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Starlight Investments And KingSett Capital Purchase Northview REIT For $4.8B

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 unit holders 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.

Starlight Investments And KingSett Capital Purchase Northview REIT For $4.8B
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 President and CEO Daniel Drimmer said in a statement.

Drimmer said Starlight intends to retain “substantially all of Northview’s site level employees and operational staff," as well as its offices in Calgary and Toronto.

Founded in 1995, Calgary-based Northview has a portfolio of residential suites in 60 Canadian markets. 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 unit holders. 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.