Milestone Apartments Real Estate Investment Trust said on Tuesday that its unitholders approved the company’s takeover by U.S. private investment firm Starwood Capital Group for about US$1.3 billion.
Starwood last week raised its offer to US$16.25 per Milestone unit from US$16.15, after proxy advisory firm ISS recommended Milestone unitholders to vote against the deal.
Over 71 percent of Milestone unitholders who voted were in favor of the transaction, the company said on Tuesday.
The deal, struck in January, needed the approval of two-thirds of Milestone unitholders.
The deal is expected to close on or about April 28, the company said.
Milestone, which went public in Toronto in 2013, owns and manages apartment properties targeting blue-collar workers across the U.S. Southeast and Southwest.
The company’s portfolio consists of 78 multifamily residential properties, comprising 24,061 apartment units, located throughout the Southeast and Southwest United States.
(Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila)
Photo courtesy of Milestone Apartments REIT