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Starwood to Acquire Milestone Apartments in $2.85 Billion Deal

20 Janvier 2017

The transaction implies an average price of about $120,000 per apartment unit, the REIT said.

Starwood Capital Group, the investment firm controlled by Barry Sternlicht, agreed to buy USA landlord Milestone Apartments Real Estate Investment Trust for about $1.3 billion in cash.

At the current market price, Milestone - which focuses exclusively on US residental properties - trades at a 14 per cent premium to Raymond James' net asset value figure of $19, he added. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company's stock.

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The business also recently declared a monthly dividend, which will be paid on Wednesday, February 15th. The ex-dividend date of this dividend is Friday, January 27th. This is a boost from Milestone Apartments Real Estate Invt Tr's previous monthly dividend of $0.05. The legal version of this article can be read at https://www.thecerbatgem.com/2017/01/20/milestone-apartments-real-estate-invt-tr-mst-un-downgraded-by-cibc-to-neutral.html. This represents a $0.60 dividend on an annualized basis and a dividend yield of Infinity. If you are reading this article on another publication, it was copied illegally and republished in violation of United States & worldwide trademark & copyright laws. Under the terms of the deal, all of Milestone's subsidiaries and assets will be absorbed by Starwood, while Milestone unit holders will receive $16.15 per trust unit in cash. The Company invests in and operates multifamily garden-style residential properties in the United States.

Currently Milestone portfolio consists of 78 multifamily garden-style residential properties, comprising 24,061 units.