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Pure Multi-Family REIT unit holders OK $1.2B Cortland deal

Pure Multi-Family REIT LP said its unit holders have approved the proposed $1.2 billion sale of the Canadian multifamily real estate investment trust to an affiliate of Cortland Partners LLC at its special meeting Sept. 18.

Under the terms of the deal, the Cortland affiliate will buy all the outstanding class A units of the REIT for $7.61 apiece and the equivalent consideration for its class B units. It will also acquire the REIT's convertible unsecured subordinated debentures for $1,346.90, plus accrued and unpaid interest, per $1,000 principal amount of debentures.

The class B units will be redesignated into class A units before the transaction wraps up, expected on or about Sept. 27, subject to court approval and other customary conditions.

Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC had recommended that the REIT's unit holders vote in favor of the transaction.