Tricon Residential
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Tricon Residential (formerly Tricon Capital[1]) is a Canadian real estate company.[2] The company invests in single-family rental and multi-family rental homes, and owns about 31,000 properties across the United States and Canada.[3] As of February 2021, the company had about $8.2 billion of assets under management.[4]
History
Tricon was founded by Geoffrey Matus and David Berman on June 3, 1988.[5][6] The company went public in 2010 and was listed on the Toronto Stock Exchange.[7][8]
In 2017, Tricon bought the American real estate investment trust Silver Bay Realty for $1.4 billion.[9][10] In 2019, the company acquired 708 housing units in Nashville, Tennessee for about $210 million.[11][12] The following year, in August 2020, Blackstone Group made a $300 million investment in Tricon.[13][14][15]
In 2021, Tricon sold a majority stake of its 7300 apartment portfolio in the United States for $425 million in a bid to reduce its overall debt.[4][16][17] In March, Tricon and the Canada Pension Plan Investment Board announced a joint venture to build 3000 rental apartments in Toronto.[18][19][20]
References
- ^ "Tricon Capital gets shareholder approval for name change". www.spglobal.com. Retrieved 2021-05-21.
- ^ "Tricon Residential Inc". Bloomberg.
- ^ "Check out Tricon Residential's stock price (TCN-CA) in real time". CNBC. Retrieved 2021-05-21.
- ^ a b "Tricon sells 80% stake in $1.33B US multifamily portfolio". RENX - Real Estate News Exchange. 2021-02-25. Retrieved 2021-05-21.
- ^ "TCN.CA | Tricon Residential Inc. Company Profile & Executives - WSJ". www.wsj.com. Retrieved 2021-05-21.
- ^ GmbH, finanzen net. "Tricon Capital Group Enters into Agreement to Sell its Tricon Lifestyle Communities Portfolio". markets.businessinsider.com. Retrieved 2021-05-21.
- ^ "Tricon Capital Group Inc. Completes Initial Public Offering". www.goodmans.ca. Retrieved 2021-05-21.
- ^ Exchange, Toronto Stock. "Tricon Capital Group Inc. Opens the Market". www.newswire.ca. Retrieved 2021-06-11.
- ^ "Toronto-based landlord Tricon snaps up U.S. house listings as rental market booms". thestar.com. 2018-05-16. Retrieved 2021-05-21.
- ^ "Massive single-family rental merger: Tricon Capital to acquire Silver Bay Realty Trust for $1.4 billion". HousingWire. 2017-02-28. Retrieved 2021-05-21.
- ^ Mazza, Sandy (December 19, 2019). "Canadian firm buys up 850 Nashville homes that multi-billion dollar firm plans to rent". Nashville Tennessean.
- ^ Williams, William. "Toronto entity continues area buying spree". Nashville Post. Retrieved 2021-06-11.
- ^ Kirsch, Noah. "Meet The Canadian Scion Who Just Scored $300 Million From Blackstone". Forbes. Retrieved 2021-05-21.
- ^ "Blackstone Gets Back Into Rental Houses With Tricon Deal". www.bloomberg.com. Retrieved 2021-06-11.
{{cite web}}: CS1 maint: url-status (link) - ^ "Tricon to receive US$300M investment from Blackstone Real Estate-led syndicate". www.spglobal.com. Retrieved 2021-06-11.
- ^ Borl, Kelsi Maree; February 26, |; AM, 2021 at 06:35. "Tricon Residential Recapitalizes a $1.3B US Portfolio". GlobeSt. Retrieved 2021-05-21.
{{cite web}}:|first2=has numeric name (help)CS1 maint: numeric names: authors list (link) - ^ "Tricon Residential Agrees to Sell US Apartment Stake". CoStar. 2021-02-25. Retrieved 2021-06-11.
- ^ "CPPIB partners with developer Tricon for two Toronto apartment buildings". Retrieved 2021-05-21.
- ^ "Tricon, CPP to invest $500M building GTA multifamily". RENX - Real Estate News Exchange. 2021-03-23. Retrieved 2021-05-21.
- ^ "Tricon and CPPIB create joint venture". Toronto.com. 2021-03-23. Retrieved 2021-05-21.