Landmark Apartment Trust, Inc., a publicly registered non-traded real estate investment trust, announced that its stockholders approved the acquisition of the company by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN). The cash transaction is valued at approximately $1.9 billion, including the assumption of existing debt, and is expected to close on January 27, 2016.
Upon the closing of the merger, each outstanding share of common stock of Landmark will be converted into the right to receive $8.17 in cash.
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