Multi-Residential Real Estate in the News
Starlight Investments And KingSett Capital Purchase Northview REIT For $4.8B Toronto Deal
Toronto’s Starlight Investments and KingSett Capital have inked a deal to purchase Northview Apartment Real Estate Investment Trust for approximately $4.8B. Under the terms of the deal, Northview unitholders will have the option to receive $36.25 per trust unit in cash or receive their payment in units in a Canadian high yield, multi-residential fund that will be publicly listed on closing. Toronto’s Starlight Investments and KingSett Capital have inked a deal to purchase Calgary-based Northview Apartment Real Estate Investment Trust in a $4.8B transaction. On Wednesday, Northview trust units closed at $32.50 on the Toronto Stock Exchange. “We look forward to building on Northview’s tenant focus by maintaining high-quality, well-operated and sustainable buildings.
Starlight lists its portfolio at $14B of direct real estate and investment securities. It includes approximately 43,000 multi-residential units and over 7M SF of commercial properties across Canada and the U.S. The private equity investment firm, KingSett Capital has $15B in assets across Canada. The deal requires approval by Northview unitholders. It includes an initial 30-day go-shop period that will allow Northview to solicit and evaluate alternative offers. The transaction is expected to close in the third quarter of this year.