Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) have completed their previously announced plan in which Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust Inc. acquired all the outstanding common shares of Tricon for $11.25 per common share in cash, a total equity transaction value of $3.5 billion.
The common shares are expected to be de-listed from the New York Stock Exchange and the Toronto Stock Exchange as of May 2. Tricon is an owner, operator and developer of a portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multifamily apartments in its headquarters city of Toronto.
“This transaction marks an exciting new chapter in Tricon’s history, one poised to deliver exceptional outcomes for our residents,” said Gary Berman, president and CEO of Tricon. “In partnership with Blackstone, we have the capital and expertise to take our business to the next level, including growing our Canadian multifamily development platform that is providing much needed market rate and affordable housing supply. In the U.S., we will continue to help hard-working American families access quality single-family homes and good schools in desirable neighborhoods, and our commitment to genuine, caring customer service remains unwavering.”
“We are thrilled to expand our partnership with Tricon and look forward to working with Gary and his team to grow the business, deliver additional high-quality apartment supply in Canada and single-family supply in the U.S., and continue Tricon’s track record of delivering a leading resident experience,” added Nadeem Meghji, global co-head of Blackstone Real Estate.
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