Tricon Announces $300 Million Investment led by Blackstone Real Estate Income Trust, Inc.

Gary Berman

Toronto, Ontario, CANADA –– Tricon Residential Inc. (TSX: TCN) ("Tricon", “Tricon Residential” or the "Company"), a rental housing company focused on serving the middle-market demographic in North America, announced  that a syndicate of investors led by Blackstone Real Estate Income Trust, Inc. (“BREIT”), a non-listed, perpetual-life real estate investment trust advised by an affiliate of Blackstone Real Estate, has agreed to make a $300 million (C$395 million) preferred equity investment (the “Investment”) in Tricon through the purchase of newly-created units (the “Preferred Equity”) which are issued by a Tricon subsidiary on a private placement basis and are exchangeable into a minority investment of Tricon. BREIT will acquire $240 million of the Preferred Equity. The Investment provides several immediate benefits to Tricon.

“This investment in Tricon illustrates Blackstone Real Estate’s confidence in our business fundamentals and the value in our stock,” said Gary Berman, CEO of Tricon Residential.

 “Blackstone inherently understands our business and is exceptionally well-positioned to help us bring our tech-enabled operating platform to its full potential. 

Frank Cohen

"We are excited to have the support of one of the world’s largest real estate investors, and we are confident that this investment will create significant value for both Tricon’s and BREIT’s shareholders.”

Frank Cohen, Chairman and CEO of BREIT, said, “We are pleased to make this preferred equity investment in Tricon. 

"We continue to see strong underlying fundamentals in the rental housing sector and believe the company’s high quality, income-generating assets are poised to generate stable performance under the leadership of its best-in-class management team.”

The closing date is expected to occur in late August or early September, subject to receipt of TSX approval.

CONTACTS: 

Greg McGunagle
President & Founder
Transmitter
O: 212.967.1449
C: 914.912.0841
gmcgunagle@transmitterpr.com
www.transmitterpr.com

Wissam Francis
EVP & Chief Financial Officer
Tel: 416-323-2484
Email: wfrancis@triconcapital.com

Ilana Mouritzen
Tel: 212-583-5776
Email: Ilana.Mouritzen@Blackstone.com

www.triconresidential.com.

**** Additional Early Warning Disclosures of BREIT

Wojtek Nowak
Managing Director, Capital Markets Tel: 416-925-2409
Email: wnowak@triconcapital.com

  

 at www.sedar.com under Tricon’s profile. 

The Investor’s address is 345 Park Avenue, New York, NY USA 10154. Tricon’s head office is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7.