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Starlight, Kinsett complete $4.9 billion Northview portfolio acquisition

Monday, November 2, 2020

Starlight Investments and KingSett Capital announced that they have completed the acquisition of the Northview portfolio for $4.9 billion, a transaction previously announced in February 2020. The transaction represents the largest acquisition in Canadian multi-residential history

“We are delighted to see this transaction come to its conclusion,” said Rob Kumer, KingSett’s Chief Investment Officer. “Since we announced the deal in February of this year, Northview has been a solid, steady performer in an otherwise extraordinary time, proving itself to be a markedly resilient portfolio of residential properties. We are pleased to be aligned with Starlight, an industry leader, and look forward to working together to create value in the years to come. We are grateful for the support from our stakeholders, which of course is fundamental to executing a transaction of this nature and scale.”

A newly-formed, three-year closed end fund will be listed on the Toronto Stock Exchange and trade under the symbol “NHF.UN”.

Properties within the Northview portfolio are located mostly in the secondary markets of B.C., Alberta, Saskatchewan, Québec, New Brunswick, Newfoundland and Labrador, the Northwest Territories and Nunavut. Assets include approximately 10,900 multi-residential suites, 1,100,000 square feet of commercial real estate and 340 execusuites, of which a significant number of leases are with federal, provincial and territorial governments, and credit-rated corporations.

“We are very proud to have worked closely with KingSett to complete the largest ever Canadian multi-residential REIT transaction during these unprecedented times,” said Starlight’s President and Chief Executive Officer, Daniel Drimmer. “While we are extremely pleased to be acquiring Northview’s high-quality portfolio, we are excited that investors can continue to participate in a portion of the Northview portfolio through the Fund with an expected market capitalization of approximately $430 million. We also welcome all the exceptional talent from Northview who are joining Starlight and the Fund, as they will help continue to build on our tenant focus by maintaining high-quality, well-operated and sustainable buildings.”

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