Milestone Apartments REIT Files Preliminary Prospectus for Initial Public Offering

Milestone Apartments Real Estate Investment Trust (the "REIT") announced that it has filed, and obtained a receipt for, a preliminary prospectus for the initial public offering of trust units with the securities commissions of all provinces and territories in Canada. The proposed offering is being underwritten by a syndicate of underwriters co-led by BMO Capital Markets and CIBC. BMO Capital Markets is the sole bookrunner of the offering.
The REIT has been formed to own and operate a portfolio of multifamily income producing properties located in the United States. Following closing, an affiliate of The Milestone Group, LLC ("Milestone"), will be the asset manager of the properties owned by the REIT.
The preliminary prospectus has not yet become final for purposes of a distribution of securities to the public. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time of receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province or territory. Copies of the preliminary prospectus will be available at
The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U. S. Securities Act"), as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, "U. S. persons" (as defined in Regulation S under the U. S. Securities Act). This press release does not constitute an offer of sale of the securities in the United States.
Milestone Apartments Real Estate Investment Trust
Milestone Apartments Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Concurrent with the completion of the offering and related transactions, the REIT will acquire a portfolio of 52 multifamily garden-style residential properties, comprising 16,944 units that are located throughout the Southeast and Southwest United States.
The REIT's goals are to generate stable and growing cash distributions to its unitholders while enhancing the value of it REIT's assets through active management and expanding the REIT's asset base of multifamily properties in the United States through accretive acquisitions.
The Milestone Group
Milestone is a privately held real estate investment management company that acquires and manages multifamily real estate assets in the United States on behalf of its clients. Founded in 2004, Milestone has completed nearly $3.2 billion of multifamily acquisitions and over $1.3 billion of dispositions on behalf of leading institutional investors globally, including a sovereign wealth fund and a number of public and private pensions funds. Milestone currently acts as the asset manager for each of the properties that will be acquired by the REIT in connection with the initial public offering and will become the asset manager of the REIT thereafter.

on January 27, 2013