Key Takeaways
- • Starlight Capital, on behalf of Global Real Assets Trust, set December 31, 2026 as the Redesignation Date, when Unitholders of Series B, Series B US$, Series C, Series F and Series I Units may convert unlisted Units into listed Series A Units.
- • The Toronto Stock Exchange has conditionally approved the listing of Series A Units, which are expected to begin trading on or about January 14, 2027 under the ticker GLRA.UN, subject to the Trust meeting all TSX listing requirements.
- • Redesignation volumes are capped at 5% of the 90-day average outstanding units per series group, with pro rata allocation if requests exceed the cap, though trustees may waive limits to satisfy TSX listing requirements.
- • Redesignations are at Starlight Capital's discretion and cannot proceed if they would cause the Trust to lose its mutual fund trust status under the Income Tax Act (Canada).
Summary
Starlight Capital Investments GP Inc. ("Starlight Capital"), on behalf of Global Real Assets Trust (the "Trust"), announced that the initial Series A Unit redesignation opportunity will occur on December 31, 2026 (the "Redesignation Date"). Unitholders holding Series B Units, Series B US$ Units, Series C Units, Series F Units and Series I Units may redesignate their existing unlisted Units into Series A Units, which are expected to be listed on the Toronto Stock Exchange on or about January 14, 2027 under the ticker symbol GLRA.UN. The TSX has conditionally approved the listing, subject to the Trust satisfying all applicable listing requirements.
Under the fourth amended and restated declaration of trust dated September 29, 2025, each redesignated Unit will convert into a number of Series A Units equal to the net asset value of the Units redesignated. For Series B US$ Units, net asset value will be converted into Canadian dollars at the nominal exchange rate available on the Redesignation Date. Series A Units cannot be redesignated into any other series.
Redesignations of Series B, Series B US$ and Series C Units are limited to 5% of the average aggregate number of those units outstanding over the 90 days preceding the Redesignation Date. Redesignations of Series F and Series I Units are subject to the same 5% limit, measured against their combined average outstanding over the same period. If requests exceed these limits, orders will be processed pro rata. The trustees have the discretion to waive these limits, and have determined to do so on the Redesignation Date as needed to meet TSX listing requirements.
Unitholders wishing to redesignate should contact their Investment Advisor. Further details on the Series A Units are set out in the management circular dated May 30, 2025, the Declaration of Trust, and the Annual Information Form dated April 30, 2026, all available on SEDAR+. The Trust's stated investment objective is to provide cash distributions and long-term capital appreciation through exposure to institutional-quality real assets in global real estate and global infrastructure, with a lesser allocation to global diversified equities. Starlight Capital describes itself as an independent Canadian asset manager with over $1 billion in assets under management and a wholly-owned subsidiary of Starlight Investments, which reports over $30 billion in AUM.
Under the fourth amended and restated declaration of trust dated September 29, 2025, each redesignated Unit will convert into a number of Series A Units equal to the net asset value of the Units redesignated. For Series B US$ Units, net asset value will be converted into Canadian dollars at the nominal exchange rate available on the Redesignation Date. Series A Units cannot be redesignated into any other series.
Redesignations of Series B, Series B US$ and Series C Units are limited to 5% of the average aggregate number of those units outstanding over the 90 days preceding the Redesignation Date. Redesignations of Series F and Series I Units are subject to the same 5% limit, measured against their combined average outstanding over the same period. If requests exceed these limits, orders will be processed pro rata. The trustees have the discretion to waive these limits, and have determined to do so on the Redesignation Date as needed to meet TSX listing requirements.
Unitholders wishing to redesignate should contact their Investment Advisor. Further details on the Series A Units are set out in the management circular dated May 30, 2025, the Declaration of Trust, and the Annual Information Form dated April 30, 2026, all available on SEDAR+. The Trust's stated investment objective is to provide cash distributions and long-term capital appreciation through exposure to institutional-quality real assets in global real estate and global infrastructure, with a lesser allocation to global diversified equities. Starlight Capital describes itself as an independent Canadian asset manager with over $1 billion in assets under management and a wholly-owned subsidiary of Starlight Investments, which reports over $30 billion in AUM.
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