Latest news with #StarlightInvestments
CBC
9 hours ago
- Business
- CBC
Thorncliffe Park tenants anxiously await next steps as eviction proceedings wrap up
Social Sharing 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 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. "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. Building has gotten safer, more liveable since takeover, landlord says 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.
Cision Canada
3 days ago
- Business
- Cision Canada
Starlight Investments Launches Open-Ended Canadian Core Multi-Family Fund and Strategic Relationship with CIBC Global Asset Management, enabling an Initial Acquisition of $750M of Purpose-Built Rental Apartments
TORONTO, June 24, 2025 /CNW/ - Starlight Investments ("Starlight") is pleased to announce the launch of the Starlight Canadian Core Multi-Family Fund (the "Fund"), a newly established open-ended fund focused on acquiring and managing a diversified portfolio of high-quality, income-producing, purpose-built Multi-Family rental properties across Canada's largest urban markets. The Fund will launch with an initial cornerstone equity investment of CAD $415 million from investment funds managed by CIBC Asset Management Inc., which will enable the Fund's initial acquisition of $750 million of purpose-built rental apartments. Over time, the evergreen Fund will scale through additional investments from institutional investors, and from accredited individual investors exclusively through a feeder fund to be established and managed by CIBC Asset Management Inc. The Fund's strategy is to invest in newly built and substantially renovated purpose-built Multi-Family rental properties located in Canada's largest metropolitan areas, with a focus on the Greater Toronto Area, Ontario's Golden Horseshoe region, Greater Vancouver, and Greater Victoria, as well as other major Canadian markets including Calgary, Edmonton, Ottawa, Montreal, and Halifax. "Starlight is pleased to announce our strategic relationship with CIBC Global Asset Management to deliver a best-in-class Canadian core Multi-Family investment offering," said Daniel Drimmer, Founder and Chief Executive Officer, Starlight Investments. "The Fund is designed to offer investors an institutional-quality portfolio with stable income, underpinned by robust fundamentals in the sector." Starlight will serve as the Fund's manager, leveraging its 30-year real estate operating track record as Canada's largest Multi-Family owner to deliver institutional-quality management and execution. The launch of the Fund represents a key milestone as Starlight's first residential-focused, open-ended investment vehicle. "Investors are increasingly seeking alternative investment opportunities beyond publicly traded securities, and private real estate continues to offer strong diversification and attractive risk-adjusted returns," said Eric Bélanger, Executive Vice-President & Head, CIBC Global Asset Management. "We are very excited to forge a strategic relationship with Starlight and provide our clients with the opportunity to invest in Canadian residential real estate alongside Canada's leading Multi-Family Manager." About Starlight Investments Starlight Investments is a leading global real estate investment and asset management firm headquartered in Toronto, Ontario, Canada. 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 CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at About CIBC Global Asset Management CIBC Global Asset Management (CGAM) is the tradename representing the asset management business of CIBC with over $250 billion in assets under management in Canada and $120 billion in assets under management in the U.S.* With over fifty years of experience designing and implementing client solutions, CGAM offers a broad range of high-quality global investment management solutions to individual and institutional clients. * CGAM represents CIBC Asset Management Inc. (CAM) and CIBC Private Wealth Advisors Inc. (CIBC PWA). Figures represent Canadian assets under management by CAM (which includes $48 billion in multi-asset and notional currency overlay mandates and $28 billion in third party sub-advised assets) and U.S. assets under management by CIBC PWA, respectively, as at March 31, 2025. All figures expressed are in Canadian dollars.
Cision Canada
18-06-2025
- Business
- Cision Canada
Starlight Investments Releases 2024 Sustainability Report, Highlighting Momentum Across Key Priorities
TORONTO, June 18, 2025 /CNW/ - Starlight Investments ("Starlight") today released its 2024 Sustainability Report, detailing the company's sustainability commitments, innovative initiatives, achievements and strong progress across key impact areas. Over the past year, Starlight has continued to implement its robust multi-year Sustainability Action Plan that is founded on continuous improvement and the organization's overarching purpose – to invest with impact. "Sustainability is a central pillar of our business strategy that shapes both our long-term vision and day-to-day operations," said Glen Hirsh, Chief Operating Officer, Starlight Investments. "We are focused on actions that aim to create a lasting positive impact in the communities we serve. By prioritizing ambitious targets, transparency and engagement, we are laying the groundwork for a more sustainable and inclusive future." 2024 Sustainability Report Highlights $2.3 billion invested over five years to maintain, upgrade and expand Starlight's properties across Canada. $48.3 million invested in energy and water retrofits in 2024 alone, accelerating progress towards net zero emissions by 2050. A reduction of 21% in carbon emissions intensity and 16% in energy intensity since 2019. 1,659 new rental suites built since 2019, primarily through infill development, an approach that reduces disruption to natural ecosystems by promoting sustainable growth in existing neighbourhoods. Over $12 million invested in resident-focused amenities, from rooftop patios to community gardens, reflecting the evolving needs of families, seniors and young professionals. 