Transactions - AUGUST 27, 2020

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Tricon announces $300m investment led by Blackstone Real Estate Income Trust

by Released

A syndicate of investors led by Blackstone Real Estate Income Trust (BREIT), a non-listed, perpetual-life real estate investment trust advised by an affiliate of Blackstone Real Estate, has agreed to make a $300 million preferred equity investment in Tricon Residential through the purchase of newly-created units, which are issued by a Tricon subsidiary on a private placement basis and are exchangeable into a minority investment of Tricon.

BREIT will acquire $240 million of the preferred equity.

Tricon expects to use the full net proceeds of the Investment to repay its corporate credit facility, reducing its proportionate leverage by approximately 500 basis points to approximately 56 percent net debt/assets (excluding convertible debentures) and enhancing its balance sheet flexibility. Tricon remains committed to reducing its leverage to a near-term target of 50 percent-55 percent net debt/assets and expects the planned syndication of an equity interest in its U.S. mult

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