Starwood to acquire Milestone Apartments in $2.85b deal

[BEW YORK] Starwood Capital Group, the investment firm controlled by Barry Sternlicht, agreed to buy Milestone Apartments Real Estate Investment Trust in a deal valued at US$2.85 billion.

Shareholders of Dallas-based Milestone, which went public in 2013, will receive US$16.15 a share in cash, about a 16 per cent premium to the 30-day volume-weighted average price, the landlord said in a statement Thursday.

Milestone, whose shares are listed on the Toronto Stock Exchange, owns 78 garden-style apartment properties concentrated in the Southeast and Southwest US.

BLOOMBERG

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes