| Starlight Investments | |
| Founded: | 2011 |
| Hq Location: | Toronto, Ontario, Canada |
| Key People: | Daniel Drimmer (Founder/CEO) |
Starlight Investments is a privately-held Canadian real estate investment and asset management company based in Toronto, Ontario. As of 2021, Starlight owns 70,000 multi-family units (60,000 in Canada and 10,000 in the United States), 8 million square feet of commercial space, and over 600 properties across Canada.[1]
In 2011, Drimmer founded Starlight Investments.[2] In 2012, Drimmer acquired his former company TransGlobe REIT for $1 billion,[3] and also acquired 72 additional buildings with a subsidiary from the Public Sector Pension Investment Board.[4] [5] [6] In February 2020, Starlight bought Northview Apartments REIT.[7]
In 2016, Starlight drew scrutiny from tenants and local politicians around proposed 'renovictions' of tenants.[8] It has also faced other complaints around landlord practices.[9]
The company created a real estate securities investment company, Starlight Capital, in 2018.[10] That November, Starlight Capital announced the Starlight Hybrid Global Real Assets Trust to give retail investors access to a real estate mutual fund.[11]
In January 2021, Starlight purchased the naming rights to a stadium at City Centre Park in Langford after making a sponsorship deal with the city, which saw Bear Mountain Stadium renamed to Starlight Stadium as part of the five-year deal.[12]
In April 2022, Starlight Capital acquired Stone Investment Group, making them the largest owner/operator of purpose-built rental housing in Canada.[13]
In June, Starlight Investments' Canadian Residential Growth Fund III raised CDN $1.2 billion, with 61% of the capital coming from foreign investors.[14] This was the first time foreign investors contributed to one of Starlight's funds.