Starlight U.S. Multi-Family (No. 1) Value-Add Fund Announces Closing of the Sale of its 1,193 Class A Institutional Quality Multi-Family Units for Approximately US$239.6 MillionJanuary 14, 2020
Starlight U.S. Multi-Family (No. 1) Value-Add Fund (TSX-V: SUVA.A, SUVA.U) (the "Fund") today announced the completion of the Fund’s indirect sale of its portfolio of three multi-family properties totaling 1,193 units located in the United States to Clearwater U.S. Multi-Family (No. 2) Holding LP. The Fund’s unitholders approved the transaction at the special meeting of unitholders held on January 7, 2020.
The transaction is valued at approximately US$239.6 million and includes gross cash consideration of approximately US$92.1 million payable to the Fund, with the purchaser also indirectly assuming all of the Fund's existing debt in the amount of approximately US$147.5 million. The net proceeds of the transaction, after applicable U.S. taxes paid, will be distributed to unitholders by way of a cash distribution as part of the cancellation of all issued and outstanding units and dissolution of the Fund.
Wildeboer Dellelce LLP acted as counsel to the Special Committee of the Fund with a team comprised of Perry Dellelce, Michael Rennie, Joel Fraser and Sarah Wahba.
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