Global Real Assets Trust Completes Offering of Preferred Units

TORONTO, May 29, 2026 /CNW/ - Starlight Investments Capital GP Inc. ("Starlight Capital"), on behalf of Global Real Assets Trust (the "Trust"), announced today that the Trust has completed its offering (the "Offering") of 2,000,000 6.85% cumulative redeemable series 1 preferred units (the "Preferred Units") at an offering price of $25.00 per Preferred Unit for gross proceeds of $50 million. The Offering was conducted by a syndicate of agents led by CIBC World Markets Inc., National Bank Financial Inc. and Scotia Capital Inc. and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc., Raymond James Ltd., Hampton Securities Limited, Richardson Wealth Limited, Ventum Financial Corp., Wellington-Altus Private Wealth Inc., CI Investment Services Inc., Desjardins Securities Inc., Manulife Wealth Inc. and Research Capital Corporation.

The Trust's investment objective is to provide unitholders with cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors, and to a lesser extent, the global diversified equity sector.

The investment objectives for the Preferred Units of the Trust are (i) to provide their holders with fixed cumulative preferential quarterly cash distributions in the amount of $0.428 per Preferred Unit ($1.71 per annum or 6.85% per annum on the issue price of $25.00 per Preferred Unit); and (ii) on or about May 31, 2031, subject to extension for successive terms of up to seven years as determined by the trustees of the Trust (the "Preferred Unit Termination Date"), to pay holders of the Preferred Units the original issue price of $25.00 per Preferred Unit, through the redemption of each Preferred Unit held on the Preferred Unit Termination Date.

The net proceeds of the Offering, after deducting the fees and expenses of the Offering, will be used as follows: (i) up to 50% of the net proceeds of the Offering will be used to implement a special redemption right for unitholders of the Trust in connection with the Trust's 2025 reorganization, and (ii) the remainder of the net proceeds will be invested by the Trust in accordance with the investment objectives and investment strategies of the Trust, subject to the investment restrictions of the Trust.

The Preferred Units are listed on the Toronto Stock Exchange under the ticker GLRA.PR.A.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Trust in the United States, nor shall there be any sale of the securities of the Trust in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

The Offering was completed pursuant to a final prospectus dated May 21, 2026, filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. A copy of the final prospectus is available on SEDAR+ at www.sedarplus.com. 

Forward-looking statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Trust and Starlight Capital regarding future events, including statements concerning the use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Material factors and assumptions used by the Trust and Starlight Capital to develop the forward-looking information include, but are not limited to, the Trust and Starlight Capital's current expectations about: anticipated financial performance; business prospects; strategies; the availability of investment opportunities; ability to make investments on suitable terms; whether issuers in the investment portfolio will be able to meet their objectives and financial estimates; the nature of the Trust's operations; sources of income; the competitive conditions of the infrastructure and infrastructure-related industries; the commercial and residential real estate industries, and the global diversified equity sector; applicable laws, regulations and any amendments thereof; expectations regarding the ability of the Trust to raise capital; the Trust's business outlook; plans and objectives for future operations; forecast business results; and anticipated financial performance. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although Starlight Capital believes that the expectations reflected in such forward-looking statements are reasonable and represent the Trust's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Trust's control, may affect the operations, performance and results of the Trust, and could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the prospectus, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Starlight Capital and Starlight Investments

Starlight Capital is an independent Canadian asset management firm with over $1 billion in assets under management. We manage Global and North American diversified private and public equity investments across traditional and alternative asset classes, including real estate, infrastructure and private equity. Our goal is to deliver superior risk-adjusted, total returns to investors through a disciplined investment approach: Focused Business Investing. Starlight Capital is a wholly-owned subsidiary of Starlight Investments. Starlight Investments is a leading global real estate investment and asset management firm with over 375 employees and $30B in AUM. 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. Learn more at www.starlightcapital.com and connect with us on LinkedIn at https://www.linkedin.com/company/starlightcapital/.

starlightcapital.com

SOURCE Global Real Assets Trust

For further information: Dennis Mitchell, Chief Executive Officer & Chief Investment Officer, 1-416-855-2642, [email protected]; Graeme Llewellyn, Chief Financial Officer & Chief Operating Officer, 1-416-855-2643, [email protected]