management, Starlight’s fund will utilize an equity infusion of CA$415 million from CIBC Managed Funds to facilitate the acquisition of the first batch of specially constructed apartment units. The collaboration aims to drive constructive engagement in the fast-evolving landscape of multifamily housing, addressing market demands with targeted investment strategies.

The primary focus of the Starlight Canadian Core Multi-Family Fund will be on newly developed properties or those that have undergone substantial renovations, located within urban regions such as Greater Toronto, Ontario's Golden Horseshoe, Greater Vancouver, and Greater Victoria, along with other significant Canadian markets including Calgary, Edmonton, Ottawa, Montreal, and Halifax.

Daniel Drimmer, founder and CEO of Starlight Investments, expressed enthusiasm regarding the strategic initiative: "We are thrilled to announce our partnership with CIBC Global Asset Management. This collaboration is designed to provide premier investment opportunities within the Canadian multifamily real estate sector. The Fund is tailored to deliver a portfolio of institutional-quality assets that ensure stable income streams, grounded in strong fundamental market conditions."

Starlight aims to leverage its extensive expertise accumulated over three decades in real estate management, positioning itself as the largest multifamily property owner in Canada. This new initiative marks a significant milestone as it represents Starlight's inaugural open-ended investment vehicle focusing specifically on the residential sector.

As investor interest shifts towards alternatives beyond publicly traded securities, the private real estate market continues to emerge as a compelling choice offering attractive returns and diversification benefits. Eric Bélanger, Senior Vice President and Head of CIBC Global Asset Management, commented, "We are eager to collaborate with Starlight to provide our clients with the chance to invest in Canada's residential real estate sector alongside the leading multifamily property manager in this market.

Starlight Investments is a global leader in real estate investment and asset management, headquartered in Toronto, Ontario. The firm currently manages over 70,000 apartments across various multi-residential properties and commercial spaces, totaling more than seven million square feet and boasting CA$30 billion in assets under management. Starlight's commitment lies in balancing its investment strategies while fostering a visionary approach that creates positive impacts for both investors and communities. To learn more about Starlight, visit www.starlightinvest.com or connect with them on LinkedIn.

CIBC, a premier financial institution in North America, serves 14 million customers, including individuals, businesses, institutional clients, and public sector entities. CIBC provides a comprehensive suite of advisory solutions and services through its personal banking and small business division, corporate banking group, asset management division, and capital markets, all supported by a robust digital banking network. More information about CIBC can be found at www.cibc.com.

CIBC Global Asset Management, the asset management arm of CIBC, claims more than CA$250 billion in assets under management in Canada and CA$120 billion in the US. With over 50 years of experience in delivering high-quality investment solutions to individual and institutional clients, CIBC Global Asset Management continues to set the standard in asset management.

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Topics Financial Services & Investing)

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