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.
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.
About Milestone
The REIT is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 78 multifamily garden-style residential properties, comprising
24,061 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest United States. The REIT is the largest real estate investment trust listed on the TSX focused
solely on the United States multifamily sector. Milestone's vertically integrated platform
employs more than 1,200 employees and manages more than 50,000 apartment units across the United States. For more
information, please visit www.milestonereit.com.
About Starwood
Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure
and oil & gas. The Firm and its affiliates maintain nine offices in three countries around the world, and currently have more
than 2,000 employees. Starwood Capital Group has raised over $37 billion of equity capital since
its inception in 1991, and currently manages approximately $52 billion in assets. The Firm has
invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and
positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 25 years, Starwood Capital
Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private
and public markets. Additional information can be found at www.starwoodcapital.com. Starwood Capital Group is one of the largest owners of multifamily housing in
the United States. Following the Transaction, the Firm will have approximately 105,000 units
under management.
Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the
business of the REIT and the environment in which it operates. Forward-looking statements are identified by words such as
"believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Some of the specific
forward-looking statements in this news release include, but are not limited to, statements with respect to the expected closing
of the Transaction and the payment of the REIT's last monthly distribution. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking statements, including, but not limited to, the risk that the
closing conditions may not be satisfied and the Transaction may not close. The forward-looking statements in this news release
are based on certain assumptions. There can be no assurance that forward-looking statements will prove to be accurate as actual
outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should
not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the
date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Milestone Apartments REIT
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