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IPOs Milestone Apartment-Invesco

Published on March 6th, 2013 | by Ted Liu


Milestone Apartments REIT closes $200 million IPO

Milestone Apartments Real Estate Investment Trust (Milestone Apartments REIT) (TSX: MST.UN) has closed its previously announced initial public offering (IPO) of 20,000,000 units priced at $10.00 per unit for gross proceeds of $200 million.

Milestone Apartments REIT’s units have commenced trading on the Toronto Stock Exchange (TSX). The unit opened at $10.05 and currently traded at $9.98 as at Mar 6, 2013, 10:40 AM EST.

The offering was underwritten by a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc., including RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P. and Macquarie Capital Markets Canada Ltd.

BMO Capital Markets acted as the sole bookrunner.

Goodmans LLP and Vinson & Elkins LLP acted as legal counsel to Milestone Apartment REIT. Davies Ward Phillips & Vineberg LLP and Shearman & Sterling LLP acted as legal counsel to the underwriters.

Net proceeds of the offering have been used by Milestone Apartments REIT to indirectly acquire an interest in Milestone Multifamily Investors L.P. from MileSouth Apartment Portfolio LP, an affiliated entity of Invesco Ltd. Milestone Multifamily Investors indirectly owns and operates a portfolio of 52 multifamily properties in the United States.

Following closing, MileSouth will hold 14,000,000 units of the REIT and 10,200,590 class B limited partnership units of Milestone Multifamily Investors (each of which are redeemable for REIT units) while MST Investors, LLC, an affiliate of The Milestone Group, LLC, will hold 5,513,675 Class B Units, representing an approximate 48.7% and 11.1% retained interest for MileSouth and MST Investors, respectively.

TMG Partners, L.P., an affiliate of The Milestone Group, LLC, is the external asset manager of the REIT.

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About the Author

Ted is an editor of CVCA News and Research Director for CVCA - Canadian Venture Capital & Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.

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