March 28, 2017 / 5:09 PM / in a year

Milestone Apartments REIT unitholders approve takeover by Starwood

March 28 (Reuters) - Milestone Apartments Real Estate Investment Trust said on Tuesday that its unitholders approved the company’s takeover by U.S. private investment firm Starwood Capital Group for about $1.3 billion.

Starwood agreed last week to a sweetened offer of $16.25 per Milestone unit.

Over 71 percent of Milestone unitholders who voted were in favor of the transaction, the company said on Tuesday.

The transaction needed the approval of two-thirds of Milestone unitholders.

The deal is expected to close on or about April 28, the company said.

Milestone had initially, in January, agreed to be bought out by Starwood in an all-cash transaction.

Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila

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