Starlight U.S. Residential Fund Completes $311.7 Million Initial Public Offering

November 15, 2021

Starlight U.S. Residential Fund (the “Fund”) has completed its initial public offering for total gross proceeds of approximately C$311.7 million of trust units. The Fund was created to indirectly acquire, own and operate a portfolio primarily comprised of income-producing residential properties in the United States. Upon closing, the Fund completed the indirect acquisition of (i) a class “A”, institutional quality multi-family residential property located in Raleigh, North Carolina, and (ii) 28 single-family residential properties located in Atlanta, Georgia. The Fund is also currently in the process of acquiring (i) a multi-family residential property located in Tampa, Florida, on or about November 15, 2021, and (ii) a multi-family residential property located in Las Vegas, Nevada, on or about November 16, 2021.

In connection with the initial public offering, CIBC World Markets Inc. acted as lead agent to the Fund, with a syndicate that included Scotia Capital Inc., RBC Dominion Securities Inc., Wellington-Altus Private Wealth Inc., Canaccord Genuity Corp., BMO Nesbitt Burns Inc., National Bank Financial Inc., Richardson Wealth Limited, TD Securities Inc., Desjardins Securities Inc., Echelon Wealth Partners Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc. and Raymond James Ltd. (collectively, the “Agents”).

Wildeboer Dellelce LLP acted for the Agents in connection with the initial public offering with a team that consisted of Daniel Shapira (real estate), Rebecca Cochrane, Sarah Wahba, Jeff Arnold (corporate/securities), and Katy Pitch (tax).