BSR REIT completes strategic asset sale with Avalon Bay Communities Inc.

Goodmans LLP advised BSR REIT in connection with the sale of an aggregate of nine properties, consisting of 2,701 apartment units, to AvalonBay Communities, Inc. for gross consideration valued at approximately US$618.5 million, a significant portion of which were paid via Avalon Bay equity.

The transaction was an important capital markets transaction for each of BSR REIT and Avalon Bay, as it is expected to simplify BSR REIT's restrictive capital structure, and strategically position both BSR REIT and Avalon Bay for value enhancing initiatives.

BSR is a multifamily REIT based in the US that trades on the TSX in Canada.

Avalon Bay is the largest US multi-family REIT in the US that trades on the NYSE.