/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, April 21, 2015 /CNW/ - Daniel Drimmer announced today that D.D. Acquisitions Partnership (3300 Bloor St West, Suite 1801, West Tower, Toronto, ON M8X 2X2), an entity controlled by Mr. Drimmer, acquired beneficial ownership of 105,000 class A limited partnership units (the "Class A Units") of Starlight U.S. Multi-Family Core Fund (the "Fund") at a price of C$12.75 per Class A Unit. The Class A Units were acquired through the facilities of the TSX Venture Exchange (the "Exchange") pursuant to the normal course purchase exemption contained in Section 100 of the Securities Act (Ontario).
Prior to the transaction, Daniel Drimmer, through D.D. Acquisitions Partnership, beneficially owned and controlled 749,999 class C limited partnership units of the Fund (the "Class C Units") representing approximately 62.26% of all issued and outstanding Class C Units.
Upon completion of the transaction, the Class A Units beneficially owned and controlled by Mr. Drimmer represented approximately 4.9% of all issued and outstanding Class A Units, as at December 31, 2014, and approximately 30.7% of all issued and outstanding Class A Units, on a partially-diluted basis as at December 31, 2014, assuming that the Class C Units currently beneficially owned and controlled by Mr. Drimmer are converted into Class A Units in accordance with the limited partnership agreement of the Fund.
The indirect investment in the Class A 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 his aggregate beneficial interest in such Class A Units and 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 his discretion, cause D.D. Acquisitions Partnership to sell only up to 25% of its aggregate currently-held interest in such manner as permitted by the limited partnership agreement of the Fund and applicable laws, including the rules of the 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: Daniel Drimmer, (416) 234-8444