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Pure Multi-Family schedules vote for Cortland deal amid absence of superior bids

Pure Multi-Family REIT LP said its board scheduled for Sept. 18 the special meeting for unit holders to vote on the company's planned sale to an affiliate of Cortland Partners LLC, after receiving no proposals superior to the all-cash deal valued at US$1.2 billion, including net debt.

The Canadian multifamily real estate investment trust said 45 industry groups, including American Landmark/Electra America, were approached as part of the 25-day go-shop process whereby the company was allowed to proactively solicit potential superior proposals. One of the three groups that signed nondisclosure agreements with the REIT backed out and the remaining two have not indicated intentions to make a superior offer, the company said.

The REIT said American Landmark/Electra America did not participate in the process nor did it submit any update to its earlier offer for Pure Multi-Family. The go-shop period ends Aug. 11.

Pure Multi-Family said the record date for the special meeting is Aug. 12 and the transaction is slated to close by Sept. 30.

Scotiabank was Pure Multi-Family's financial adviser for the go-shop process.