Milestone Apartments Real Estate Investment Trust (MST_u.TO) said on Tuesday that its unitholders approved the company’s takeover by U.S. private investment firm Starwood Capital Group for about $1.3 billion.
Starwood last week raised its offer to $16.25 per Milestone unit from 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.
Starwood Capital, a private equity firm focused on real estate, sold its hotel chain Starwood Hotels & Resorts to Marriott International Inc (MAR.O) last year in September.