January 27, 2016

Milestone Apartments REIT and Starwood Capital Group Complete US$1.9 Billion Acquisition of Landmark Apartment Trust

Goodmans LLP represented Milestone Apartments REIT (Milestone) in connection with Milestone and Starwood Capital Group's (Starwood) completed the acquisition of Landmark Apartment Trust (Landmark) for US$8.17 per Landmark share in cash representing a total enterprise value of US$1.9 billion. Milestone acquired a 100% interest in 15 properties currently owned by Landmark, while Starwood acquired Landmark’s interest in 63 properties, all of which will be property managed by Milestone.

Subscription Receipt Offering
Goodmans also represented Milestone in its completion of a public offering of 9,591,000 subscription receipts, inclusive of 1,251,000 subscription receipts issued pursuant to the exercise in full of the over-allotment option, on a bought deal basis, at a price of C$15.00 per subscription receipt for gross proceeds of approximately C$143.9 million. The syndicate of underwriters for the offering was co-led by BMO Capital Markets and CIBC, and included RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Desjardins Securities Inc., Dundee Securities Ltd., Laurentian Bank Securities Inc. and Raymond James Ltd. The REIT used the proceeds from the offering to fund a portion of the acquisition of 15 properties currently owned by Landmark Apartment Trust, Inc. (Landmark).

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Milestone Apartments REIT and Starwood Capital Group Complete US$1.9 Billion Acquisition of Landmark Apartment Trust

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