Flagship Communities Real Estate Investment Trust (the "REIT") (TSX:MHC.U) has announced that it has completed its initial public offering. The REIT has been formed to own and operate a portfolio of 45 income-producing manufactured housing communities (the "Initial Communities"), comprising 8,255 lots located in the following four contiguous states: Kentucky, Indiana, Ohio and Tennessee, and a fleet of approximately 600 manufactured homes for lease to residents of the Initial Communities (together with the Initial Communities and certain ancillary and head office assets, the "Initial Portfolio") held indirectly by Flagship Operating, LLC, a wholly-owned subsidiary of the REIT. In connection with the closing of the IPO and as part of the acquisition of the Initial Portfolio, Flagship Communities, LLC (“Flagship Communities”) has merged with and into a direct subsidiary of Flagship Operating, LLC. As part of the merger transaction, Flagship Communities’ private equity sponsor, AIM MHC Holdings, LLC, received cash in exchange for its interests in Flagship Communities.
Latham & Watkins LLP represents AIM MHC Holdings, LLC, in connection with the REIT’s acquisition of Flagship Communities. A corporate team led by Houston partner Lauren Anderson and Orange county partner David Meckler, with Houston associates Alice Parker and Katie Walker. Advice was also provided on tax matters by Houston partner Tim Fenn, with Houston associate Jared Grimley; on finance matters by San Diego partner James Mann, with San Diego associate Achraf Farraj.