TORONTO and DALLAS, April 19,
2017 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") today
announced details regarding the closing of the previously announced going private transaction whereby an affiliate of Starwood
Capital Group ("Starwood") will acquire all of Milestone's subsidiaries and assets (the "Transaction") and Milestone unitholders
("Unitholders") will receive US$16.25 per trust unit ("Unit") of the REIT.
In addition, the REIT today announced that an additional US$0.05041 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 US$16.30041 per Unit (the "Consideration").
The Transaction is expected to close on April 28, 2017 (the "Closing Date"), subject to
satisfaction of customary closing conditions, and the Units are expected to be delisted from the TSX 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 January 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.
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, the timing of the payment of the Consideration and the payment of the REIT's 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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