Tricon Residential, which owns and operates rental housing in the US and Canada, raised $446 million by offering 36 million shares at $12.40, below the $12.92 as-converted last close of its shares on the TSX (TCN). The company offered 9.7 million more shares than anticipated. Blackstone Real Estate Investment Trust agreed to purchase 4.8 million shares at $11.75 per share in a private placement.
Tricon is a residential real estate company primarily focused on owning and operating rental housing in the US and Canada. Tricon's US rental strategy, in both single-family and multi-family rental, is focused on select geographic markets in the Sun Belt and targets the "middle-market" resident demographic. Tricon owns and operates one of the largest portfolios of single-family rental homes in the Sun Belt, with approximately 25,000 homes in 19 markets across 10 states. It also owns a portfolio of suburban garden-style apartments primarily in the Sun Belt, comprised of 23 properties totalling 7,289 suites in 13 major markets.
Tricon Residential plans to list on the NYSE under the symbol TCN. Morgan Stanley, RBC Capital Markets, Citi, and Goldman Sachs acted as joint bookrunners on the deal.
