Starwood to Acquire Milestone Apartments in $2.85 Billion Deal
By Christine Maurus, Bloomberg News
Starwood Capital Group, the investment firm controlled by Barry Sternlicht, agreed to buy Milestone Apartments Real Estate Investment Trust in a deal valued at $2.85 billion.
Shareholders of Dallas-based Milestone, which went public in 2013, will receive $16.15 a share in cash, about a 16 percent premium to the 30-day volume-weighted average price, the landlord said in a statement Thursday.
Milestone, whose shares are listed on the Toronto Stock Exchange, owns 78 garden-style apartment properties concentrated in the Southeast and Southwest U.S.