Market Overview

Monogram Announces Completion of Acquisition by Greystar Led Fund


Monogram Residential Trust, Inc. (NYSE:MORE), an owner, operator and
developer of high-quality apartment communities with a significant
presence in select coastal markets, today announced the completion of
the Company's previously announced acquisition by the newly formed
perpetual-life fund Greystar Growth and Income Fund, LP, led by Greystar
Real Estate Partners and its initial founding capital partners,
affiliates of APG Asset Management N.V., GIC, and Ivanhoé Cambridge. The
announcement follows Monogram stockholders' vote to approve the merger
and the other transactions contemplated by the merger agreement,
including the restructuring of Monogram's joint venture with PGGM, on
September 14, 2017. The total portfolio transaction value is
approximately $4.4 billion, including the PGGM JV and debt assumed or

Pursuant to the transaction, Monogram's stockholders will be entitled to
receive $12.00 per share in cash. As a result of the transaction, the
Company's common stock will cease trading on the New York Stock
Exchange, effective September 20, 2017.

"The Monogram Residential board of directors and management team are
pleased to have completed this transaction which maximizes value for
stockholders and partners that entrusted our team over the past several
years," said Mark Alfieri, Monogram's Chief Executive Officer, President
and Chief Operating Officer. "The valuation achieved is a testament to
the quality of the portfolio and operating platform."

"This acquisition is highly strategic for Greystar and furthers our
mission to be the global leader in rental housing," said Bob Faith, the
Founder, Chairman and Chief Executive Officer of Greystar. "We are
pleased that this acquisition will seed Greystar Growth and Income Fund,
LP, Greystar's first perpetual-life fund and thrilled to have such
tremendous groups as our partners and investors."

"We are delighted to complete the acquisition of Monogram alongside
Greystar and our venture partners," said Steven Hason, Managing Director
and Head of Americas Real Estate & Infrastructure at APG Asset
Management. "This continues our strategy of acquiring top-tier
properties with operating partners who consistently demonstrate
exceptional investment and asset management capabilities, and who share
APG's long-term investment objectives."

Mr. Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, "We
are pleased to establish our partnership with Greystar with this
acquisition. The U.S. multifamily sector's positive supply-demand
dynamics and Monogram's high-quality assets in attractive markets
provide a valuable seed portfolio that fits well with the venture's
long-term strategy and Greystar's management capabilities."

"Monogram's irreplaceable portfolio of assets allows Greystar to stand
out in the current competitive environment," said Sylvain Fortier,
President, Residential, Hotels and Real Estate Investment Funds at
Ivanhoé Cambridge. "This transaction marks both the next step in our
strategy of investing in quality residential properties globally and our
successful and ongoing partnership with Greystar."

"This transaction provided us the opportunity to capitalize on our
existing investment in Monogram's best-in-class residential portfolio,"
said Werner Sohier, Senior Director Private Real Estate responsible for
the Americas at PGGM. "We are excited to partner with Greystar on this
opportunity and look forward to the continued long-term success of the

Morgan Stanley & Co. LLC served as exclusive financial advisor and
Goodwin Procter LLP served as legal advisor to Monogram. J.P. Morgan
Securities LLC served as exclusive financial advisor and Jones Day
served as legal advisor to Greystar. Morgan, Lewis & Bockius LLP served
as legal advisor to PGGM. Walker & Dunlop, Inc. (NYSE:WD) arranged the
Freddie Mac financing for the transaction.


Monogram is a fully integrated self-managed real estate investment trust
that invests in, develops and operates high quality multifamily
communities offering location and lifestyle amenities. Monogram invests
in stabilized operating properties and properties in various phases of
development, with a focus on communities in select markets across the
United States. As of June 30, 2017, Monogram's portfolio includes
investments in 48 multifamily communities in 10 states comprising 13,438
apartment homes.


Greystar is a leading, fully integrated multifamily real estate company
offering expertise in investment management, development and property
management of rental housing properties globally. Headquartered in
Charleston, South Carolina with offices throughout the United States,
Europe, Latin America and Asia-Pacific, Greystar is the largest operator
of apartments in the United States, managing over 425,000 units in over
140 markets globally, with an aggregate estimated value of approximately
$80 billion. Greystar also has a robust institutional investment
management platform dedicated to managing capital on behalf of a global
network of institutional investors with over $21 billion in gross assets
under management including more than $8 billion of developments that
have been completed or are underway. Greystar was founded by Bob Faith
in 1993 with the intent to become a provider of world class service in
the rental housing real estate business. To learn more about Greystar,


APG Asset Management N.V. is a Dutch pension capital investor and one of
the largest pension fiduciary asset managers worldwide. APG manages €451
billion (July 2017) on behalf of their 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. For more information about APG, please visit


GIC is a leading global investment firm with well over US$100 billion in
assets under management. Established in 1981 to secure the financial
future of Singapore, the firm manages Singapore's foreign reserves. A
disciplined long-term value investor, GIC is uniquely positioned for
investments across a wide range of asset classes, including real estate,
private equity, equities and fixed income. GIC has investments in over
40 countries and has been investing in emerging markets for more than
two decades. Headquartered in Singapore, GIC employs over 1,400 people
across 10 offices in key financial cities worldwide. For more
information about GIC, please visit


Ivanhoé Cambridge, a global real estate industry leader, invests in
high-quality properties and real estate companies in select cities
around the world. It does so prudently, with a long-term view to
generate optimal, risk-adjusted returns. Founded in Quebec in 1953,
Ivanhoé Cambridge has built a vertically integrated business across
Canada. Internationally, Ivanhoé Cambridge invests alongside key
partners and major real estate funds that are leaders in their
respective markets. Through subsidiaries and partnerships, Ivanhoé
Cambridge holds interests in nearly 800 buildings, primarily in the
residential, office, retail and logistics real estate sectors. Ivanhoé
Cambridge held approximately C$56 billion in assets as at December 31,
2016. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de
dépôt et placement du Québec (,
one of Canada's leading institutional fund managers. For more
information about Ivanhoé Cambridge, please visit


PGGM is a cooperative Dutch pension fund service provider. Institutional
clients are offered: asset management, pension fund management, policy
advice and management support. On June 30, 2017 PGGM had EUR 205 billion
in assets under management. The PGGM cooperative has approximately
720,000 members and is helping them to realize a valuable future. Either
alone or together with strategic partners, PGGM develops future
solutions by linking together pension, care, housing and work. For more
information about PGGM, please visit

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