/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, April 18, 2013 /CNW/ - Daniel Drimmer announced today that pursuant to the initial public offering (the "Offering") of Starlight U.S. Multi-Family Core Fund (the "Fund"), Mr. Drimmer, through D.D. Acquisitions Partnership (401 The West Mall, Suite 1100, Toronto, Ontario, M9C 5J5), an entity controlled by Mr. Drimmer, subscribed for 749,999 class C units of the Fund (the "Class C Units") at a price of C$10.00 per Class C Unit for an aggregate subscription price of approximately US$7.5 million.
Following the completion of the Offering, the Class C Units beneficially owned by Mr. Drimmer currently represent approximately 62.26% of all issued and outstanding Class C Units and approximately 30.50% of all issued and outstanding class A units of the Fund (the "Class A Units") on a partially-diluted basis assuming that the Class C Units currently beneficially owned by Mr. Drimmer are converted into Class A Units in accordance with the limited partnership agreement of the Fund. Prior to the Offering, Mr. Drimmer owned one Class C Unit, which was the only issued and outstanding limited partnership unit of the Fund. The indirect investment in Class C Units by Mr. Drimmer is intended to further align the interests of Mr. Drimmer with those of the Fund's other unitholders.
Mr. Drimmer intends to retain, throughout the term of the Fund, 100% of its aggregate beneficial interest in such Class C Units (and/or Class A Units received upon the conversion of any such Class C Units) and may, subject to applicable laws, from time to time acquire additional securities of the Fund. However, Mr. Drimmer may, in its discretion, cause D.D. Acquisitions Partnership to sell 25% of its currently-held interest in such manner as permitted by the limited partnership agreement of the Fund and applicable laws, including the rules of the TSX Venture Exchange.
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 Core Fund
For further information:
D.D. Acquisitions Partnership