A unit of private investment firm Starwood Capital Group said it would buy Canada’s Milestone Apartments Real Estate Investment Trust in a deal valued at about $2.85 billion.
Starwood Capital will pay $16.15 in cash per Milestone Apartments unit, the REIT said. Based on current exchange rates the offer equates to about C$21.47 per Milestone Apartments unit, which is a premium of 9.2 percent to the unit’s close of C$19.66 on Wednesday, reports Reuters.
Barry Sternlicht, Chairman and CEO of Starwood Capital Group, speaks at the 2014 Milken Institute Global Conference in Beverly Hills, California
Milestone’s legal advisers are Goodmans Llp and Vinson & Elkins Llp, while Starwood’s are Stikeman Elliott LLP and Kirkland & Ellis Llp. BMO Capital Markets is Milestone’s financial adviser.