Tricon Residential Inc. announced it has received final approval by the Investment Canada Act to move forward on its previously announced plan to sell its remaining common shares to US-based global investment company, Blackstone Real Estate.  The $3.5-billion transaction is expected to close on or around May 1, 2024.

Tricon Residential and Blackstone have been business partners since August 2020, when Blackstone made a $300-million preferred equity investment in the Canadian rental housing company. Tricon’s portfolio consists of 38,000 single-family rental homes in the U.S. Sun Belt region, 786 multifamily rental homes throughout Canada, and a pipeline of 4,800 multifamily rental homes in various stages of construction and lease-up in Canadian markets, including the Greater Toronto Area.

In March 2021, Tricon began the process of selling its US multifamily portfolio to Blackstone, which continued into 2022.

Following the latest and final transaction, the Tricon shares and common shares will be delisted from both the Toronto Stock Exchange and the New York Stock Exchange, and the company will become a wholly owned entity within the Blackstone group of companies.

Blackstone Real Estate is a U.S.-based global investor with $339 billion in capital under management and a global real estate portfolio valued at $569 billion.

Financial details regarding this transaction can be found here: 2024-04-05-final-court-approval-pr.pdf (q4cdn.com)