Tricon to Issue $300 Million of Preferred Equity
09.03.20
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The Firm is representing Blackstone Real Estate Income Trust, Inc. (“BREIT”), which is leading a syndicate of investors making a $300 million preferred equity investment in Tricon Residential Inc. (TSX: TCN) through the purchase of newly-created units issued by a Tricon subsidiary which will be exchangeable into common shares of Tricon. BREIT will acquire $240 million of the preferred equity.
Tricon is a rental housing company catering to the middle-market demographic throughout the United States and Canada. Tricon owns and manages over 30,000 single-family rental homes and multi-family rental units through an integrated, technology-enabled operating platform.
The Simpson Thacher team includes Brian Stadler, Matt Rogers and Nina Bakhtina (M&A); Davis Coen and Sam Rudik (Real Estate); and Nancy Mehlman, Nicole Humphrey and Suzy Yaster (Tax).