{"id":1004164796,"date":"2017-01-20T09:01:29","date_gmt":"2017-01-20T17:01:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004164796"},"modified":"2022-12-05T00:48:01","modified_gmt":"2022-12-05T08:48:01","slug":"starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\/","title":{"rendered":"Starwood Capital Snaps Up Canadian Apartment REIT for $2.9B"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/p>\n

\"money\"<\/a>Greenwich, Conn.<\/strong>\u2014Starwood Capital Group agreed to buy Canada\u2019s Milestone Apartments Real Estate Investment Trust in a deal valued at about US $2.85 billion. Under the terms of the deal, all of Milestone’s subsidiaries and assets will be absorbed by Starwood, while Milestone unit holders will receive $16.15 per trust unit in cash.<\/p>\n

Milestone, formed in 2013, is an unincorporated, open-ended REIT based in Toronto. Based on current exchange rates, the offer is a premium of 9.2 percent to the price per unit at the close of the markets on Wednesday.<\/p>\n

Currently Milestone portfolio consists of 78 multifamily garden-style residential properties, comprising 24,061 units. Geographically, its holdings are in 16 major metro markets in the Southeast and Southwest United States. Milestone is also the largest REIT listed on the TSX focused solely on the U.S. multifamily sector.<\/p>\n

Milestone CEO Robert P. Landin pointed out that since the REIT’s IPO, its enterprise value has more than doubled, and its equity market cap has more than tripled. Annual compound returns have been in excess of 28 percent, he said.<\/p>\n

Milestone\u2019s legal advisers on the deal are Goodmans LLP and Vinson & Elkins LLP, while Starwood\u2019s are Stikeman Elliott LLP and Kirkland & Ellis LLP. BMO Capital Markets is Milestone\u2019s financial adviser.<\/p>\n

Originally published on Multi-Housing News.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Under the terms of the deal, all of Milestone’s subsidiaries and assets will be absorbed, while Milestone unit holders will receive $16.15 per trust unit in cash.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21742],"tags":[33591,33377],"class_list":["post-1004164796","post","type-post","status-publish","format-standard","hentry","category-international","category-latest","tag-milestone-apartments-reit","tag-starwood"],"acf":[],"yoast_head":"\nStarwood Capital Snaps Up Canadian Apartment REIT for $2.9B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood Capital Snaps Up Canadian Apartment REIT for $2.9B\" \/>\n<meta property=\"og:description\" content=\"Under the terms of the deal, all of Milestone's subsidiaries and assets will be absorbed, while Milestone unit holders will receive $16.15 per trust unit in cash.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-20T17:01:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T08:48:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2015\/09\/money.jpg\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\\\/\"},\"author\":{\"name\":\"Dees Stribling\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"headline\":\"Starwood Capital Snaps Up Canadian Apartment REIT for $2.9B\",\"datePublished\":\"2017-01-20T17:01:29+00:00\",\"dateModified\":\"2022-12-05T08:48:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\\\/\"},\"wordCount\":227,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/internal.multihousingnews.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/money.jpg\",\"keywords\":[\"Milestone Apartments REIT\",\"Starwood\"],\"articleSection\":[\"International\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/starwood-capital-snaps-up-canadian-apartment-reit-for-2-9b\\\/\",\"name\":\"Starwood Capital Snaps Up Canadian Apartment REIT for $2.9B - 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