Vancouver-based Pure Multi-Family Real Estate Investment Trust (Pure MF REIT) has been acquired and will be taken private by Atlanta, Georgia-based Cortland Partners LLC.
The all-cash deal is valued at about US$1.2 billion (C$1.57 billion).
When approved, Cortland will acquire all of Pure’s outstanding class A units for US$7.61 (C$9.96) per share.
Vancouver-based Pure MF REIT owns and operates 22 apartment communities consisting of 7,085 apartment units in Texas and Arizona, two of the U.S. Sun Belt’s leading economies.
“Today’s announcement can be attributed to Pure Multi-Family’s high-quality portfolio of multi-family properties located in the most dynamic economies of the U.S. Sun Belt, tremendous commitment, passion and integrity,” said Stephen Evans, Pure Multi-Family REIT founder and CEO.
Completion of the transaction is subject to customary conditions, including regulatory approvals.