The Firm is representing Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust (“BREIT”) in their acquisition of Tricon Residential in a transaction with a $3.5 billion equity value. BREIT will maintain its approximately 11% ownership stake post-closing. The transaction is expected to close in the second quarter of this year, subject to customary closing conditions.
Tricon Residential (NYSE: TCN, TSX: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto, Canada.
The Firm represented BREIT when it made an initial $240 million exchangeable preferred equity investment in Tricon in 2020.
The Simpson Thacher team includes Brian Stadler, Matt Rogers, Chelsea Penther, David Goodman, Jonathan Schwartz, Theresa Scharff and Ben Blinken (M&A); Erik Quarfordt, Davis Coen, Leanne Welds, Alexa Effron, Ryan Kesselring, Helene Snyder and Justin Mathew (Real Estate); Nancy Mehlman and Caroline Phillips (Tax); Andrew Blau, Ryan Stott and Yifan Cao (Executive Compensation); Ryan Brizek, Peter Vassilev, David Nicolaridi, Michael Kalinin, Alexa Shockley and Humza Rizvi (Funds); and Alysha Sekhon (Intellectual Property).