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BREIT-Led Syndicate Invests in Tricon

A syndicate of investors led by Blackstone Real Estate Income Trust (BREIT) has agreed to make a $300-million (C$395 million) preferred equity investment in Toronto-based Tricon Residential. Through its Tricon American Homes business, Tricon owns more than 20,000 single-family rentals across the U.S.

Frank Cohen, chairman and CEO of BREIT, said, “We are pleased to make this preferred equity investment in Tricon. We continue to see strong underlying fundamentals in the rental housing sector and believe the company’s high quality, income-generating assets are poised to generate stable performance under the leadership of its best-in-class management team.”

Cohen will join Tricon’s board of directors on the closing date of the investment. A Blackstone senior managing director as well as head of BREIT, Cohen will be appointed to the board as BREIT’s initial nominee in connection with its investment.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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