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Greystar Growth and Income Fund forms open ended core plus fund and acquires Monogram for approximately $4.4 billion

September 2017

Jones Day advised Greystar Growth and Income Fund, LP in a number of related transactions culminating in the acquisition of Monogram Residential Trust, Inc. (a publicly traded REIT based in Plano, Texas), an owner, operator, and developer of luxury apartment communities with a significant presence in select coastal markets, in a transaction valued at approximately $4.4 billion, including the debt assumed or refinanced in connection with the transaction. The Firm also represented Greystar in the formation of the new perpetual life core plus fund, led by Greystar Real Estate Partners which has as its initial founding capital partners affiliates of APG Asset Management N.V., GIC, Ivanhoé Cambridge, and PGGM. The $4.4 billion aggregate transaction value includes Monogram's share of its two institutional co-investment joint ventures with PGGM and NPS. The PGGM joint venture was restructured, and the joint venture interests held by NPS were purchased by Greystar pursuant to a separate purchase and sale agreement for approximately $500 million, subject to certain adjustments at closing, including payment of the NPS joint venture's share of debt assumed or refinanced in connection with the transaction.

In March 2018, Greystar was recognized by Private Equity Real Estate ("PERE") as the winner of the 2017 "Capital Raise of the Year North America" PERE Global Award. Greystar was also nominated for the 2017 PERE Global Award for "Global Deal of the Year". First published in 2005, PERE is the leading publication for the world's private real estate markets.

For additional information about this matter, please contact: James P. Dougherty, Robert C. Lee

Client(s): Greystar Real Estate Partners, LLC