TORONTO and DALLAS, April 28, 2017 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") today announced the closing (the "Closing") of the previously announced going private transaction whereby an affiliate of Starwood Capital Group ("Starwood") acquired all of Milestone's subsidiaries and assets (the "Transaction"), all outstanding trust units of the REIT (the "Units") were redeemed in accordance with certain amendments to Milestone's Declaration of Trust and the REIT was wound up and terminated.
In connection with the Closing, Milestone unitholders ("Unitholders") can expect to receive on or about May 3, 2017 a final liquidating distribution of US$16.30041 per Unit (the "Consideration"), which includes an amount equal to the amount that would otherwise have been paid as the REIT's April distribution.
With the completion of the Transaction, the Units ceased trading on the Toronto Stock Exchange (the "TSX"), and Milestone has received confirmation that the Units will be delisted from the TSX at close of business today. Milestone will also cease to be a reporting issuer under applicable Canadian securities laws.
For more information on the Transaction, please see the news releases issued by the REIT on January 19, 2017, March 22, 2017, March 28, 2017 and April 19, 2017 along with the REIT's management information circular prepared in connection with the Transaction, all of which are available on SEDAR.
Forward Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to the timing of the payment of the Consideration, the delisting of the Units from the TSX and the REIT's intention to cease to be a reporting issuer. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the risk that the Consideration is paid out at a later date than described herein. The forward-looking statements in this news release are based on certain assumptions. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Milestone Apartments REIT
For further information: Robert Debs, Investor Relations, Milestone Apartments REIT, Tel: 214.561.1215; Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647.496.7856