MILESTONE APARTMENTS REIT ANNOUNCES DETAILS REGARDING CLOSING OF GOING PRIVATE TRANSACTION WITH STARWOOD CAPITAL GROUP AND INCREASED LIQUIDATING
Milestone Apartments Real Estate Investment Trust today released details regarding the closing of the previously announced going-private transaction whereby an affiliate of Starwood Capital Group will acquire all of Milestone's subsidiaries and assets and Milestone unitholders will receive $16.25 (U.S.) per trust unit of the REIT.
In addition, the REIT today announced that an additional 5.041 U.S. cents per unit, which would otherwise be the monthly April distribution, will be included in the amounts payable on closing, such that the total liquidating distribution payable to unitholders will be $16.30041 (U.S.) per unit.
The transaction is expected to close on April 28, 2017, subject to satisfaction of customary closing conditions, and the units are expected to be delisted from the Toronto Stock Exchange at the close of business on the closing date. unitholders can expect to receive the consideration on or about May 3, 2017.
Unitholders who beneficially own units through an intermediary (being a securities broker, financial institution, trustee or custodian, such as CDS Clearing and Depository Services Inc. in Canada or Cede & Co. in the United States) will receive instructions from their intermediary about how they will receive the consideration and how to elect to receive the consideration in Canadian dollars, if so desired.
If a unitholder elects to receive the consideration in Canadian dollars, it will be converted from U.S. dollars into Canadian dollars at a rate available on the closing date to Computershare Trust Company of Canada, which is serving as the redemption and exchange agent with respect to the transaction. As a result, the risks, obligations and liabilities relating to changes in foreign exchange rates will be borne solely by the unitholder electing to receive the consideration in Canadian dollars and not by the REIT or Starwood.
For more information on the transaction, please see the news releases issued by the REIT on Jan. 19, 2017, March 22, 2017, and March 28, 2017, along with the REIT's management information circular prepared in connection with the transaction, which are all available on SEDAR.