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July 4, 2017

King & Spalding Advises APG Asset Management on Investment in Greystar Fund to Acquire Monogram Residential Trust


NEW YORK, July 4, 2017 - King & Spalding represented APG Asset Management NV in its investment in a new core-plus fund led by Greystar Real Estate Partners, which will acquire Monogram Residential Trust Inc. (NYSE: MORE), a luxury apartment developer based in Plano, Texas. Along with APG, GIC and Ivanhoé Cambridge also contributed founding capital to the new fund. The transaction is valued at approximately $3.0 billion, including debt to be assumed or refinanced.

The merger agreement was unanimously approved by Monogram’s Board of Directors, in which Monogram's stockholders will receive $12.00 per share in cash. This represents a premium of approximately 22% to Monogram's unaffected closing stock price on July 3, 2017.

APG Asset Management N.V. is a Dutch pension capital investor and one of the largest pension fiduciary asset managers worldwide. APG manages €452 billion (April 2017) on behalf of its pension fund clients and their 4.5 million active and retired participants from the public and private sectors representing over 30% of all collective pension plans in the Netherlands.

The King & Spalding team was led by New York real estate partner Jennifer Morgan and included Tony Rothermel, Jessica Standera, Lansing Lee and Ava Jacobi, with tax advice from Wayne Pressgrove.

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