Chinese Firms Are Investing Abroad at Fastest Pace in Eight Years
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
Jan 19, 2017
Starwood Capital strikes US$2.85B deal to buy Milestone REIT
Reuters
A unit of private investment firm Starwood Capital Group said it would buy Canada's Milestone Apartments Real Estate Investment Trust (MST_u.TO) in a deal valued at about US$2.85 billion.
Starwood Capital will pay US$16.15 in cash per Milestone Apartments unit, the REIT said.
Based on current exchange rates the offer equates to about $21.47 per Milestone Apartments unit, which is a premium of 9.2 per cent to the unit's close of $19.66 on Wednesday.
Milestone Apartments' portfolio consists of 78 multifamily residential properties, comprising 24,061 apartment units, located throughout the Southeast and Southwest United States.
The transaction implies an average price of about US$120,000 per apartment unit, the REIT said.
Milestone's legal advisers are Goodmans Llp and Vinson & Elkins Llp, while Starwood's are Stikeman Elliott LLP and Kirkland & Ellis Llp.
BMO Capital Markets is Milestone's financial adviser.
