An announcement was made by the Canadian REIT that they have gone into an acquisition deal with an associate of Starwood Capital Group, in an agreement which allows Starwood to obtain all of the holdings by Milestone and its assets as well. The unitholders of Milestone will get an amount of US$16.15 per trust unit.
Canada Milestone Apartment REIT which has over 24 thousand apartment units in the southern US will procure a part of Starwood Capital for about $2.85 billion, which totals to C$21.47 for each unit. The deal is to be settled in the early quarter of this year, with the transaction subject to the approval of all standard conditions and settings.
CEO of Milestone, Robert P. Landin said; “I am extremely proud of what this organization has achieved since the REIT’s 2013 initial public offering including more than doubling the REIT’s enterprise value, more than tripling our equity market capitalization and generating total annual compound returns for our investors in excess of 28%,” and concluded; “this compelling all-cash transaction reflects an attractive value for our Unitholders and will position Milestone and its employees for continued growth with an experienced, reputable and very capable strategic owner. I’d like to thank our employees, trustees and all stakeholders for their hard work, support and trust in Milestone over the last several years.”