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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Milestone Apartments REIT Completes $228.5 Million IPO

2013

Areas Banking and Finance Law, Corporate and Commercial, Corporate Finance and Securities, REITs and Income Securities, Tax

Summary

Goodmans represented Milestone Apartments Real Estate Investment Trust (the “REIT”) (TSX: MST.UN) in connection with the completion of its initial public offering of 20 million units at a price of $10.00 per unit. The offering, which was the first initial public offering in the world of a qualifying US REIT by a non-US entity, was underwritten by a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. and including RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities LP and Macquarie Capital Markets Canada Ltd.  On March 26, 2013, the underwriters exercised their over-allotment option and purchased an additional 2.85 million units of the REIT at a price of $10.00 per unit for gross proceeds of $28.5 million, which increased the total gross proceeds of the offering to $228.5 million.

The net proceeds of the offering were used by the REIT to indirectly acquire an interest in Milestone Multifamily Investors LP (the “Partnership”) from MileSouth Apartment Portfolio LP (“MileSouth”), an affiliate of Invesco Ltd. The Partnership indirectly owns and operates a portfolio of 52 multifamily residential properties in the United States.

In connection with the offering, MileSouth retained an approximate 43% interest in the REIT, while MST Investors, LLC, an affiliate of The Milestone Group, LLC, retained an approximate 11% interest, in each case calculated on a fully diluted basis (assuming all redeemable securities are redeemed for units of the REIT). TMG Partners, LP, an affiliate of The Milestone Group, LLC, is the external asset manager of the REIT.