RELEASE: Starlight Investments enters the UK build-to-let market

- Starlight Investments enters the UK Build to Rent market with the launch of an institutional fund committed to acquire £600m of assets

Concurrent with this launch, the Toronto-based company has acquired 922 built-to-rental units in Manchester, Liverpool and Ashford.

TORONTO, May 2, 2023 /PRNewswire/ -- Starlight Investments ("Starlight") is pleased to announce the official launch of its European residential asset management platform through the formation of a new partnership with multiple global institutional partners focused on the UK Build to Rent ("BTR") market. This represents Starlight's first move into Europe and as part of this strategy Starlight has initially acquired three BTR communities, comprising 922 suites and valued at £225m, in Manchester, Liverpool and Ashford.

The UK residential market is based on solid fundamentals and continues to experience a growing imbalance between supply and demand. With housing affordability continuing to deteriorate and demand for high-quality rentals increasing, Starlight determined that now is an opportune time to enter the UK market by providing a new rental offering.

"We are pleased that global institutional capital partners are supporting Starlight in our European expansion," said Daniel Drimmer, founder and CEO of Starlight Investments. "The UK represents a nascent rental market with a fundamental housing imbalance between supply and demand. Entering the UK Build to Rent market is a natural extension of Starlight's North American residential experience that will enable us to invest with impact and strengthen Starlight's brand as a global residential investor and asset manager."

Starlight's new strategy will focus on BTR projects in the London commuter belt markets, as well as 8-10 major cities across the UK. Through this strategy, Starlight seeks to initially acquire approximately £600 million of assets representing a portfolio of 2,000 to 2,500 BTR units. In executing on this strategy, Starlight will leverage its North American expertise (including $2 billion in direct developer acquisitions) to achieve the fund's growth targets and support the local UK asset management team to further strengthen plus its relationships with UK developers.

"We are proud to work with some of the best developers across the UK to deliver high-quality communities for residents," said Jonnie Milich, Director of Starlight Investments UK. "Relationships with renowned local BTR experts, coupled with Starlight's extensive track record in residential investment and asset management, have positioned us extremely well to operate in this market. We look forward to expanding Starlight's European presence through the execution of our BTR strategy in the UK".

Starlight's entry into the UK BTR market represents an important first step in the company's broader European residential strategy.

ABOUT STARLIGHT INVESTMENTS

Starlight Investments is a leading global real estate investment and asset management company with assets under management of C$25 billion. Privately owned owner, developer and asset manager of more than 77,000 multi-residential suites and more than 9 million square feet of commercial property space, we offer a range of investment vehicles through various real estate strategies. Starlight's guiding mission is to balance our permanence with visionary curiosity to create positive impact for investors and communities alike. At Starlight, we invest with impact. Learn more at www.starlightinvest.com or connect with us on LinkedIn.

CONTACTO: Raj Mehta, director general de Global Markets, 1-647-725-0498, rmehta@starlightinvest.com; Jonnie Milich, director de Starlight Investments UK, 44 7930 373 945, jmilich@starlightinvest.com

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