Latest news with #StarlightInvestments
Hamilton Spectator
11-07-2025
- Business
- Hamilton Spectator
Who should pay for green retrofits to apartment buildings? Not tenants, report argues
Above guideline rent increases are the most 'regressive' way to fund green retrofits in rental housing, a new report from Ontario ACORN argues. The report from the tenant union spells out how some landlords have used above-guideline rent increases (AGIs) to pass the cost of climate-conscious upgrades on to tenants and make a profit. 'ACORN members agree these retrofits are needed and at a much greater scale. However, it shouldn't be low-income tenants paying the bill so we can achieve our climate goals,' the report says. The report looks at 16 applications to raise rents above the provincial maximum for rent-controlled units to cover the cost of energy and water conservation projects — including things like new boilers, windows and doors, lighting retrofits and common area renovations. In one case, an AGI application for one Toronto building was approved to cover nearly $77,000 for new toilets and breaker panels. But because the cost of water is built into the rent for most of its units, tenants aren't 'seeing any of the savings on the water bill,' said Stacey Semple, who lives in the building and is a tenant leader in ACORN's downtown Toronto chapter. The report outlines how AGIs, especially when applied repeatedly, can drastically increase rent costs over time. Thorncliffe Park tenants have withheld rent from landlord Starlight Investments since 2023. In Ontario, units occupied before Nov. 15, 2018, are rent-controlled, meaning for this year rent in those units can only be increased by 2.5 per cent (for 2026, the rent increase guideline is 2.1 per cent). However, the Residential Tenancies Act allows applications to the Landlord and Tenant Board for AGIs for a number of reasons, including covering the cost of energy and water conservation upgrades. Landlords can apply for AGIs for a maximum of 9 per cent over three years on top of the rental increase guideline. Increases are cumulative, so when an AGI is carried out over multiple years, the annual increase is based on the last year's rent rate, not the rate when the AGI was first granted — which Ricardo Tranjan, senior researcher with the Canadian Centre for Policy Alternatives, who had no involvement in the report, sees as a flaw. For example, on top of the 2.5 per cent increase allowed annually, a 9 per cent AGI spread over three years applied to a starting rent of $1,500 a month grows to $1761.40 a month at the end of the three years. Another flaw noted by Tranjan is that AGIs for capital expenditures have interest built in at the standard five-year mortgage rate to cover the upgrade's useful life. But that interest rate, 'may or may not be what (landlords were) charged themselves if they borrowed' to pay for the upgrades, he said. 'If you're charging more interest than you're paying yourself, you're keeping the change,' said Tranjan. 'It's is a pretty bad formula that benefits landlords instead of tenants.' It's not just a Toronto problem as rents have skyrocketed in cities outside the GTA, says the CCPA. Ontario ACORN, which advocates for an end to AGIs altogether, is calling on the province to make green retrofits ineligible for AGIs as well as require landlords to prove they aren't eligible for any rebates or funding in their AGI applications, according to the report. The report notes there are government programs to help fund green retrofits, but says there's low uptake by private landlords and a mismatch between what's offered and what tenants need. Because many tenants pay for utilities themselves, and thus pay the price for energy inefficiency, landlords don't have much incentive to apply for grants or low-cost financing to cover improvements when they could apply for an AGI instead, the report says. 'AGIs will always be seen as more attractive to corporate landlords because they're easy to approve and they make a huge profit,' said Jamie Gooch, a leader in the McWatters ACORN Tenant Union in Ottawa. In addition to ACORN's demands to ban AGIs, the union wants to see more funding for green retrofits in rental buildings from all levels of government. 'If private landlords won't pay for green retrofits, then the government should,' said Gooch.
