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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.

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