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BMO Capital, National Bank Financial share top spot in Q1 REIT M&A league tables

BMO Capital Markets Corp. and National Bank Financial Markets tied for first place in deal credit for financial advisers to REITs in SNL Financial's first-quarter league tables, thanks to their work advising Milestone Apartments Real Estate Investment Trust in its acquisition by Starwood Capital Group Management LLC.

That deal, valued at $1.49 billion, was the largest in the space during the quarter, followed by Tricon Capital Group Inc.'s takeover of single-family REIT Silver Bay Realty Trust Corp. in a deal valued at $820.8 million. Goldman Sachs & Co advised Silver Bay, while RBC Capital Markets LLC advised Tricon, putting the firms in a tie for third place.

The third deal of the quarter was Edgefront Real Estate Investment Trust's merger with Nobel REIT, in a deal valued at $25.8 million. The transaction put Desjardins Securities Inc., which advised Edgefront — now called Nexus REIT — and Trimaven Capital Advisors Inc., which advised Nobel, on the board in a tie for fifth place.

On the legal side, Goodmans LLP took the top spot with $2.31 billion in deal credit for advising Milestone and Tricon in their respective transactions. Kirkland & Ellis LLP and Stikeman Elliot LLP, which both advised Starwood Capital, and Vinson & Elkins LLP, which also advised Milestone, tied for second place for their work in that $1.49 billion deal.

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