TORONTO, Dec. 16, 2019 /CNW/ - Continuum Residential Real Estate Investment Trust (the "REIT"), an affiliate of Q Management LP, and Starlight Investments ("Starlight") today announced they have received all regulatory approvals and the sale of the 44-building portfolio to Starlight has closed.
Starlight has acquired the REIT's multi-residential portfolio (the "Portfolio") for a gross purchase price of $1.732 billion. The Portfolio is comprised of 44 high-rise concrete buildings located primarily in the Greater Toronto Area and contains 6,271 rental suites.
The REIT is an affiliate of Q Management LP, a real estate asset and property management entity that is actively engaged in the multi-family residential sector in Ontario. Following the sale of the REIT portfolio, Q Management LP continues to manage two private equity multi-residential funds in Ontario consisting of 5,234 (owned and under contract) suites in 45 buildings.
ABOUT STARLIGHT Starlight is a privately held Toronto-based, full-service, multi-family and commercial real estate investment and asset management company driven by an experienced team of over 200 professionals. The company currently manages over $13.0 billion of direct real estate as well as real estate investment securities. Investment vehicles include institutional joint ventures, True North Commercial REIT, Starlight U.S. Multi-Family Funds and Starlight Capital Funds. Starlight's portfolio consists of approximately 36,000 multi-residential units across Canada and the U.S. and over 6.2 million square feet of commercial properties. Please visit us at www.starlightinvest.com and connect with us on LinkedIn at www.linkedin.com/company/starlight-investments-ltd.
ADVISORS Desjardins Capital Markets and CIBC Capital Markets acted as financial advisors to the REIT and Gardiner Roberts LLP served as legal counsel to the REIT in connection with the Transaction. Bloom Lanys Professional Corporation acted as lead legal counsel to Starlight together with Wildeboer Dellelce LLP.
SOURCE Continuum REIT
For further information: Starlight: Daniel Drimmer, Chief Executive Officer and President, (416) 234-8444, [email protected]; Continuum REIT: Dan Argiros, President & Chief Executive Officer, (416) 815-1330, [email protected]; Lorne Stephenson, Corporate Affairs, (416) 814-4402, [email protected]