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
-
Mergers and Acquisitions
Dayforce to be taken private by Thoma Bravo for US$12.3 billion
Goodmans LLP is advising Dayforce, Inc. as Canadian counsel in connection with its definitive agreement to be taken private by Thoma Bravo in an all-cash transaction with an enterprise value of… -
Mergers and Acquisitions
Dream Residential REIT to be acquired by Morgan Properties for C$491 million
Goodmans LLP is acting for the Special Committee of Dream Residential REIT in connection with its agreement to be acquired by Morgan Properties in an all-cash transaction for approximately C… -
Mergers and Acquisitions
SBA Communications to sell Canadian wireless tower business to CVC DIF
Goodmans LLP is advising SBA Communications in connection with its definitive agreement to sell its Canadian wireless tower business (SBA Canada) to CVC DIF, the dedicated infrastructure investment… -
Mergers and Acquisitions
RF Capital Group to be acquired by iA Financial Corporation in C$597 million all-cash transaction
Goodmans LLP is advising RF Capital Group in connection with its sale to iA Financial Corporation, a Quebec City-based insurance and wealth management company, in an all-cash transaction valued at… -
Technology
OverActive Media completes acquisition of KOI and Movistar Riders
Goodmans LLP acted as legal advisor to OverActive Media Corp. in connection with its strategic all-share acquisition of certain esports assets of Goatch Global, S.L. (operating as "KOI") and all of… -
Private Equity and Venture Capital
OMERS sells majority interest in CEDA to Hillcore Group
Goodmans LLP advised OMERS Private Equity Inc., a subsidiary of OMERS, in connection with the sale of its majority interest in CEDA to Hillcore Group…