TORONTO, Dec. 21, 2018 /CNW/ - Starlight Investments Capital LP ("Starlight Capital"), on behalf of Starlight Hybrid Global Real Assets Trust (the "Trust"), announced today that the agents for the Trust's initial public offering have partially exercised their option to purchase an additional 75,901 Series A Units of the Trust at the initial public offering price of $10.00 per Unit. Including the exercise of the option, the Trust has issued a total of 2,034,901 Series A Units, 141,000 Series F Units and 750,000 Series C Units (collectively, the "Units") for total gross proceeds of $29.3 million.
The Trust's investment objective is to provide unitholders with stable monthly cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors.
To achieve its objectives, the Trust will invest no less than 60% of the net capital raised into a subsidiary, Starlight Global Real Assets LP ("Real Assets LP"), that will hold an actively managed global portfolio of real estate and infrastructure securities, targeting issuers primarily in OECD countries, managed by Dennis Mitchell of Starlight Capital, the investment manager of the Real Assets LP. The Trust will also invest in global real estate properties and global infrastructure assets, beginning with allocations of up to 20% of the net capital raised to each of the Starlight Canadian Residential Growth Fund (the "Starlight Fund"), a newly created fund to be managed by Daniel Drimmer of Starlight Group Property Holdings Inc., and the EagleCrest Infrastructure Canada LP ("EICLP"), managed by Fiera Infrastructure Inc. The Starlight Fund will make direct investments in Canadian multi-residential real estate properties and portfolios. EICLP holds investments in 24 infrastructure assets located in Canada, the U.S., the U.K. and Spain.
The Trust will target $0.50 gross distributions per Unit per annum (5.0% yield based on the offering price per Unit) at the discretion of the Trustees, to be paid on a monthly basis commencing February 2019.
The Series A Units are listed on the Aequitas NEO Exchange under the ticker SCHG.UN.
The offering was conducted by a syndicate of agents co-led by CIBC Capital Markets and RBC Capital Markets, and including National Bank Financial Inc., Scotiabank, BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Industrial Alliance Securities Inc., Manulife Securities Incorporated, Desjardins Securities Inc., Mackie Research Capital Corporation and Echelon Wealth Partners Inc. (collectively, the "Agents").
About Starlight Capital and Starlight Investments Starlight Capital is an independent asset management firm offering mutual funds, exchange-traded funds and structured products. Our goal is to deliver superior risk adjusted 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 privately-held, full service, real estate investment and asset management company. The firm manages over $9.0 billion of assets on behalf of institutional joint ventures as well as publicly listed REITs, closed end funds and investment funds and is driven by an experienced team of over 150 professionals. Please visit us at www.starlightcapital.com and connect with us on LinkedIn.
SOURCE Starlight Capital
For further information: Dennis Mitchell, Chief Executive Officer & Chief Investment Officer, 416-855-2642, [email protected]; Graeme Llewellyn, Chief Financial Officer and Chief Operating Officer, 416-855-2643, [email protected]