Starlight Investments
Industry
  • Real estate
  • Asset management
Founded2011
HeadquartersToronto, Ontario, Canada
Key people
Daniel Drimmer (Founder/CEO)
Websitestarlightinvest.com

Starlight Investments is a privately-held Canadian real estate investment and asset management company based in Toronto, Ontario. As of 2021, Starlight owns 70,000 multi-family units (60,000 in Canada and 10,000 in the United States), 8 million square feet of commercial space, and over 600 properties across Canada.[1]

History

In 2011, Drimmer founded Starlight Investments.[2] In 2012, Drimmer acquired his former company TransGlobe REIT for $1 billion,[3] and also acquired 72 additional buildings with a subsidiary from the Public Sector Pension Investment Board.[4][5][6] In February 2020, Starlight bought Northview Apartments REIT.[7]

In 2016, Starlight drew scrutiny from tenants and local politicians around proposed 'renovictions' of tenants.[8] It has also faced other complaints around landlord practices.[9]

The company created a real estate securities investment company, Starlight Capital, in 2018.[10] That November, Starlight Capital announced the Starlight Hybrid Global Real Assets Trust to give retail investors access to a real estate mutual fund.[11]

In January 2021, Starlight purchased the naming rights to a stadium at City Centre Park in Langford after making a sponsorship deal with the city, which saw Bear Mountain Stadium renamed to Starlight Stadium as part of the five-year deal.[12]

In April 2022, Starlight Capital acquired Stone Investment Group, making them the largest owner/operator of purpose-built rental housing in Canada.[13][1]

In June, Starlight Investments' Canadian Residential Growth Fund III raised CDN $1.2 billion, with 61% of the capital coming from foreign investors.[14] This was the first time foreign investors contributed to one of Starlight's funds.[14]

References

  1. 1 2 "Starlight Development aims to build Metro's largest rental development in Burnaby". ottawacitizen. Retrieved 2022-12-13.
  2. ↑ "TransGlobe Apartment REIT in $1B privatization deal". CBC. 26 April 2012. Retrieved 7 September 2022.
  3. ↑ "TransGlobe REIT privatized in $1-billion deal". theglobeandmail.com. April 26, 2012. Retrieved March 12, 2021.
  4. ↑ "Trouble for Rent". CBC Marketplace. January 20, 2012.
  5. ↑ "Starlight Investments Completes Acquisition of TransGlobe Apartment REIT". www.lexpert.ca. Retrieved 2022-09-07.
  6. ↑ "Starlight poised for "aggressive and visible" growth". RENX - Real Estate News Exchange. 2016-07-28. Retrieved 2022-09-28.
  7. ↑ "Starlight, KingSett Capital Announce $3.6B Deal". Multifamily Real Estate News. 2020-02-21. Retrieved 2022-09-20.
  8. ↑ "'Renoviction' fears spark special meeting after a handful of tenants receive eviction notices". Canadian Broadcasting Company. 22 January 2016. Retrieved 20 September 2022.
  9. ↑ Pelley, Lauren (28 February 2018). "Toronto woman who said landlord wouldn't tell her how to pay rent wins fight against eviction notice". CBC News. Retrieved 10 October 2022.
  10. ↑ "Dennis Mitchell named CEO of new Starlight Capital venture". renx.ca. Retrieved 2022-10-10.
  11. ↑ "Starlight Investments Capital creates 'unique' new fund". renx.ca. Retrieved 2022-10-27.
  12. ↑ "Langford sells stadium naming rights for $500,000 to Starlight Developments". Victoria News. 2021-01-18. Retrieved 2022-09-14.
  13. ↑ "Starlight Capital inks deal to acquire Stone Investment Group". www.wealthprofessional.ca. Retrieved 2022-12-13.
  14. 1 2 "Starlight Canadian Residential Growth Fund III closes at $1.2B - Private Capital Journal". privatecapitaljournal.com. Retrieved 2022-10-27.
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