Starlight and Kingsett to buy Northview Apartment REIT in $4.8B deal

TORONTO — Starlight Investments and KingSett Capital have signed a deal to buy Northview Apartment Real Estate Investment Trust in a transaction valued at about $4.8 billion, including debt.

Under the friendly deal, Northview unitholders will have the option to receive $36.25 per trust unit in cash or receive their payment in units in a Canadian high yield multi-residential fund that will be publicly listed on closing.

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Northview units closed at $32.50 on the Toronto Stock Exchange on Wednesday.

The deal, which has the unanimous support of the Northview board, requires approval by Northview unitholders.

It includes an initial 30-day go-shop period that will run to March 20 that will allow Northview to solicit and evaluate alternative offers.

The transaction is expected to close during the third quarter of 2020.

This report by The Canadian Press was first published Feb. 20, 2020.

Companies in this story: (TSX:NVU.UN)

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