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Acquisition of Units of Northview Apartment Real Estate Investment Trust

Starlight Group Property Holdings Inc.
·3 min read

NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES

TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Starlight Group Property Holdings Inc. (“Starlight Group”) and KingSett Real Estate Growth LP No. 7 (“KSLP7”) announced today that Starlight Group and KSLP7 have acquired 1,016,739 trust units (the “Northview Units”) of Northview Apartment Real Estate Investment Trust (“Northview”) (the “Unit Acquisitions”).

As previously reported on the System for Electronic Disclosure by Insiders (SEDI), 719,500 Northview Units were acquired on the Toronto Stock Exchange between September 11 and 16, 2020 for aggregate cash consideration of $24,453,418.26, at prices between $33.67 and $33.99 per Northview Unit. Since February 19, 2020, 297,239 Northview Units were acquired by Starlight Group pursuant to Northview’s Distribution Reinvestment Program. In aggregate the Northview Units acquired represent approximately 1.5% of all outstanding Northview Units. Northview’s head office is located at 200, 6131- 6th Street SE, Calgary, Alberta T2H 1L9.

As a result of the Unit Acquisitions, Starlight Group, Mr. Daniel Drimmer, D.D. Acquisitions Partnership, DD Naples Partnership, Drimmer Holdings Ltd., Green-Starlight LP, MS Naples Partnership, Mustang DDAP Partnership, Mustang-Master LP, PD Kanco LP, Red-Starlight LP, Yellow-Starlight LP, DF Naples Partnership, DF Acquisitions Ltd. and LD Naples Partnership (each of which has a head office at 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON M8X 2X3) (collectively, “Starlight”) and KSLP7 (which has a head office at 40 King Street West, Suite 3700, Toronto, ON M5H 3Y2) increased their aggregate beneficial ownership of Northview Units to 10,428,696 Northview Units or 15.42%% of the total outstanding Northview Units (on a non-diluted basis). Prior to the Unit Acquisitions, Starlight and KSLP7 were deemed to beneficially own an aggregate of 9,411,957 Northview Units representing 13.92% of all outstanding Northview Units (on a non-diluted basis).

Starlight Group and KSLP7 effected the Unit Acquisitions for investment purposes and to reduce the cost of the acquisition of Northview. The Unit Acquisitions made on the Toronto Stock Exchange were made in accordance with Northview’s waiver of a standstill agreement as announced by Northview on March 23, 2020. Under the terms of the waiver, Starlight and KSLP7 and their respective affiliates are restricted from acquiring Northview Units which, together with Northview Units already owned, would exceed 19.99% of the outstanding Northview Units. On February 19, 2020, affiliates of Starlight Group together with affiliates of KSLP7 entered into an arrangement agreement with, among others, Northview, pursuant to which unitholders of Northview will receive cash consideration of $36.25 per Northview Unit by way of a plan of arrangement under the Business Corporations Act (Alberta).

For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see Northview’s profile on SEDAR at www.sedar.com.

Contact Information:

Starlight Group Property Holdings Inc.
3280 Bloor Street West
Suite 1400
Centre Tower
Toronto, ON
M8X 2X3
(416) 234-8444

Attention: David Hanick

KingSett Real Estate Growth LP No. 7
40 King Street West
Suite 3700
Toronto, ON
M5H 3Y2
(416) 687-6700

Attention: David Vernon