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Cortland wraps up US$1.2B deal to buy Pure Multi-Family REIT

Pure Multi-Family REIT LP closed its sale to an affiliate of Cortland Partners LLC in an all-cash deal valued at approximately US$1.2 billion, including net debt.

Under the plan of arrangement, the Cortland affiliate bought the class A units of the Canadian multifamily real estate investment trust for US$7.61 apiece and its convertible unsecured subordinated debentures for US$1,346.90, plus applicable interest, for each US$1,000 principal amount.

The company said the debentures are set to be delisted from the Toronto Stock Exchange, effective as of market close Sept. 27. The class A units are expected to be delisted from the TSX and from the OTCQX International Marketplace, effective as of market close on or about Sept. 30.