Global Real Assets Trust Announces Initial Series A Unit Redesignation and TSX Conditional Listing Approval

TORONTO--(BUSINESS WIRE)--Starlight Investments Capital GP Inc. (“Starlight Capital”), on behalf of Global Real Assets Trust (the “Trust”), is pleased to announce that the initial Series A Unit redesignation opportunity will occur on December 31, 2026 (the “Redesignation Date”) for holders (“Unitholders”) of Series B Units, Series B US$ Units, Series C Units, Series F Units and Series I Units of the Trust (collectively, the “Units”), allowing Unitholders to redesignate their existing unlisted Units into Series A Units, which are expected to be listed on the Toronto Stock Exchange (the “TSX”) on or about January 14, 2027 under the ticker symbol GLRA.UN.

The TSX has conditionally approved the listing of the Trust’s Series A Units, subject to the Trust satisfying all applicable listing requirements of the TSX.

In accordance with the fourth amended and restated declaration of trust of the Trust dated September 29, 2025 (the “Declaration of Trust”), Units may be redesignated into Series A Units on the Redesignation Date at the option of the Unitholder. Each Unit so redesignated will be redesignated into that number of Series A Units equal to the net asset value of the Units so redesignated; and in the case of the Series B US$ Units, with the net asset value of the Series B US$ Units converted into Canadian dollars using the nominal rate of exchange available on the Redesignation Date. For greater certainty, Series A Units will not be permitted to be redesignated into any other series of Units.

Fund Series
The redesignation option is available to Unitholders across the following series of the Trust:

Fund Code	Fund Name	Series
SLC1103	Global Real Assets Trust	C
SLC1203	Global Real Assets Trust	F
SLC1403	Global Real Assets Trust	B
SLC1803	Global Real Assets Trust	B US$
SLC1903	Global Real Assets Trust	I

Redesignations of Series B Units, Series B US$ Units and Series C Units will be limited to 5% of the average aggregate number of Series B Units, Series B US$ Units, and Series C Units, collectively, outstanding for the 90–day period immediately preceding the Redesignation Date. Redesignations of Series F and Series I Units will be limited to 5% of the average aggregate number of Series F Units and Series I Units, together, outstanding for the 90–day period immediately preceding the Redesignation Date. In the event that redesignation requests exceed these limits, redesignation orders will be processed on a pro rata basis among requesting Unitholders.

The trustees of the Trust have the option, in their sole discretion, to waive the above limitations, and have determined to waive such limits on the Redesignation Date as needed to satisfy the listing requirements of the TSX.

Redesignations are made at the discretion of Starlight Capital. A redesignation will not be permitted if it would cause the Trust to cease to qualify as a mutual fund trust under the Income Tax Act (Canada).

Redesignation Timeline
Unitholders wishing to redesignate their Units should contact their Investment Advisor, and note the following key dates:

Event	Date
Redesignation Election Period Opens	November 1, 2026
Redesignation Election Period Closes	November 30, 2026
Redesignation Date	December 31, 2026
Settlement Date	January 7, 2027
TSX Listing Date	On or about January 14, 2027

Further information regarding the Series A Units was described in the management circular of the Trust dated May 30, 2025 (the “Circular”) and is also set out in the Declaration of Trust and the Trust’s current Annual Information Form dated April 30, 2026 (“AIF”). The Circular, the Declaration of Trust and the AIF are available on SEDAR+ at www.sedarplus.com.

Forward-looking statements
This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Trust and Starlight Capital regarding future events, including statements concerning the redesignation timeline and the TSX listing date. In some cases, forward-looking statements can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Material factors and assumptions used by the Trust and Starlight Capital to develop the forward-looking information include, but are not limited to, the Trust and Starlight Capital’s current expectations about the redesignation, the timeline for implementation and settlement thereof and the listing date of the Series A Units. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although Starlight Capital believes that the expectations reflected in such forward-looking statements are reasonable and represent the Trust’s internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations will not prove to be accurate, that assumptions may not be correct and that objectives will not be achieved. A variety of factors, many of which are beyond the Trust’s control, may affect the operations of the Trust, and could cause actual future events to differ materially from current expectations of anticipated events expressed or implied by such forward-looking statements. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Global Real Assets Trust
The Global Real Assets Trust’s investment objective is to provide unitholders with cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors, and to a lesser extent, the global diversified equity sector.

About Starlight Capital and Starlight Investments
Starlight Capital is an independent Canadian asset management firm with over $1 billion in assets under management. We manage Global and North American diversified private and public equity investments across traditional and alternative asset classes, including real estate, infrastructure and private equity. Our goal is to deliver superior risk-adjusted, total 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 leading global real estate investment and asset management firm with over 380 employees and $30B in AUM. 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. Learn more at www.starlightcapital.com and connect with us on LinkedIn at https://www.linkedin.com/company/starlightcapital/.