March 28, 2017 / 5:07 PM / 9 months ago

Milestone Apartments REIT unitholders approve takeover

(Reuters) - 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.

(This version of the story corrects to remove reference to Starwood Capital selling Starwood Hotels & Resorts to Marriott International Inc)

Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila

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