Tricon Capital Group's Announces Agreement to acquire Starlight U.S. Multi-Family No. 5 Core Fund.
|Areas||Banking and Finance Law, Corporate and Commercial, Tax|
Goodmans LLP is counsel to Tricon Capital Group (“Tricon”) in connection with its arrangement agreement with Starlight U.S. Multi-Family No. 5 Core Fund (the “Fund”) to acquire all of the issued and outstanding limited partnership units of the Fund in an all-stock transaction valued at approximately US$1.4 billion. The transaction will result in the acquisition of the Fund's portfolio of 23 multi-family properties totaling 7,289 units located primarily in the U.S. Sun Belt.
Tricon will issue 50,779,314 Tricon common shares to the Fund's unitholders at an implied price of C$13.10 per Tricon share, for total equity consideration of approximately US$496 million. Tricon will also indirectly assume approximately US$916 million of the Fund's existing debt.