1,120 rental suites reserved for vulnerable and at-risk individuals through partnerships with 40 social housing organizations. $542,000 donated to local charities, and more than 1,000 volunteer hours contributed during Starlight's annual Impact Day. Named among OnConferences' Top 50 Human Resources Team Award winners for Starlight's People & Culture team. Launched "Ivan's Garden of Hope," a children's book celebrating the diversity and experiences of Starlight's residents and embracing the power of community, distributed to thousands of families across Canada. "In 2024, we refined our Sustainability Action Plan to set more focused objectives and initiatives. Sustainability is embedded across our operations, from investment analysis to property management, and is directly linked to performance metrics," said Marlee Kohn, Vice President, ESG, Starlight Investments."Looking ahead, we remain committed to driving our sustainability program forward and moving the dial on the environmental and social priorities that matter most to our stakeholders." Commitment to Decarbonization Starlight remains steadfast in its commitment to the environment and has developed a decarbonization pathway to achieve net zero emissions intensity by 2050, with an interim target to reduce emissions by 50% by 2035 over its 2019 baseline year. To date, the company has achieved a reduction of 21% in carbon emissions intensity and 16% in energy intensity across its portfolio. Over the past year, Starlight continued to lay a strong foundation to advance this work through in-depth risk assessments, data-driven decision-making and managing properties with foresight, responsibility and care. Creating Much-Needed Housing and Vibrant Local Communities As Canada's leading rental housing provider and developer, Starlight is committed to helping address the country's housing shortage. The company is actively working to increase the supply of purpose-built rental housing, while also making significant investments in the preservation and revitalization of the country's existing and aging rental stock. Starlight has invested over $2.3 billion over the past five years in maintaining, upgrading and expanding its existing properties to ensure they remain high-quality communities for current and future residents. To date, 63% of building improvement investments are made within the first three years of ownership, and 85% over the first five years. Additionally, through community design and regular resident engagement initiatives, the company seeks to provide healthy spaces that enhance well-being and community cohesion. Starlight's approach to new purpose-built rental developments is resident-focused, thoughtfully creating safe and vibrant communities for residents to live, work and play over the long-term. Every development is designed to integrate with its neighbourhood, meeting unique community needs and enhancing resident quality of life. Starlight's innovative infill development strategy is helping address Canada's housing crisis by creating new rental supply where it is needed most, while minimizing environmental impact. The company's partnerships with social housing organizations have also delivered 1,120 affordable suites to at-risk populations, reinforcing a commitment to inclusive housing solutions. People-First Culture Drives Impact As part of its sustainability program, Starlight is also investing in its greatest asset: its people. With an emphasis on well-being, the organization expanded its wellness initiatives and mental health coverage for employees. The company continues to advance diversity and inclusion through its dedicated council, companywide training, cultural celebration days and a well-defined code of conduct. These initiatives reflect Starlight's dedication to fostering a supportive and inclusive workplace where all individuals feel valued and respected – and a culture where exceptional talent is engaged and empowered to grow. Explore Starlight's full 2024 Sustainability Report here. To learn more about Starlight's sustainability initiatives, please visit the website. About Starlight Investments Starlight Investments is a leading global real estate investment and asset management firm headquartered in Toronto, Ontario, Canada. 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 $30B 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.
Cision Canada
15-06-2025
- Health
- Cision Canada
Over 2000 Canadians take a big step for breakthroughs in cancer research and raise over $1.75 Million in support of The Princess Margaret
Participants of all ages come together to create a world free from the fear of cancer TORONTO, June 15, 2025 /CNW/ - Participants of all ages raised over $1.75 million at the 12 th annual Journey to Conquer Cancer presented by Starlight Investments, in support of life-saving cancer research at The Princess Margaret Cancer Centre, one of the world's leading cancer research and treatment centres. This year's event sets a new record for funds raised at the Journey and will help Carry The Fire for cancer patients and their families. "Each step taken today helps transform outcomes for cancer patients, across Canada, and around the globe," said Dr. Miyo Yamashita, President and CEO, The Princess Margaret Cancer Foundation. "We are grateful to the walkers and runners of all ages, who came together to fuel more breakthroughs at The Princess Margaret and help create a world free from the fear of cancer." Participants gathered at University of Toronto's Varsity Stadium to hear from cancer survivors, celebrate the collective fundraising impact of the Journey, and enjoy fun festivities before heading out for a one, three, or five km route through downtown Toronto, passing by The Princess Margaret. "A member of my family was diagnosed with smouldering myeloma, and thanks to The Princess Margaret, and the funds raised at the Journey, they are living in remission," said Julie Stewart-Binks, award-winning sportscaster, proud Princess Margaret supporter, and host of the Journey opening ceremonies. "It was incredible to see thousands come together to support The Princess Margaret." The Journey to Conquer Cancer presented by Starlight Investments included live entertainment along the route and inspired a moment of reflection as participants passed by Princess Margaret Cancer Centre, where the funds raised at the Journey help create better cancer research, treatment and care for patients everywhere. Fun activities continued after the walk and run back at Varsity Stadium with Journey's mascot "Hope" the dog, a kids run, and outdoor games. While each participant has their own reason for stepping forward, the entire Journey community advances our philanthropic priorities in early detection, innovative treatments, and comprehensive support which hold the greatest potential to revolutionize cancer survival rates and the experience of this often-devastating disease. ABOUT PRINCESS MARGARET CANCER FOUNDATION The Princess Margaret Cancer Foundation is Canada's largest cancer charity. We're dedicated to raising funds for Princess Margaret Cancer Centre, one of the world's leading cancer research and treatment centres, known for its breakthrough discoveries that transform patient outcomes. Together, our work benefits cancer patients everywhere in our mission to create a world free from the fear of cancer. Through philanthropy, fundraising events, and our world-leading lottery program, we're changing how the world understands, prevents, diagnoses, and treats cancer, benefitting patients at The Princess Margaret, throughout Canada, and around the world.
