March 22, 2017 / 12:48 PM / a year ago

Starwood Capital agrees to raise bid for Milestone Apartments REIT

March 22 (Reuters) - Investment firm Starwood Capital Group said it would buy Canada’s Milestone Apartments Real Estate Investment Trust at a higher price than its previous offer.

The new offer comes weeks after proxy advisory firm ISS recommended Milestone unitholders vote against a deal in which the real estate firm agreed to be acquired by Starwood for about C$1.7 billion ($1.3 billion).

Starwood on Wednesday raised its offer to $16.25 per Milestone unit from $16.15 per unit.

Based on current exchange rates, Starwood’s new offer represents a 2.1 percent premium to Milestone’s Tuesday closing price of C$21.30.

Reuters reported late last month that Milestone was in talks with Starwood for a higher offer price.

Dallas-based Milestone, which went public in Toronto in 2013, owns and manages apartment properties targeting blue-collar workers across the southern United States. ($1 = 1.3379 Canadian dollars) (Reporting by Ahmed Farhatha in Bengaluru)

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