Starwood in talks on raising initial bid for Milestone, say sources

New York

MILESTONE Apartments Real Estate Investment Trust, which has agreed to be acquired by Starwood Capital Group for about C$1.7 billion (S$1.8 billion), is in talks with the US private investment firm about raising its bid, people familiar with the situation told Reuters.

The move comes days after proxy advisory firm Institutional Shareholder Services (ISS) recommended that Milestone unitholders vote against the transaction.