Daniel Drimmer Acquires Further Units of Starlight U.S. Multi-Family (No. 5) Core Fund

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, June 12, 2017 /CNW/ - Daniel Drimmer announced today that, through D.D. Acquisitions Partnership ("DDAP"), he has acquired beneficial ownership of (the "Acquired Units") 232,289 class U limited partnership units ("Class U Units") of Starlight U.S. Multi-Family (No. 5) Core Fund (the "Fund"), in a single trade, through the facilities of the TSX Venture Exchange.

The Acquired Units were acquired for an aggregate of US$2,090,601 (approximately C$2,812,485) or US$9.00 (approximately C$12.11) per Acquired Unit.

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

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

Prior to acquisition of the Acquired Units, the Class U Units beneficially owned by Mr. Drimmer represented approximately 0% of all issued and outstanding Class U Units and, on a partially-diluted basis, 0.4%, assuming that the Class E Units beneficially owned by Mr. Drimmer were to be converted into Class U Units in accordance with the LPA. Following the acquisition of the Acquired Units, the Class U Units beneficially owned by Mr. Drimmer represented approximately 12.9% of all issued and outstanding Class U Units and, on a partially-diluted basis, 13.2%, assuming that the Class E Units beneficially owned by Mr. Drimmer were to be converted into Class U Units in accordance with the LPA.

Prior to acquisition of the Acquired Units, the Class E Units beneficially owned by Mr. Drimmer represented approximately 0.3% of all issued and outstanding Class E Units. Following the acquisition of the Acquired Units, the Class E Units beneficially owned by Mr. Drimmer represented approximately 0.3% of all issued and outstanding Class E Units and, on a partially-diluted basis, 9.1%, assuming that the Class U Units beneficially owned by Mr. Drimmer were to be converted into Class E Units in accordance with the LPA.

The Class A Units beneficially owned by Mr. Drimmer represent approximately 0% of all issued and outstanding Class A Units and, on a partially-diluted basis, 41.8%, assuming that the Class C Units and Class D Units beneficially owned by Mr. Drimmer were to be converted into Class A Units in accordance with the LPA. The Class C Units beneficially owned by Mr. Drimmer represent approximately 71.3% of all issued and outstanding Class C Units. The Class D Units beneficially owned by Mr. Drimmer represent approximately 2.6% of all issued and outstanding Class D Units and, on a partially-diluted basis, 44.0%, assuming that the Class A Units and Class C Units (which are convertible into Class A Units) beneficially owned by Mr. Drimmer were to be converted into Class D Units in accordance with the LPA.

Mr. Drimmer's indirect ownership of limited partnership units of the Fund ("Units") is for investment purposes. 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.  Mr. Drimmer, through DDAP, Starlight Group Property Holdings Inc. ("SGPH") or otherwise, may acquire additional Units or may dispose of any or all of the beneficially held Units from time to time through, among other things, the purchase or sale of Units on the open market or in private transactions or otherwise, on such terms and at such times as Mr. Drimmer may deem advisable depending upon an ongoing evaluation of the Units, the Fund, prevailing market conditions, the availability of Units at prices that would make the purchase or sale of Units desirable, other investment opportunities, liquidity requirements of Mr. Drimmer and/or other considerations.

DDAP is an Ontario general partnership, the principal business of which is to make investments with its head office at 3280 Bloor St West, Suite 1400, Toronto, Ontario M8X 2X3. SGPH is a British Columbia corporation, the principal business of which is a real estate asset management, ownership and investment company with its head office at 3280 Bloor St West, Suite 1400, Toronto, Ontario M8X 2X3.

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 Daniel Drimmer

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

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