May 01, 2024

Tricon Residential Inc. acquired by Blackstone Real Estate

Goodmans LLP acted for Tricon Residential Inc. in connection with its arrangement agreement with Blackstone, pursuant to which an affiliate of Blackstone, Inc. acquired all outstanding common shares of Tricon for approximately US$3.5 billion.

Tricon serves communities in high-growth markets such as Atlanta, Charlotte, Dallas, Tampa, Phoenix and Toronto. In addition to managing a single-family rental housing portfolio, Tricon has a single-family rental development platform in the U.S. with approximately 2,500 houses under development, as well as numerous land development projects that can support the future development of nearly 21,000 single-family homes. Tricon also has a Canadian multifamily development platform that is building approximately 5,500 market-rate and affordable multifamily rental apartments.

Under Blackstone’s ownership, Tricon plans to complete its $1 billion development pipeline of new single-family rental homes in the U.S. and $2.5 billion of new apartments in Canada (together with its existing joint venture partners). Tricon will also continue to enhance the quality of existing single-family homes in the U.S. through an additional $1 billion of planned capital projects over the next several years.

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