Cortland Partners, LLC to acquire Pure Multi-Family REIT LP for US$1.2B
September 26, 2019
1.20 Billion USD
On September 27, 2019, an affiliate of Cortland Partners, LLC ("Cortland") completed its originally announced arrangement agreement with Pure Multi-Family REIT LP ('Pure Multi-Family") to acquire all of their outstanding Class A units at US$7.61 per unit. The all-cash transaction is valued at US$1.2 billion, including net debt. Completion of the transaction was subject to customary conditions, including approval by unitholders at a special meeting, court approval and regulatory approvals.
Cortland is an Atlanta-based globally integrated real estate investment and management firm. Cortland is involved in the acquisition, management, and development of mixed-use and residential multi-family properties in urban and suburban locations throughout the Southern region of the US.
Pure Multi-Family is a Canadian-based real estate investment trust that owns and operates multi-family real estate assets in the major markets of the US Sunbelt.
McCarthy Tétrault LLP advised Cortland with team led by Jonathan See and Robert Hansen that includes Robin Mahood, Cameron Belsher, Glynnis Morgan, Scott Bergen, Jake Irwin and Leah Whitworth (Business), Kathryn McNeece and Oliver Borgers (Competition), Trevor Lawson, Donovan Plomp, Simmy Sahdra and Abigail Cheung (Labour and Employment), Kabir Jamal, Raj Juneja, Patrick McCay and Yaroslavna Nosikova (Tax), Deron Waldock (Pensions), and Miranda Lam and Geoff Hall (Litigation).