#Canada #Toronto #Starlight Investments #CIBC Global Asset Management #Canadian real estate

Starlight Investments Launches New Multi-Family Fund

Starlight Investments, a prominent player in the real estate sector, has made a significant announcement regarding the launch of the Starlight Canadian Core Multi-Family Fund. This newly established open-ended fund aims to focus on the acquisition and management of high-quality, income-producing multi-family rental properties across Canada’s major urban markets. The fund will kick off with an impressive cornerstone equity investment amounting to CAD $415 million, provided by CIBC Asset Management Inc.

The initial investment is set to facilitate the acquisition of rental apartments worth CAD $750 million, enabling the fund to quickly establish its presence in the competitive Canadian real estate market. With plans for future growth, the fund anticipates enhancements through additional investments from institutional investors and accredited individual investors via a feeder fund managed by CIBC Asset Management.

The strategy behind the fund is clear: to invest in newly constructed and substantially renovated rental properties predominantly located in metropolitan areas across Canada—including regions like the Greater Toronto Area, Greater Vancouver, and others such as Calgary, Edmonton, and Ottawa. This approach aims to leverage the growing demand for quality housing in these densely populated regions, ensuring stable income generation for its investors.

Daniel Drimmer, founder and CEO of Starlight Investments, expressed his enthusiasm about the partnership with CIBC Global Asset Management, stating, "This fund is designed to provide an institutional-quality portfolio offering stable income, supported by robust fundamentals within the multi-family investment sector."

Starlight Investments will oversee the fund's management, harnessing its extensive experience as the largest multi-family property owner in Canada. This launch marks a pivotal chapter, highlighting Starlight's commitment to residential real estate investments and providing a platform for investors looking for stable returns.

Alongside Starlight, CIBC’s Executive Vice-President and Head, Eric Bélanger, highlighted the rising interest among investors in exploring alternative investment avenues outside of traditional public securities. He noted how private real estate, represented by this new fund, offers attractive risk-adjusted returns while providing a diversified portfolio.

Starlight Investments, headquartered in Toronto, Canada, stands as a leader in real estate investment and asset management, managing assets worth CAD $30 billion. The firm controls over 70,000 multi-residential units and more than 7 million square feet of commercial property, demonstrating its strong foothold in the real estate market. Starlight aims to create a positive impact through its investment strategies, enhancing community structures and supporting investor interests simultaneously.

CIBC Global Asset Management, a significant partner in this venture, manages over CAD $370 billion in assets across Canada and the U.S., showcasing a robust track record in various investment management solutions tailored for both individual and institutional clients.

In summary, the launch of the Starlight Canadian Core Multi-Family Fund in collaboration with CIBC signifies an exciting opportunity in the Canadian real estate landscape, promising quality investment options and scalability for future growth. This strategic relationship not only reinforces Starlight’s leadership in the sector but also positions the fund as a key player in addressing housing needs across Canada's urban centers.