TORONTO and DALLAS, March 28, 2017 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") announced that at the special meeting (the "Special Meeting") of unitholders of the REIT ("Unitholders") held earlier today, Unitholders approved the acquisition of all of Milestone's subsidiaries and assets (the "Transaction") by an affiliate of Starwood Capital Group ("Starwood"). As previously announced on March 22, 2017, under the terms of the agreement with Starwood as revised, Unitholders will receive US$16.25 per trust unit in cash.
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Over 76% of the issued and outstanding units of the REIT were voted at the Special Meeting. The resolution approving the Transaction was passed with 71.81% of the votes cast in favour of the resolution, as well as 71.80% of votes cast after excluding votes attached to units beneficially owned or over which control or direction is exercised by Robert P. Landin and his affiliated entities. A copy of the complete report on voting at the Special Meeting will be made available on SEDAR.
The Transaction is expected to close on or about April 28, 2017, subject to satisfaction of customary closing conditions. Additional details regarding the closing of the Transaction and the payment of consideration to Unitholders will be communicated to Unitholders prior to the closing.