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]
 | |
| Industry |
|
|---|---|
| Founded | 2011 |
| Headquarters | Toronto, Ontario, Canada |
Key people | Daniel Drimmer (Founder/CEO) |
| Website | starlightinvest |
History edit
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][1]
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.[14]
References edit
- ^ a b "Starlight Development aims to build Metro's largest rental development in Burnaby". ottawacitizen. Retrieved 2022-12-13.
- ^ "TransGlobe Apartment REIT in $1B privatization deal". CBC. 26 April 2012. Retrieved 7 September 2022.
- ^ "TransGlobe REIT privatized in $1-billion deal". theglobeandmail.com. April 26, 2012. Retrieved March 12, 2021.
- ^ "Trouble for Rent". CBC Marketplace. January 20, 2012.
- ^ "Starlight Investments Completes Acquisition of TransGlobe Apartment REIT". www.lexpert.ca. Retrieved 2022-09-07.
- ^ "Starlight poised for "aggressive and visible" growth". RENX - Real Estate News Exchange. 2016-07-28. Retrieved 2022-09-28.
- ^ "Starlight, KingSett Capital Announce $3.6B Deal". Multifamily Real Estate News. 2020-02-21. Retrieved 2022-09-20.
- ^ "'Renoviction' fears spark special meeting after a handful of tenants receive eviction notices". Canadian Broadcasting Company. 22 January 2016. Retrieved 20 September 2022.
- ^ Pelley, Lauren (28 February 2018). "Toronto woman who said landlord wouldn't tell her how to pay rent wins fight against eviction notice". CBC News. Retrieved 10 October 2022.
- ^ "Dennis Mitchell named CEO of new Starlight Capital venture". renx.ca. Retrieved 2022-10-10.
- ^ "Starlight Investments Capital creates 'unique' new fund". renx.ca. Retrieved 2022-10-27.
- ^ "Langford sells stadium naming rights for $500,000 to Starlight Developments". Victoria News. 2021-01-18. Retrieved 2022-09-14.
- ^ "Starlight Capital inks deal to acquire Stone Investment Group". www.wealthprofessional.ca. Retrieved 2022-12-13.
- ^ a b "Starlight Canadian Residential Growth Fund III closes at $1.2B - Private Capital Journal". privatecapitaljournal.com. Retrieved 2022-10-27.