Tricon Capital to buy Silver Bay Realty for $1.4b
Toronto-based Tricon Capital Group will acquire Silver Bay Realty Trust Corp., a REIT headquartered in Plymouth, Minn., in a transaction valued at approximately $1.4 billion.
The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to customary closing conditions, including approval by the stockholders of Silver Bay Realty, and is expected to close in second quarter 2017.
Silver Bay Realty focuses on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. During fourth quarter 2016, Silver Bay Realty acquired 329 single-family homes with an aggregate purchase price of $42.4 million, including a portfolio of 322 properties acquired on Oct. 1, 2016, for an aggregate purchase price of $41.5 million.