Blackstone Real Estate to take Tricon Residential private
Blackstone and Tricon Residential have entered into an arrangement agreement under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust (BREIT) will acquire all outstanding common shares of Tricon for $11.25 per common share in cash.
Tricon provides quality rental homes and apartments in great neighborhoods, along with exceptional resident services through its tech-enabled operating platform and dedicated on-the-ground operating teams. Tricon serves communities in high-growth markets such as Atlanta; Charlotte, N.C.; Dallas; Tampa, Fla.; Phoenix; and Toronto. In addition to managing a single-family rental housing portfolio, Tricon has a single-family rental development platform in the United States 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. The company also has a