Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “We are pleased to establish our partnership with Greystar with this acquisition. "This continues our strategy of acquiring top-tier properties with operating partners who consistently demonstrate exceptional investment and asset management capabilities, and who share APG's long-term investment objectives." "We are delighted to complete the acquisition of Monogram alongside Greystar and our venture partners," said Steven Hason, Managing Director and Head of Americas Real Estate & Infrastructure at APG Asset Management. “We are thrilled to have such tremendous groups as our partners and investors.” “This acquisition is highly strategic for Greystar and furthers our mission to be the global leader in rental housing,” said Bob Faith, the Founder, Chairman and Chief Executive Officer of Greystar. “The valuation achieved is a testament to the quality of the portfolio and operating platform.” “The Monogram Residential board of directors and management team are pleased to have completed this transaction which maximizes value for stockholders and partners that entrusted our team over the past several years,” said Mark Alfieri, Monogram's Chief Executive Officer, President and Chief Operating Officer. As a result of the transaction, the Company’s common stock will cease trading on the New York Stock Exchange, effective September 20, 2017. Pursuant to the transaction, Monogram’s stockholders will be entitled to receive $12.00 per share in cash. The total portfolio transaction value is approximately $4.4 billion, including the PGGM JV and debt assumed or refinanced. The announcement follows Monogram stockholders’ vote to approve the merger and the other transactions contemplated by the merger agreement, including the restructuring of Monogram’s joint venture with PGGM, on September 14, 2017. (NYSE: MORE), an owner, operator and developer of high-quality apartment communities with a significant presence in select coastal markets, today announced the completion of the Company’s previously announced acquisition led by funds managed by Greystar Real Estate Partners and its capital partners, affiliates of APG Asset Management N.V., GIC, and Ivanhoé Cambridge. PLANO, TX – Septem– Monogram Residential Trust, Inc.
0 Comments
Leave a Reply. |