Starlight Investments Capital LP (Starlight Capital), a subsidiary of Toronto-based real estate investment firm Starlight Investments, has filed a preliminary prospectus for a new real assets trust, the company announced Monday.
The investment objective of Starlight Hybrid Global Real Assets Trust is to “provide unitholders with stable monthly cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors,” Starlight says in a statement.
The filing has been made with the securities regulators of all the Canadian provinces and territories and is subject to approval. If approved, the initial public offering will feature Series A units, Series C units and/or Series F units at an offering price of $10 per unit.
Starlight says the trust will invest no less than 60% of net capital raised into a subsidiary, Starlight Global Real Assets LP (managed by Dennis Mitchell of Starlight Capital), which will hold an actively managed global portfolio of real estate and infrastructure securities.
The trust will also allocate up to 20% of the net capital raised to each of Starlight Canadian Residential Growth Fund (a newly-created fund to be managed by Daniel Drimmer, Starlight Group Property Holdings Inc.) and EagleCrest Infrastructure Canada LP (managed by Fiera Infrastructure Inc.). The former will make direct investments in Canadian multiresidential real estate properties and portfolios, while the latter holds investments in Canadian, American, British and Spanish infrastructure assets.
The offering is being conducted by a syndicate of agents co-led by CIBC Capital Markets and RBC Capital Markets, and including National Bank Financial Inc., Bank of Nova Scotia, BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., GMP Securities LP, Raymond James Ltd., Industrial Alliance Securities Inc., Manulife Securities Inc., Desjardins Securities Inc. and Mackie Research Capital Corp.