Investors - JULY 19, 2021

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Tricon forms $5b single-family JV

by Andrea Zander

Tricon Residential has entered into a joint venture arrangement (SFR JV-2) with three institutional investors to acquire single-family rental homes targeting the middle-market demographic in the U.S. Sun Belt.

The joint venture will serve as the successor to Tricon's existing single-family rental joint venture (SFR JV-1), which has acquired more than 9,000 homes and is now fully invested. The investors participating in this investment vehicle include the Teacher Retirement System of Texas, Pacific Life Insurance Company and one of Tricon's existing global investors.

The joint venture will have an initial equity commitment of $1.40 billion and include the ability for investors to increase the vehicle size to $1.55 billion, including Tricon's co-investment of $450 million, representing approximately $5 billion of purchasing power when including associated leverage. Over a three-year investment period, SFR JV-2 is expected to acquire more than 18,000 single-family rental

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