/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Nov. 15, 2019 /CNW/ - Starlight U.S. Multi-Family
(No. 1) Value-Add Fund (TSX.V: SUVA.A, SUVA.U) (the "Fund")
today announced its November 2019
cash distribution amounts on its outstanding Class A Units, Class C
Units, Class D Units, Class E Units, Class F Units, Class H Units
and Class U Units (collectively, the "Units"), payable on
December 16, 2019 to holders of Units
of record at November 29, 2019. The
distribution amounts will be as follows:
- C$0.05000 per Class A Unit,
representing approximately C$0.60 per
Unit on an annualized basis;
- C$0.05000 per Class C Unit,
representing approximately C$0.60 per
Unit on an annualized basis;
- C$0.05000 per Class D Unit,
representing approximately C$0.60 per
Unit on an annualized basis;
- US$0.05000 per Class E Unit,
representing approximately US$0.60
per Unit on an annualized basis;
- C$0.05000 per Class F Unit,
representing approximately C$0.60 per
Unit on an annualized basis;
- C$0.01667 per Class H Unit,
representing approximately C$0.60 per
Unit on an annualized basis less a portion of the cost of the
derivative instrument purchased by the Fund to provide the holders
of Class H Units with some protection against any weakening of the
U.S. dollar as compared to the Canadian dollar on termination and
liquidation of the Fund (the "Class H Unit Liquidation
Hedge"); and
- US$0.05000 per Class U Unit,
representing approximately US$0.60
per Unit on an annualized basis.
A wholly-owned subsidiary of Starlight Group Property Holdings
Inc., the manager of the Fund, may at its sole discretion,
discontinue the Class H Unit Liquidation Hedge in the event that
derivative instruments are not available on an economical basis or
the manager determines that the continuation of the Class H Unit
Liquidation is no longer in the best interests of holders of Class
H Units.
On November 14, 2019, the Fund and
Clearwater U.S. Multi-Family (No. 2) Holding LP (the
"Purchaser"), among others, entered into an acquisition
agreement pursuant to which the Purchaser will indirectly acquire
the Fund's portfolio of three multi-family properties totaling
1,193 suites located in the U.S. in a transaction valued at
US$239.6 million and includes gross
cash consideration of approximately US$92.1
million payable to the Fund and an indirect assumption by
the Purchaser of all of the Fund's existing debt in the amount of
approximately US$147.5 million (the
"Transaction"). In the event the Fund is acquired pursuant
to the Transaction, the November 2019
cash distribution will be the last monthly cash distribution made
by the Fund. For further details about the Fund and the
Transaction, please visit www.sedar.com or the Fund's profile at
www.starlightus.com.
About Starlight U.S. Multi-Family (No. 1) Value-Add
Fund
The Fund is a limited partnership formed under the Limited
Partnerships Act (Ontario) for
the primary purpose of indirectly acquiring, owning and operating a
portfolio of value-add, income producing rental properties in
the United States multi-family
real estate market.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Starlight U.S. Multi-Family (No. 1) Value-Add Fund