(To read more on the multifamily market, click here.)
CHICAGO-Shareholders representing about 75% of AMLI Residential Properties Trust's common stock have approved a sale to Morgan Stanley Real Estate's Prime Property Fund. The $2.1-billion deal, which values the REIT's multifamily rental portfolio at a capitalization rate between 5% and 6%, is expected to close Tuesday.
The actual vote was 99% in favor of the deal. However, votes were cast on behalf of 75% of the outstanding shares at a special meeting.
A letter of interest from Morgan Stanley prompted AMLI Residential officials to hire financial advisers from J.P. Morgan, who solicited 10 prospective buyers for the company. Morgan Stanley will pay $37.95 per share, a 21% premium above AMLI share prices when the deal was struck in October.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
