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).
Featured Work
-
Private Equity and Venture Capital
Apex Group Technologies Inc. to acquire a controlling stake in MapsPeople
Goodmans LLP is advising Apex Group Technologies Inc., a company backed by Round13 Capital, in connection with its agreement to acquire at least 51% and up to approximately 64% of the shares of… -
Mining
Paulson and NOVAGOLD RESOURCES INC. to acquire Barrick Gold Corp.’s 50% stake in Donlin Gold LLC for US$1 billion
Goodmans LLP is advising Paulson & Co Inc. in connection with a backstop financing commitment entered into as part of its agreement to jointly acquire with NOVAGOLD RESOURCES INC. a 50% interest… -
Mining
Mandalay Resources Corporation and Alkane Resources announce merger
Goodmans LLP is advising Mandalay Resources Corporation in connection with its agreement to combine in a merger of equals transaction with Alkane Resources Ltd., pursuant to which Alkane will acquire… -
Mergers and Acquisitions
Andlauer Healthcare Group to be acquired by UPS
Goodmans LLP is acting for Andlauer Healthcare Group (“AHG”) in connection with a definitive arrangement agreement with affiliates of UPS under which UPS has agreed to acquire AHG via an all-cash… -
Mergers and Acquisitions
TD Securities Inc. Facilitates Nuvei Corporation’s $6.3 Billion Acquisition by Neon Maple Purchaser Inc.
Goodmans advised TD Securities Inc. in connection to its role as financial advisor and independent valuator for the Special Committee of the Board of Nuvei Corporation (“Nuvei”) in its go-private… -
Shareholder Activism
Algonquin Power & Utilities Corp. appoints new directors to Board and extends cooperation agreement with Starboard
Goodmans LLP advised Starboard Value LP (“Starboard”) in connection with the extension of cooperation agreement with Algonquin Power & Utilities Corp. (“Algonquin”), pursuant to which, Algonquin…