/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TORONTO, Oct. 16, 2017 /CNW/ - Starlight U.S. Multi-Family
(No. 1) Value-Add Fund (TSX.V: SUVA.A, SUVA.U) (the "Fund")
today announced its October 2017 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
November 15, 2017 to holders of Units
of record at October 31, 2017. The
distribution amounts will be as follows:
i.
|
C$0.05000 per Class A
Unit, representing approximately C$0.60 per Unit on an annualized
basis;
|
|
|
ii.
|
C$0.05000 per Class C
Unit, representing approximately C$0.60 per Unit on an annualized
basis;
|
|
|
iii.
|
C$0.05000 per Class D
Unit, representing approximately C$0.60 per Unit on an annualized
basis;
|
|
|
iv.
|
US$0.05000 per Class
E Unit, representing approximately US$0.60 per Unit on an
annualized basis;
|
|
|
v.
|
C$0.05000 per Class F
Unit, representing approximately C$0.60 per Unit on an annualized
basis;
|
|
|
vi.
|
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
|
|
|
vii.
|
US$0.05000 per Class
U Unit, representing approximately US$0.60 per Unit on an
annualized basis.
|
Starlight Group Property Holdings Inc. ("Starlight"), 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.
The distribution amounts are based on the full deployment of the
proceeds of the Fund's initial public offering completed on
June 16, 2017 (the "Offering")
notwithstanding that a portion of the proceeds have not been
deployed to date. Starlight continues to identify and consider, on
behalf of the Fund, additional properties that meet the Fund's
criteria for acquisition in order to deploy the remaining
unallocated proceeds from the Offering.
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.
Forward Looking Information
This news release contains statements that include
forward-looking information within the meaning of Canadian
securities laws. These forward-looking statements reflect the
current expectations of the Fund and Starlight regarding future
events, including statements concerning the use of proceeds of the
Offering and the timing of the acquisition of properties by the
Fund. In some cases, forward-looking statements can be identified
by terms such as "may", "might", "will", "could", "should",
"would", "occur", "expect", "plan", "anticipate", "believe",
"intend", "seek", "aim", "estimate", "target", "project",
"predict", "forecast", "potential", "continue", "likely",
"schedule", or the negative thereof or other similar expressions
concerning matters that are not historical facts.
Material factors and assumptions used by management of the Fund
to develop the forward-looking information, include, but are not
limited to, the Fund's current expectations about: the availability
of properties for acquisition and the price at which such
properties may be acquired; the availability of mortgage financing;
the capital structure of the Fund, the global and North American
economic environment; foreign currency exchange rates; and
governmental regulations or tax laws. While management considers
these assumptions to be reasonable based on currently available
information, they may prove to be incorrect.
Although management believes the expectations reflected in such
forward-looking statements are reasonable and represent the Fund's
internal projections, expectations and beliefs at this time, such
statements involve known and unknown risks and uncertainties that
may be general or specific and which give rise to the possibility
that expectations, forecasts, predictions, projections or
conclusions will not prove to be accurate, that assumptions may not
be correct and that objectives, strategic goals and priorities may
not be achieved. A variety of factors, many of which are beyond the
Fund's control, could cause actual results in future periods to
differ materially from current expectations of estimated or
anticipated events or results expressed or implied by such
forward-looking statements. Such factors include the risks
identified in the prospectus, including under the heading "Risk
Factors", therein, as well as, among other things, risks related to
the availability of suitable properties for purchase by the Fund,
the availability of mortgage financing for such properties, and
general economic and market factors, including interest rates,
prospective purchasers of real estate, business competition, use of
derivatives, changes in government regulations or income tax laws.
Readers are cautioned against placing undue reliance on
forward-looking statements. Except as required by applicable
Canadian securities laws, the Fund undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, after
the date on which the statements are made or to reflect the
occurrence of unanticipated events.
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