TORONTO, March 28, 2019 /CNW/ - Starlight Investments Capital LP ("Starlight Capital"), on behalf of Starlight Hybrid Global Real Assets Trust (the "Trust"), announced today the Trust's financial results for the period from December 13, 2018 (date of formation) to December 31, 2018.
Year-to-date highlights
The Trust completed its initial public offering on December 13, 2018 and on December 21, 2018, the agents for the initial public offering partially exercised their option to purchase an additional 75,901 Series A Units of the Trust pursuant to the over allotment option. Including the exercise of the over allotment option, the Trust issued a total of 2,034,901 Series A Units, 141,000 Series F Units and 750,000 Series C Units each at an offering price of $10.00 per Unit for gross proceeds of $29.3 million.
Portfolio highlights
- As at December 31, 2018, the Trust had an investment of $27,800,000 in the Starlight Global Real Assets LP ("Real Assets LP") with a fair value of $27,795,664 whose investments consisted of cash.
- $4,395,000 of the net proceeds held in the Real Assets LP were restricted for future investments in the private portfolio
- As at March 26, 2019 the Trust had commitments in the private portfolio of $5.5 million to Eaglecrest Infrastructure Canada LP and $5.5 million to Starlight Canadian Residential Growth Fund.
Series Net Asset Value per Unit
The Trust's units had the following series net asset value ("NAV") per unit as at December 31, 2018 and February 28, 2019:
December 31, 2018 |
February 28, 2019 |
Increase |
|
Series A |
$9.38 |
$9.60 |
$0.22 |
Series C |
$9.83 |
$10.04 |
$0.21 |
Series F |
$9.64 |
$9.86 |
$0.22 |
The decline in the NAV per unit of each series from the issue price was primarily due to issue costs of the initial public offering. The increase in the NAV per unit of each series from December 31, 2018 to February 28, 2019 was primarily due to market appreciation of the public securities in the Real Assets LP.
The market price for the Series A Units on the NEO Exchange Inc. was $10.00 on December 31, 2018 and February 28, 2019.
Operational highlights
- The net proceeds of the initial public offering were primarily used to pay issue costs and to purchase units in the Real Assets LP.
Operational results
For the period from December 13, |
|
Investment loss |
$ (4,336) |
Expenses |
(58,176) |
Net Investment loss |
(62,512) |
Decrease in net assets attributable to unitholders |
$(62,512) |
Financial Information
The Trust's financial statements, the notes thereto, and Management's Discussion and Analysis for the period ended December 31, 2018, can be found on Starlight Capital's website at www.starlightcapital.com or www.sedar.com.
About Starlight Hybrid Global Real Assets Trust
The Trust's investment objective is to provide unitholders with stable monthly cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors.
About Starlight Capital and Starlight Investments
Starlight Capital is an independent asset management firm offering mutual funds, exchange-traded funds and structured products. Our goal is to deliver superior risk adjusted 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 privately-held, full service, real estate investment and asset management company. The firm manages over $9.0 billion of assets on behalf of institutional joint ventures as well as publicly listed REITs, closed end funds and investment funds and is driven by an experienced team of over 150 professionals. Please visit us at www.starlightcapital.com and connect with us on LinkedIn.
SOURCE Starlight Capital
Dennis Mitchell, Chief Executive Officer & Chief Investment Officer, 1-416-855-2642, [email protected]; Graeme Llewellyn, Chief Financial Officer & Chief Operating Officer, 1-416-855-2643, [email protected]
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