Daniel Drimmer acquires units of Starlight U.S. Multi-Family (No. 5) Core Fund

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Oct. 17, 2016 /CNW/ - Daniel Drimmer announced today that pursuant to the reorganization transaction (the "Reorganization") involving, among others, Starlight U.S. Multi-Family Core ("Fund1"), Starlight U.S. Multi-Family (No. 2) Core Fund ("Fund2"), Starlight U.S. Multi-Family (No. 3) Core Fund ("Fund3") and Starlight U.S. Multi-Family (No. 4) Core Fund ("Fund4" and collectively, the "Existing Starlight Funds"), Campar Capital Corporation ("Campar") and Starlight U.S. Multi-Family (No. 5) Core Fund (TSX.V: SUA.A, SUA.U, with its head office at 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON M8X 2X3) (the "Fund") conducted by way of plans of arrangement under the Business Corporations Act (Alberta) and Business Corporations Act (Ontario) to, among other things, consolidate the assets of the Existing Starlight Funds and Campar to form the Fund, effective as of October 14, 2016, D.D. Acquisitions Partnership (an Ontario general partnership, the principal business of which is to make investments with its head office at 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON M8X 2X3) and Starlight Investments Ltd. (an Ontario corporation, the principal business of which is a real estate asset management, ownership and investment company with its head office at 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON M8X 2X3), both being entities controlled by Mr. Drimmer, acquired beneficial ownership of an aggregate of 343,104 class A limited partnership units of the Fund (the "Class A Units"), control of an aggregate of 4,780 class U limited partnership units of the Fund (the "Class U Units") and beneficial ownership of an aggregate of 9,128,843 class C limited partnership units of the Fund (the "Class C Units" and, together with the Class A Units and Class U Units, the "Acquired Units"). The Acquired Units were acquired in exchange for units of the Existing Starlight Funds, units of Boardwalk Acquisitions Partnership, common shares of Campar and in exchange for the carried interest held indirectly by Mr. Drimmer in the Existing Starlight Funds, all based upon exchange ratios determined in connection with the Reorganization and the terms of the constating documents of certain subsidiaries of the Existing Funds.

Pursuant to the limited partnership agreement of the Fund, the Class A Units are convertible into class D limited partnership units of the Fund (the "Class D Units"), the Class U limited partnership units are convertible into class E limited partnership units of the Fund (the "Class E Units") and the Class C Units are convertible into Class A Units of the Fund.

The Class A Units beneficially owned by Mr. Drimmer represent approximately 1.8% of all issued and outstanding Class A Units and, on a partially-diluted basis, approximately 5.7% of all issued and outstanding Class D Units at the effective time of the Reorganization, assuming that the Class A Units currently beneficially owned by Mr. Drimmer were converted into Class D Units in accordance with the amended and restated limited partnership agreement of the Fund.

The Class C Units beneficially owned by Mr. Drimmer represent approximately 70% of all issued and outstanding Class C Units and, on a partially diluted basis, approximately 32.6% of all issued and outstanding Class A Units at the effective time of the Reorganization, assuming that the Class C Units currently beneficially owned by Mr. Drimmer were converted into Class A Units in accordance with the limited amended and restated partnership agreement of the Fund.

The Class U Units controlled by Mr. Drimmer represent approximately 0.2% of all issued and outstanding Class U Units and, on a partially diluted basis, approximately 0.5% of all issued and outstanding Class E Units at the effective time of the Reorganization, assuming that the Class U Units currently controlled by Mr. Drimmer were converted into Class E Units in accordance with the amended and restated limited partnership agreement of the Fund.

Prior to the Reorganization, Mr. Drimmer owned one Class C Unit, which was the only issued and outstanding limited partnership unit of the Fund. The initial Class C Unit was redeemed for its subscription price in connection with the Reorganization.

Mr. Drimmer's indirect ownership of the Acquired Units is for investment purposes. Mr. Drimmer intends to acquire an additional 500,000 Class C Units pursuant to Fund's initial public offering, as described in the Fund's final prospectus dated October 12, 2016. The indirect investment in the Acquired Units by Mr. Drimmer is intended to further align the interests of Mr. Drimmer with those of the Fund's other unitholders.

For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see the Fund's profile on SEDAR at www.sedar.com.

SOURCE Starlight U.S. Multi-Family (No. 5) Core Fund

For further information: Daniel Drimmer, 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON, M8X 2X3, (416) 234-8444


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