Starlight Investments Explained

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]

History

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.

Notes and References

  1. Web site: Starlight Development aims to build Metro's largest rental development in Burnaby . 2022-12-13 . ottawacitizen . en-CA.
  2. Web site: 26 April 2012 . TransGlobe Apartment REIT in $1B privatization deal . 7 September 2022 . CBC.
  3. News: TransGlobe REIT privatized in $1-billion deal . March 12, 2021 . theglobeandmail.com . April 26, 2012.
  4. News: January 20, 2012. Trouble for Rent. CBC Marketplace.
  5. Web site: Starlight Investments Completes Acquisition of TransGlobe Apartment REIT . 2022-09-07 . www.lexpert.ca . en.
  6. Web site: 2016-07-28 . Starlight poised for "aggressive and visible" growth . 2022-09-28 . RENX - Real Estate News Exchange . en-US.
  7. Web site: 2020-02-21 . Starlight, KingSett Capital Announce $3.6B Deal . 2022-09-20 . Multifamily Real Estate News . en-US.
  8. Web site: 22 January 2016 . 'Renoviction' fears spark special meeting after a handful of tenants receive eviction notices . 20 September 2022 . Canadian Broadcasting Company.
  9. Web site: Pelley . Lauren . 28 February 2018 . Toronto woman who said landlord wouldn't tell her how to pay rent wins fight against eviction notice . 10 October 2022 . CBC News.
  10. Web site: Dennis Mitchell named CEO of new Starlight Capital venture . 2022-10-10 . renx.ca . en.
  11. Web site: Starlight Investments Capital creates 'unique' new fund . 2022-10-27 . renx.ca . en.
  12. Web site: 2021-01-18 . Langford sells stadium naming rights for $500,000 to Starlight Developments . 2022-09-14 . Victoria News . en-US.
  13. Web site: Starlight Capital inks deal to acquire Stone Investment Group . 2022-12-13 . www.wealthprofessional.ca . en.
  14. Web site: Starlight Canadian Residential Growth Fund III closes at $1.2B - Private Capital Journal . 2022-10-27 . privatecapitaljournal.com.