National Post
10-07-2025
- Business
- National Post
Starlight Announces Unitholder Approval of Proposed Mergers for Private Pools
Article content TORONTO — Starlight Investments Capital LP (' Starlight Capital'), on behalf of Starlight Private Global Infrastructure Pool, Starlight Private Global Real Estate Pool and Starlight Global Private Equity Pool (the ' Private Pools '), held a special meeting of holders of all series of units (' Unitholders ') of the Private Pools to consider and vote upon the proposed mergers (the ' Mergers ') of each of the Private Pools into Starlight Private Global Real Asset Trust as described in the joint management information circular dated May 30, 2025 (the ' Circular '). Article content At the special meeting, Unitholders approved the special resolution to authorize the Mergers. The Mergers are expected to be implemented on or about September 30, 2025. Article content Further information regarding the Mergers was outlined in the Circular. The Circular is also available on SEDAR+ at Article content Forward-looking statements Article content This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation, including statements regarding the implementation of the Mergers. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'scheduled', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' occur or be achieved. Article content By its nature, forward-looking information is subject to inherent 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 will not be achieved. Known and unknown risk factors, many of which are beyond the control of the Private Pools could cause actual results to differ materially from the forward-looking information in this press release. Accordingly, readers should not place undue reliance on forward-looking information. The Private Pools do not undertake to update or revise any forward- looking information, except in accordance with applicable securities laws. Article content The Article content 's investment objective is to achieve long–term capital appreciation and regular current income by investing globally in private infrastructure and infrastructure-related investments and in publicly-traded companies with direct or indirect exposure to infrastructure. Article content The Starlight Private Global Real Estate Pool 's investment objective is to achieve long–term capital appreciation and regular current income by investing globally in private real estate investments and in public real estate investment trusts and equity securities of corporations participating in the residential and commercial real estate sector. Article content The Starlight Global Private Equity Pool 's investment objective is to achieve long-term capital appreciation by investing in a diversified global portfolio of private equity investments and publicly traded global equity securities. Article content About Starlight Capital and Starlight Investments Article content Starlight Capital Article content is an independent Canadian asset management firm with over $1 billion in assets under management. We manage Global and North American diversified private and public equity investments across traditional and alternative asset classes, including real estate, infrastructure and private equity. Our goal is to deliver superior risk-adjusted, total returns to investors through a disciplined investment approach: Focused Business Investing. Starlight Capital is a wholly-owned subsidiary of Starlight Investments. Starlight Investments is a leading global real estate investment and asset management firm with over 375 employees and $30B in AUM. A privately held owner, developer and asset manager of over 70,000 multi-residential suites and over 7 million square feet of commercial property space. Learn more at Article content Article content Article content Article content Article content Contacts Article content For further information, contact: Article content Dennis Mitchell Article content Article content Chief Executive Officer & Article content Article content Chief Investment Officer Article content Article content 1-416-855-2642 Article content Article content dmitchell@ Article content Graeme Llewellyn Article content Chief Financial Officer & Article content Article content Chief Operating Officer Article content Article content Article content
National Post
10-07-2025
- Business
- National Post
Starlight Private Global Real Assets Trust Announces Unitholder Approval of Proposed Amendments and Mergers
Article content TORONTO — Starlight Investments Capital GP Inc. (' Starlight Capital '), on behalf of Starlight Private Global Real Assets Trust (the ' Trust '), held a special meeting (the ' Meeting ') of holders of all series of units (' Unitholders ') of the Trust to consider and vote upon the proposed mergers (the ' Mergers ') of Starlight Private Global Infrastructure Pool, Starlight Private Global Real Estate Pool and Starlight Global Private Equity Pool into the Trust and certain amendments to the Trust prior to the Mergers (the ' Pre-Merger Amendments ') as described in the joint management information circular dated May 30, 2025 (the ' Circular '). Article content At the special meeting, Unitholders approved the special resolution to authorize the Pre-Merger Amendments and Mergers. The Pre-Merger Amendments are expected to be implemented on or about July 31, 2025, or in any event, prior to the Mergers, and the Mergers are expected to be implemented on or about September 30, 2025. Article content Further information regarding the Pre-Merger Amendments and Mergers was outlined in the Circular. The Circular is also available on