Starlight Investments Launches $750M Canadian Core Multi-Family Fund

Whats Happening:

Starlight Investments is launching the Starlight Canadian Core Multi-Family Fund, an open-ended fund focused on acquiring and managing high-quality, income-producing, purpose-built rental properties across Canada's largest urban markets. The fund is starting with a $415 million cornerstone equity investment from CIBC Asset Management Inc., enabling an initial acquisition of $750 million in purpose-built rental apartments.

Key Moves:

• Starlight launches open-ended Canadian Core Multi-Family Fund

• CIBC Asset Management provides $415 million initial investment

• Fund targets $750 million in initial property acquisitions

By The Numbers:

• $415 million initial cornerstone equity investment

• $750 million target for initial property acquisitions

• Starlight manages over 70,000 multi-residential suites and CAD $30 billion in AUM

Key Quotes:

• "Starlight is pleased to announce our strategic relationship with CIBC Global Asset Management to deliver a best-in-class Canadian core Multi-Family investment offering," said Daniel Drimmer, Founder and CEO of Starlight Investments.

• "Investors are increasingly seeking alternative investment opportunities beyond publicly traded securities, and private real estate continues to offer strong diversification and attractive risk-adjusted returns," said Eric Bélanger, Executive VP & Head of CIBC Global Asset Management.

Bottom Line:

Starlight Investments' launch of the Canadian Core Multi-Family Fund marks a significant expansion in the Canadian real estate investment market. With substantial initial backing and a focus on high-quality rental properties in major urban areas, the fund is positioned to capitalize on the growing demand for institutional-grade real estate investments and the strong fundamentals of the multi-family sector.

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