Starwood Capital Group's US$2.9 Billion Acquisition of Milestone Apartments REIT

Goodmans LLP represented Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) (“Milestone” or the “REIT”) in connection with the completion of its going private transaction whereby an affiliate of Starwood Capital Group (“Starwood”) acquired all of Milestone's subsidiaries and assets for approximately US$2.9 billion. All outstanding trust units of the REIT were redeemed in accordance with certain amendments to Milestone's Declaration of Trust, and the REIT was wound up and terminated. In connection with the closing of the transaction, Milestone unitholders received a final liquidating distribution of US$16.30041 per Unit, which includes an amount that would otherwise have been paid as the REIT's April distribution.

Prior to the closing of the transaction, the REIT owned a portfolio of 78 multifamily garden-style residential properties, comprising over 24,000 apartment units in over 15 major metropolitan markets throughout the Southeast and Southwest United States.

Starwood is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. Starwood has raised over $37 billion of equity capital since its inception in 1991, and currently manages approximately $52 billion in assets.