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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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