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Home>Monogram Announces Completion of Acquisition by Greystar Led Fund

Monogram Announces Completion of Acquisition by Greystar Led Fund

Monogram Announces Completion of Acquisition by Greystar Led Fund

09/20/2017

Monogram Announces Completion of Acquisition by Greystar Led Fund

Monogram Residential Trust, Inc. (NYSE:MORE), an owner, operator and developer of high-quality apartment communities with a significant presence in select coastal markets, today announced the completion of the Company’s previously announced acquisition by the newly formed perpetual-life fund Greystar Growth and Income Fund, LP, led by Greystar Real Estate Partners and its initial founding capital partners, affiliates of APG Asset Management N.V., GIC, and Ivanhoé Cambridge. The announcement follows Monogram stockholders’ vote to approve the merger and the other transactions contemplated by the merger agreement, including the restructuring of Monogram’s joint venture with PGGM, on September 14, 2017. The total portfolio transaction value is approximately $4.4 billion, including the PGGM JV and debt assumed or refinanced.

Pursuant to the transaction, Monogram’s stockholders will be entitled to receive $12.00 per share in cash. As a result of the transaction, the Company’s common stock will cease trading on the New York Stock Exchange, effective September 20, 2017.

“The Monogram Residential board of directors and management team are pleased to have completed this transaction which maximizes value for stockholders and partners that entrusted our team over the past several years,” said Mark Alfieri, Monogram's Chief Executive Officer, President and Chief Operating Officer. “The valuation achieved is a testament to the quality of the portfolio and operating platform.”

“This acquisition is highly strategic for Greystar and furthers our mission to be the global leader in rental housing,” said Bob Faith, the Founder, Chairman and Chief Executive Officer of Greystar. “We are pleased that this acquisition will seed Greystar Growth and Income Fund, LP, Greystar’s first perpetual-life fund and thrilled to have such tremendous groups as our partners and investors.”

"We are delighted to complete the acquisition of Monogram alongside Greystar and our venture partners," said Steven Hason, Managing Director and Head of Americas Real Estate & Infrastructure at APG Asset Management. "This continues our strategy of acquiring top-tier properties with operating partners who consistently demonstrate exceptional investment and asset management capabilities, and who share APG's long-term investment objectives."

Mr. Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “We are pleased to establish our partnership with Greystar with this acquisition. The U.S. multifamily sector’s positive supply-demand dynamics and Monogram’s high-quality assets in attractive markets provide a valuable seed portfolio that fits well with the venture’s long-term strategy and Greystar’s management capabilities.”

“Monogram’s irreplaceable portfolio of assets allows Greystar to stand out in the current competitive environment,” said Sylvain Fortier, President, Residential, Hotels and Real Estate Investment Funds at Ivanhoé Cambridge. “This transaction marks both the next step in our strategy of investing in quality residential properties globally and our successful and ongoing partnership with Greystar.”

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