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Starlight Investments Launches Open-Ended Canadian Core Multi-Family Fund and Strategic Relationship with CIBC Global Asset Management, enabling an Initial Acquisition of $750M of Purpose-Built Rental Apartments
The Fund's strategy is to invest in newly built and substantially renovated purpose-built Multi-Family rental properties located in Canada's largest metropolitan areas, with a focus on the Greater Toronto Area , Ontario's Golden Horseshoe region, Greater Vancouver , and Greater Victoria , as well as other major Canadian markets including Calgary , Edmonton , Ottawa , Montreal , and Halifax .
"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 Chief Executive Officer, Starlight Investments. "The Fund is designed to offer investors an institutional-quality portfolio with stable income, underpinned by robust fundamentals in the sector."
Starlight will serve as the Fund's manager, leveraging its 30-year real estate operating track record as Canada's largest Multi-Family owner to deliver institutional-quality management and execution. The launch of the Fund represents a key milestone as Starlight's first residential-focused, open-ended investment vehicle.
"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 Vice-President & Head, CIBC Global Asset Management. "We are very excited to forge a strategic relationship with Starlight and provide our clients with the opportunity to invest in Canadian residential real estate alongside Canada's leading Multi-Family Manager."
Starlight Investments is a leading global real estate investment and asset management firm headquartered in Toronto, Ontario, Canada . A privately held owner, developer and asset manager of over 70,000 multi-residential suites and over 7 million square feet of commercial property space with CAD $30 billion AUM, Starlight offers a range of investment vehicles across various real estate strategies. Starlight's guiding mission is to balance its tenure with visionary curiosity to create positive impact for investors and communities alike. At Starlight, we invest with impact. Learn more at www.starlightinvest.com or connect with us on LinkedIn.
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.
CIBC Global Asset Management (CGAM) is the tradename representing the asset management business of CIBC with over $250 billion in assets under management in Canada and $120 billion in assets under management in the U.S.* With over fifty years of experience designing and implementing client solutions, CGAM offers a broad range of high-quality global investment management solutions to individual and institutional clients.
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Contacts: Chris Bell , President & Chief Investment Officer, +1-647–729–2592, cbell@starlightinvest.com; Raj Mehta, President, Global Markets, +1-647-725-0498, rmehta@starlightinvest.com; Gwen McGuire, Director, Communications, media@starlightinvest.com
View original content:https://www.prnewswire.co.uk/news-releases/starlight-investments-launches-open-ended-canadian-core-multi-family-fund-and-strategic-relationship-with-cibc-global-asset-management-enabling-an-initial-acquisition-of-750m-of-purpose-built-rental-apartments-302488929.html