/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
TORONTO, Jan. 25, 2013 /CNW/ - Milestone Apartments Real Estate
Investment Trust (the "REIT") announced today that it has filed, and obtained a receipt for, a
preliminary prospectus for the initial public offering of trust units
with the securities commissions of all provinces and territories in
Canada. The proposed offering is being underwritten by a syndicate of
underwriters co-led by BMO Capital Markets and CIBC. BMO Capital
Markets is the sole bookrunner of the offering.
The REIT has been formed to own and operate a portfolio of multifamily
income producing properties located in the United States. Following
closing, an affiliate of The Milestone Group, LLC ("Milestone"), will be the asset manager of the properties owned by the REIT.
The preliminary prospectus has not yet become final for purposes of a
distribution of securities to the public. This press release does not
constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale or any acceptance of an offer to buy these
securities in any province or territory of Canada prior to the time of
receipt for the final prospectus or other authorization is obtained
from the securities commission or similar authority in such province or
territory. Copies of the preliminary prospectus will be available at www.sedar.com.
The securities have not been and will not be registered under the United
States Securities Act of 1933 (the "U.S. Securities Act"), as amended, and may not be offered, sold or delivered, directly or
indirectly, in the United States or to, or for the account or benefit
of, "U.S. persons" (as defined in Regulation S under the U.S.
Securities Act). This press release does not constitute an offer of
sale of the securities in the United States.
About Milestone Apartments Real Estate Investment Trust
Milestone Apartments Real Estate Investment Trust is an unincorporated,
open-ended real estate investment trust established pursuant to a
declaration of trust under the laws of the Province of Ontario.
Concurrent with the completion of the offering and related
transactions, the REIT will acquire a portfolio of 52 multifamily
garden-style residential properties, comprising 16,944 units that are
located throughout the Southeast and Southwest United States.
The REIT's goals are to generate stable and growing cash distributions
to its unitholders while enhancing the value of it REIT's assets
through active management and expanding the REIT's asset base of
multifamily properties in the United States through accretive
About The Milestone Group
Milestone is a privately held real estate investment management company
that acquires and manages multifamily real estate assets in the United
States on behalf of its clients. Founded in 2004, Milestone has
completed nearly $3.2 billion of multifamily acquisitions and over $1.3
billion of dispositions on behalf of leading institutional investors
globally, including a sovereign wealth fund and a number of public and
private pensions funds. Milestone currently acts as the asset manager
for each of the properties that will be acquired by the REIT in
connection with the initial public offering and will become the asset
manager of the REIT thereafter.
This press release may contain forward-looking statements which reflect
management's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those projected herein. The REIT
disclaims any obligation to update these forward-looking statements.
SOURCE: Milestone Apartments Real Estate Investment Trust
For further information:
Robert P. Landin, CEO
Milestone Apartments Real Estate Investment Trust