SEDAR+ at Article content Forward-looking statements Article content Certain statements in this press release are forward-looking and involve a number of risks and uncertainties, including statements regarding the implementation of the Pre-Merger Amendments and Mergers. Forward-looking statements ('FLS') are provided for the purpose of assisting the reader in understanding the Trust's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future. Readers are cautioned such statements may not be appropriate for other purposes. FLS involve known and unknown risks and uncertainties, which may be general or specific and which give risk to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. FLS are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as 'may,' 'will,' 'should,' 'could,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'believe,' or 'estimate,' or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Article content Information contained in FLS is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management's perception of historical trends, current conditions and expected future developments, as well as other considerations believed to be appropriate in the circumstances. Although the FLS contained herein are based upon what Starlight Capital believes to be reasonable assumptions, Starlight Capital cannot be sure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Article content The forward-looking statements relate only to events or information as of the date on which the statements are made in this press release. Unless required by applicable law, it is not undertaken and specifically disclaimed that there is any intention or obligation to update or revise FLS, 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. Article content About Starlight Private Global Real Assets Trust Article content The Starlight Private Global Real Assets Trust 's investment objective is to provide unitholders with stable cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors. Article content Starlight Capital is an independent Canadian asset management firm with over $1 billion in assets under management. We manage Global and North American diversified private and public equity investments across traditional and alternative asset classes, including real estate, infrastructure and private equity. Our goal is to deliver superior risk-adjusted, total returns to investors through a disciplined investment approach: Focused Business Investing. Starlight Capital is a wholly-owned subsidiary of Starlight Investments. Starlight Investments is a leading global real estate investment and asset management firm with over 375 employees and $30B in AUM. A privately held owner, developer and asset manager of over 70,000 multi-residential suites and over 7 million square feet of commercial property space. Learn more at and connect with us on LinkedIn at Article content Article content Article content Article content Contacts Article content Dennis Mitchell Article content Article content Chief Executive Officer & Article content Article content Article content 1-416-855-2642 Article content Article content dmitchell@ Article content Graeme Llewellyn Article content Article content Chief Financial Officer & Article content Article content Article content Article content
Cision Canada
08-07-2025
- Business
- Cision Canada
Starlight Investments Expands Official Partnership with Vancouver Football Club
Starlight named Presenting Partner of Vancouver FC's Take Flight Program, in support of underserved youth and families VANCOUVER, BC, July 8, 2025 /CNW/ - Starlight Investments ("Starlight") is pleased to announce an expanded partnership with Vancouver Football Club ("Vancouver FC"), supporting its mission to foster inclusivity and elevate local talent through soccer. As a founding sponsor of the club, this renewed partnership builds on Starlight's successful collaboration with Vancouver FC since its inaugural campaign. Vancouver FC is a professional soccer club based in Langley, British Columbia, committed to growing the game and developing talent in the Fraser Valley. The club provides a platform for emerging players with a strong focus on community engagement and youth development, while also offering unforgettable experiences for its fans. "We are excited to strengthen our long-standing partnership with Vancouver FC," said Daniel Drimmer, Founder and CEO, Starlight Investments. "This collaboration reflects our shared commitment to supporting youth development and creating community connection through the power of this amazing sport. We hope to help create many more memorable moments for families in the region and beyond." As part of the renewed partnership, Starlight will serve as the official Training Kit Sponsor of all player and staff training gear of the club. Building on the company's title sponsorship of the stadium's Family Zone and seat upgrade program, the partnership introduces the Starlight Sideline Sofa, a revamped in-stadium experience that surprises one lucky family each home match with a pitch-side seat upgrade – and offers fans a unique and unforgettable experience of the game. Starlight has also been named Presenting Partner of Vancouver FC's Take Flight program, an initiative that supports access to professional soccer by welcoming underserved youth and families to every home game. "A founding partner since Vancouver FC's inaugural campaign, Starlight has helped shape the matchday experience at Willoughby Stadium," said Bill Cooper, Chief Commercial Officer, Vancouver Football Club. "Their contributions as title sponsor of the West Grandstand, energizing