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Canadian apartment magazine | 23/10/15

Milestone Apartments Real Estate Investment Trust announced that it has entered into a definitive agreement with Starwood Capital Group to acquire, by way of merger, Landmark Apartment Trust for US $8.17 per Landmark share in cash, representing a total enterprise value of approximately US $1.9 billion.

The acquisition, which is subject to customary closing conditions, including approval by Landmark’s shareholders, is expected to close in the first quarter of 2016. As part of the acquisition, Milestone will acquire a 100 per cent interest in 15 properties (located in the states of Georgia, North Carolina and Texas) currently owned by Landmark, while Starwood will acquire Landmark’s interest in 63 properties, all of which will be property managed by the REIT.