Toronto Stock Exchange

Starwood To Buy Milestone Apartments For About $1.3 Billion

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

Greenwich-based Starwood will pay $16.15 a share for Dallas-based Milestone, which trades on the Toronto Stock Exchange but mostly owns properties in the U.S. Southeast and Southwest. The offer is about 8.6 percent more than Wednesday's closing share price of C$19.66 ($14.87). The deal has an enterprise value of $2.85 billion, including debt, according to a statement Thursday.

Milestone rose 9.5 percent to C$21.52 at 9:58 a.m. in Toronto. The company went public in 2013.

The deal will add...

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