TORONTO and DALLAS, March 28, 2017 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") announced that at the special meeting (the "Special Meeting") of unitholders of the REIT ("Unitholders") held earlier today, Unitholders approved the acquisition of all of Milestone's subsidiaries and assets (the "Transaction") by an affiliate of Starwood Capital Group ("Starwood"). As previously announced on March 22, 2017, under the terms of the agreement with Starwood as revised, Unitholders will receive US$16.25 per trust unit in cash.
Over 76% of the issued and outstanding units of the REIT were voted at the Special Meeting. The resolution approving the Transaction was passed with 71.81% of the votes cast in favour of the resolution, as well as 71.80% of votes cast after excluding votes attached to units beneficially owned or over which control or direction is exercised by Robert P. Landin and his affiliated entities. A copy of the complete report on voting at the Special Meeting will be made available on SEDAR.
The Transaction is expected to close on or about April 28, 2017, subject to satisfaction of customary closing conditions. Additional details regarding the closing of the Transaction and the payment of consideration to Unitholders will be communicated to Unitholders prior to the closing.
The REIT is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 78 multifamily garden-style residential properties, comprising 24,061 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest United States. The REIT is the largest real estate investment trust listed on the TSX focused solely on the United States multifamily sector. Milestone's vertically integrated platform employs more than 1,200 employees and manages more than 50,000 apartment units across the United States. For more information, please visit www.milestonereit.com.
Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain nine offices in three countries around the world, and currently have more than 2,000 employees. Starwood Capital Group has raised over $37 billion of equity capital since its inception in 1991, and currently manages approximately $52 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 25 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at www.starwoodcapital.com. Starwood Capital Group is one of the largest owners of multifamily housing in the United States. Following the Transaction, the Firm will have approximately 105,000 units under management.
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 expected closing of the Transaction and the payment of the REIT's last monthly distribution. 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 closing conditions may not be satisfied and the Transaction may not close. 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
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