the Family Zone, and delivering the 'Starlight Best Seats in the House' upgrade, have significantly elevated the fan experience at the stadium. And their support of the Take Flight program in support of underserved youth and families is enabling us to grow the game with a partner that shares our values. We are thrilled to have Starlight on board as a cornerstone of our club's future for years to come." About Starlight Investments Starlight Investments is a leading global real estate investment and asset management firm. A privately held owner, developer and asset manager of over 70,000 multi-residential suites and over 7 million square feet of commercial property space with CAD $30 billion AUM, Starlight offers a range of investment vehicles across various real estate strategies. Starlight's guiding mission is to balance its tenure with visionary curiosity to create positive impact for investors and communities alike. At Starlight, we invest with impact. Learn more at or connect with us on LinkedIn. About Vancouver Football Club Vancouver FC is a professional soccer club based in Langley, British Columbia. Founded in 2022, the club competes in the Canadian Premier League (CPL), Canada's top-tier men's professional soccer league. Vancouver FC is committed to developing talent, growing the sport in the region, and fostering strong community connections through soccer. Their home matches are played at Willoughby Stadium. For more information visit
Yahoo
05-07-2025
- Business
- Yahoo
Thorncliffe Park tenants anxiously await next steps as eviction proceedings wrap up
Iqbal Dar says he's dealt with no shortage of issues at his Thorncliffe Park home, everything from power outages to water damage to uneven floors. And with the summer heat in full swing, he's had to take cooling showers to manage his heart conditions. "It was really unbearable," Dar said. He's among 100 households across three apartment buildings on Thorncliffe Park Drive — 71, 75 and 79 — that have been on a rent-strike for more than two years now as a result of what they say are above-guideline rent increases imposed by their landlord, Starlight Investments and PSP Investments, as well as the disrepair of their units since the companies took over in 2019. That long-standing dispute came closer to completion last week, as hearings before the Landlord and Tenant Board (LTB) wrapped up. A decision isn't expected for several more months. At issue is the eviction proceedings against tenants who've been withholding rent. But before the evictions can proceed, the LTB must rule on whether the landlords are in breach of the Residential Tenancies Act. The lawyer for the tenants, Sima Atri, says the tenants know what they have risked by going on a rent strike, but she says the landlords have let the units fall into disrepair and they should be keeping them up according to standards. "We've reached a point where landlords are trying so many strategies to push out long-standing tenants," Atri said. A spokesperson for Starlight Investments disputed this in an email, telling CBC Toronto that it's invested more than $30 million in improvements and that the maintenance program is robust, as "demonstrated with a 99.6% maintenance resolution rate." Dar disagrees. He joined the rent strike back in May 2023. It went until November 2023, at which time tenants were ordered to pay their rent into a trust through the LTB. Finally, at the request of the LTB in March 2025 tenants began paying their rent again directly to their landlords. "We've been fighting this for [the] last two to three years," Dar said. "I'm alone and I'm a senior citizen and I have a limited amount of earnings or pension, which makes it harder if they are going to make us pay a lot more money." Some tenants like Khalil Aldroubi, who lives with his wife and five children, say they don't think it's fair to start paying again, considering the conditions they are living in. WATCH | Tenants react as outcome of mass eviction application looms: "The cabinets in the kitchen — none of them, even upper or lower, open or close properly," he said. He says maintenance that is done is done at "a low level." Aldroubi says his fridge is also leaking brown fluid, but he fears telling maintenance about it because he might be given a worse fridge as a result. Now that residents have been ordered to pay the landlord again, Atri says it shows that they are trying to comply with the rules despite the landlord not complying with their obligations. That's why last week's hearings were so important, she says. "It's the first time a landlord like Starlight and PSP investments has been put to a test of what the standards are for large scale landlords," she said. "At this point they're using tactics and strategies that allow long-standing tenants' units to fall into disrepair while completely renovating [other] units to bring in higher paying tenants." In a statement, Starlight Investments' senior vice-president, Penny Colomvakos, told CBC Toronto that the buildings have gotten safer and liveability has improved since the company took over. She says the above-guideline increases were approved by the Landlord and Tenant Board. "Concerns about potential neglect or displacement are contradicted by both our ongoing investment in the community and our continued efforts to expand rent relief and support our residents," Colomvakos said. As for Dar, he says he fears where he goes from here. "I don't know what's going to happen today, tomorrow, or day after," he said. "I hope that things will work out and we don't have to leave the place where I've been living … for 11 years."
