On September 27th, 2019, Pure Multi-Family REIT LP (“Pure”) sold to Cortland Partners, LLC (“Cortland”). Cortland acquired all of Pure’s outstanding: (i) Class A units for US$7.61 per unit; and (ii) convertible unsecured subordinated debentures for US$1,346.90 (plus accrued and unpaid interest) for each US$1,000 principal amount of debentures, in an all-cash transaction valued at approximately US$1.2 billion including net debt.
Cortland’s acquisition of Pure’s underlying US real estate assets included 22 owned and operated multi-family apartment communities consisting of 7,085 apartment units in Texas and Arizona.
Pure was represented by Farris LLP, with a team led by Brian Canfield and including Ron Murray, Rob Veitch, Sean Galloway and Megan O’Neill (Corporate and Securities); Teresa Tomchak (Litigation); and David Selley (Competition); and by corporate counsel Koffman Kalef LLP, led by Vikram Dhir (Corporate and Securities).
Cortland was represented by King & Spalding LLP, with a team led by John Wilson, Spencer Johnson and Tony Rothermel, and including John Anderson, Angela Kang, Trey O’Callaghan and Connor Ciepluch; and by Canadian counsel McCarthy Tétrault LLP, with a team led by Jonathan See and Robert Hansen that included Robin Mahood, Cameron Belsher, Glynnis Morgan, Scott Bergen, Jake Irwin and Leah Whitworth (Business), Kathryn McNeece and Oliver Borgers (Competition), Trevor Lawson, Donovan Plomp, Simmy Sahdra and Abigail Cheung (Labour and Employment), Kabir Jamal, Raj Juneja, Patrick McCay and Yaroslavna Nosikova (Tax), Deron Waldock (Pensions), and Miranda Lam and Geoff Hall (Litigation).