Over 6,000 residential rental suites will be involved in the sale
A high-rise multi-residential portfolio of 44 concrete buildings in the Greater Toronto Area is slated to be sold to Starlight Investments for $1.732 billion.
Projected to close next month, the transaction will involve Starlight acquiring a total of 6,271 rental suites from Continuum Residential Real Estate Investment Trust.
“[The acquisition] is an extremely compelling opportunity to continue Starlight’s strategic growth,” Starlight CEO and president Daniel Drimmer said.
“We look forward to completing this significant Transaction and integrating the Portfolio into our multi-residential platform as we continue addressing Canada’s rental housing shortage.”
Continuum REIT will be withdrawing its previously announced IPO for the portfolio.
“We filed an amended and restated prospectus with the Ontario Securities Commission on October 21, 2019 with the intention of completing an initial public offering of the Units of the REIT. Since filing, senior management has been marketing the IPO in Canada and the United States which has resulted in an order book of over $1.0 billion,” Continuum CEO and president Dan Argiros noted.
“We are very proud of the superior performance of the REIT since inception and we thank all of our investors for their support.”
