/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
TORONTO, Jan. 7, 2020 /CNW/ - Starlight U.S.
Multi-Family (No. 1) Value-Add Fund (TSXV: SUVA.A, SUVA.U) (the
"Fund") is pleased to announce the voting results from the special
meeting of Fund unitholders ("Unitholders") held on January 7, 2020 (the "Meeting").
At the Meeting, Unitholders voted in favour of a resolution (the
"Transaction Resolution") approving the indirect acquisition of the
Fund's portfolio of three multi-family properties totaling 1,193
suites located in the southern United
States by Clearwater U.S. Multi-Family (No. 2) Holding LP, a
Delaware limited partnership
formed by the Public Sector Pension Investment Board and
Daniel Drimmer, Chief Executive
Officer and Director of the general partner of the Fund, in an
all-cash transaction valued at approximately US$239.6 million (the "Transaction"). The
Transaction Resolution required approval of a simple majority of
the votes cast by Unitholders, as well as a simple majority of the
votes cast by disinterested Unitholders, in each case, voting as a
single class.
The Transaction Resolution was approved by the affirmative vote
of approximately 99.91% of all votes represented at the Meeting,
and by approximately 99.87% of the votes cast by disinterested
Unitholders represented at the Meeting.
The Fund has obtained required consents from its lenders with
respect to the Transaction and the Transaction is expected to be
completed on or around January 14,
2020, subject to the satisfaction or waiver of certain
customary closing conditions. The Class A Units and the Class U
Units are expected to be delisted from the TSX Venture
Exchange effective as of the close of trading on January 14, 2020.
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
U.S. multi-family real estate market. The Fund currently owns three
properties, consisting of 1,193 suites, with an average year of
construction of 2003.
For the Fund's complete consolidated financial statements and
management's discussion and analysis ("MD&A") for the fiscal
quarter ended September 30, 2019 and
any other information relating to the Fund, please visit
www.sedar.com. Further details regarding the Fund's unit
performance and distributions, market conditions where the Fund's
properties are located, performance by the Fund's properties and a
capital investment update are also available in the Fund's
November 2019 Newsletter which is
available on the Fund's profile at www.starlightus.com.
Forward-looking Statements
This press release contains forward-looking statements and
information relating to expected future events, including
statements regarding the closing of the Transaction. Such
forward-looking information is typically indicated by the use of
words such as "will", "may", "expects" or "intends".
The forward-looking statements and information contained in this
press release include, without limitation, statements regarding the
Transaction and the expected timing for closing of the Transaction.
Such forward-looking information and statements involve risks and
uncertainties and are based on Fund management's current
expectations, intentions and assumptions in light of its
understanding of relevant current circumstances. If unknown risks
arise, or if any of the assumptions underlying the forward-looking
statements prove incorrect, actual results may differ materially
from management expectations as projected in such forward-looking
statements. Examples of such risks and uncertainties include, but
are not limited to, the occurrence of any event, change or other
circumstances that could give rise to the termination of the
acquisition agreement in respect of the Transaction; the
outcome of any legal proceedings that may be instituted against the
Fund related to such acquisition agreement; the inability to
complete the Transaction due to the failure to satisfy the
conditions to closing of the Transaction; and other risk factors
described in the Fund's continuous disclosure materials from time
to time, available on SEDAR at www.sedar.com. Accordingly, although
the Fund believes that the anticipated future results, performance
or achievements expressed or implied by the forward-looking
statements and information are based upon reasonable assumptions
and expectations, the reader should not place undue reliance on
forward-looking statements and information. The Fund disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
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