Starlight U.S. Multi-Family Core Fund Initial Public Offering Over-Allotment Option Exercised

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 16, 2013 /CNW/ - Starlight U.S. Multi-Family Core Fund (the "Fund") announced today that the Fund has issued an additional 277,600 Class A Units, at a price of C$10.00 per Class A Unit, pursuant to the exercise of the over-allotment option by the syndicate of agents led by CIBC and including National Bank Financial Inc., Raymond James Ltd., Scotiabank, GMP Securities L.P., Macquarie Private Wealth Inc., Canaccord Genuity Corp., Desjardins Securities Inc. and Dundee Securities Ltd.  After taking into account the over-allotment option, the gross proceeds to the Fund in respect of its initial public offering was approximately US$47.21 million.

The Class A Units are listed on the TSX Venture Exchange (under the symbols "UMF.A").

This press release assumes that the Canadian dollar gross proceeds to the Fund in respect of the exercise of the over-allotment option are exchangeable to United States dollars at the Bank of Canada closing rate of exchange on May 15, 2013, which was C$1.0172 per US$1.0000.

About Starlight U.S. Multi-Family Core Fund:

The Fund is a limited partnership formed under the Limited Partnerships Act (Ontario) for the primary purpose of indirectly acquiring, owning and operating a portfolio of diversified income producing rental properties in the U.S. multi-family real estate market.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Starlight U.S. Multi-Family Core Fund

Evan Kirsh
President, Starlight U.S. Multi-Family Core Fund
647-725-0417
[email protected]