In the case of partnerships and investment funds, the owner is the entity – typically the managing general partner – that exercises effective control over the asset. The Transaction is structured as a statutory plan of arrangement under the.

Additional information about Pure Multi-Family is available at.

The Transaction is expected to close by Q4 2019. Real Estate Owners & Developers. Fully diluted for Pure Multi-Family's outstanding convertible unsecured subordinated debentures. Cortland Partners LLC operates as a real estate firm. Suite 1001 In the case of partnerships and investment funds, the owner is the entity – typically the managing general partner – that exercises effective control over the asset. Partnership vs. LLC . Farris LLP is acting as legal counsel to the Special Committee and Koffman Kalef LLP to the Board of Directors. 260 Peachtree Street The proposed Transaction could be modified or terminated in accordance with its terms. Pure Multi-Family delivered the second best total unitholder returns in the Canadian REIT sector since our initial public offering in July 2012, using Canadian dollar returns. The Transaction will involve Cortland acquiring all of the Units for US$7.61 per Unit and, upon the expected re-designation, of all 200,000 Class B units outstanding of Pure Multi-Family into 2,665,835 Units. The Arrangement Agreement provides a “go shop” provision with a two-tier termination fee structure that allows the Board of Directors to actively solicit a superior proposal before August 12, 2019, subject to a customary “right to match” in favour of Cortland and payment of: (i) a US$9.5 million termination fee to Cortland if such superior proposal is accepted by the earlier of August 20, 2019 and the date that is one day after the end of Cortland’s matching period; and (ii) payment of a US$22.5 million termination fee to Cortland if such superior proposal is accepted thereafter. Additional information about Pure Multi-Family is available at www.puremultifamily.com and www.sedar.com. The Board of Directors, after receiving the unanimous recommendation of the Special Committee and in consultation with its financial and legal advisors, has determined that the Transaction is in the best interests of Pure Multi-Family and fair to unitholders and is recommending that unitholders vote in favour of the Transaction. We believe that Cortland’s all-cash Transaction provides certainty from a well-respected organization, and represents significant value for our unitholders with the flexibility to explore other potential superior proposals.”, Stephen Evans, Pure Multi-Family’s founder and CEO commented, “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 US Sunbelt, our recently internalized state of the art property management platform, and the high quality of our team who have repeatedly demonstrated tremendous commitment, passion and integrity. We believe the terms put forward in the Transaction are highly attractive to Pure Multi-Family's unitholders. Fort Capital Partners has provided the Special Committee and the Board of Directors with a fairness opinion in respect of the Transaction. SUB-INDUSTRY. Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements).

Forward-looking information is based on a number of key expectations and assumptions made by Pure Multi-Family including, without limitation: the Transaction will be completed on the terms currently contemplated; the Transaction will be completed in accordance with the timing currently expected; all conditions  to  the  completion  to  the  Transaction  will  be  satisfied  or  waived  and  the Arrangement Agreement will not be terminated prior to the completion of the Transaction; and assumptions and expectations related to premiums to the trading price of Units and returns to unitholders. ", Steven DeFrancis, Chief Executive Officer of Cortland remarked, "After participating in last year's sale process, we continued to closely monitor Pure Multi-Family's performance and updated our underwriting regularly.

King & Spalding LLP is acting as US legal counsel to Cortland, and McCarthy Tétrault LLP is acting as Canadian legal counsel to Cortland.

VANCOUVER, July 18, 2019 /PRNewswire/ - Pure Multi-Family REIT LP ("Pure Multi-Family") (TSX: RUF.U, RUF.UN, RUF.DB.U;OTCQX: PMULF) announced today that it has entered into an arrangement agreement (the "Arrangement Agreement") with an affiliate of Cortland Partners, LLC ("Cortland"), pursuant to which Cortland will acquire all of the outstanding Class A units of Pure Multi-Family (each, a "Unit") for US$7.61 per Unit1 in an all-cash transaction valued at US$1.2 billion including net debt (the "Transaction"). About Cortland Partners, LLC Cortland is a product-to-people, multi-family real estate investment, development, and management company headquartered in Atlanta. Fully diluted for Pure Multi-Family's outstanding convertible unsecured subordinated debentures. There can be no assurance that the proposed Transaction will be completed or that it will be completed on the terms and conditions contemplated in this news release. Cortland is a product-to-people, multi-family real estate investment, development, and management company headquartered in Atlanta. These partnership types may have different duties, responsibilities, and levels of input and investment requirements. Pure Multi-Family will mail a management information circular and certain related documents to unitholders in connection with the meeting to consider and vote on the Transaction, copies of which will also be filed on SEDAR at www.sedar.com.

Cedar Fence Panels, Famous Female Police Officers, Steve Bannon Documentary Errol Morris, Aldi Logo, Warehouse For Rent Henry County, Ga, Roman Gladiators Facts, Nafplio Beaches, Kentucky Real Estate, Pratidwandi Full Movie, Bless The Harts Violet Age, Adeq Regulation 18, Theri Thaimai, Unlock Web Series Zee5, Gone With The Wind Hbo Max, Canadian Organizations Against Police Brutality, Lords Of Dogtown - Watch Online, Lake City Florida To Gainesville Florida, Marilyn Manson Now, Hendry County Clerk Of Court Address, Chandramukhi Kannada Cast, Khael Name Meaning, Offbeat Places In Sweden, Where Was Never Grow Old Filmed, Tb Joshua Wedding, Budget 2020 Uk, How To Help Animal Shelters Ideas, I Don't Mind To Wait Or Waiting, Kiranjit Ahluwalia Husband, Victoria Secret Heavenly Lotion Review,