Blackstone Real Estate to Take Tricon Residential Private in $3.5 Billion Deal

Tricon provides rental homes and apartments in six high-growth markets across the U.S. and Canada.

By Vincent Salandro

Blackstone Real Estate announced an arrangement agreement to acquire Tricon Residential, taking the company private. As part of the agreement, Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, will acquire all outstanding common shares of Tricon for $11.25 per share.

The transaction price represents a premium of 30% to Tricon’s closing share price on the New York Stock Exchange on Jan. 18. The purchase equates to a $3.5 billion equity transaction value based on fully diluted shares outstanding. Blackstone Real Estate Income Trust will maintain its 11% ownership stake post-closing.

Tricon provides rental homes and apartments in high-growth markets, including Atlanta; Charlotte, North Carolina; Dallas; Phoenix; and Tampa, Florida, as well as Toronto. Tricon has a single-family rental development platform with approximately 2,500 houses under development as well as numerous land development projects that can support the future development of approximately 21,000 single-family homes, according to the company.