Starlight Investments Enters the Build to Rent Market in

Starlight Investments ("Starlight") is pleased to announce the official launch of its European residential asset management platform through the formation of a new partnership with multiple global institutional partners focused on the United Kingdom Build to Rent ("BTR") market. This represents Starlight's first step into Europe and as part of this strategy Starlight has initially acquired three BTR communities, comprising 922 suites and valued at £225M, in Manchester, Liverpool and Ashford.

The United Kingdom's residential market is backed by strong fundamentals and continues to experience a growing imbalance between supply and demand. With the continued deterioration of home affordability and increasing demand for high-quality rentals, Starlight determined now is an opportune time to enter the United Kingdom market by providing new rental supply.

We are pleased to have global institutional capital partners support Starlight in our European expansion," said Daniel Drimmer, Founder and Chief Executive Officer, Starlight Investments. "The United Kingdom represents a nascent rental market with a fundamental housing imbalance between supply and demand. Entering the United Kingdom Build to Rent market is a natural extension of Starlight's North American residential expertise that will further allow us to invest with impact and strengthen Starlight's brand as a global residential investor and asset manager."

Starlight's new strategy will target BTR projects in London commuter belt markets as well as 8 – 10 major cities across the United Kingdom. Through this strategy, Starlight is seeking to initially acquire approximately £600M of assets representing a portfolio of 2,000 – 2,500 BTR units. In executing this strategy, Starlight will leverage its North American expertise (which includes $2B of direct acquisitions from Developers) to deliver the fund's growth objectives and support the local UK asset management team to further build their relationships with UK Developers.

"We are proud to be working with some of the best Developers across the United Kingdom to deliver high quality communities for residents," said Jonnie Milich, Director, Starlight Investments UK. "Relationships with reputable, local BTR experts coupled with Starlight's extensive track record of residential investment and asset management has positioned us extremely well to execute in this market. We look forward to expanding Starlight's European presence through the execution of our BTR strategy in the UK."

Starlight's entry into the United Kingdom BTR market represents a meaningful first step in the company's broader European residential strategy.