Independent proxy advisory firms Institutional Shareholder Services and Glass Lewis are supporting U.S. investment giant Blackstone’s proposed US$3.5-billion acquisition of Canada’s Tricon Residential.

ISS and Glass Lewis have advised Tricon shareholders to accept the deal, which calls for Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, Inc. (BREIT) to acquire all outstanding common shares of Toronto-based Tricon for US$11.25 (approximately C$15.17) per common share in cash.

Tricon’s board is also recommending that shareholders accept the deal, the company announced.

Upon the deal’s completion, BREIT will maintain its approximately 11% ownership stake in Tricon. 

Founded in 1988, Tricon ranks among Toronto’s largest rental apartment owners. The company has US$2.5 billion of apartment buildings under development in the Ontario capital.

Most of Tricon’s assets are located in the U.S. All of the firm’s Canadian assets are based in Toronto. The company’s Canadian multi-family development platform is building approximately 5,500 market-rate and affordable multi-family rental apartments.

The Canadian portfolio includes retail and office assets within mixed-use properties that include residential components.

Pictured: Tricon’s Canary Landing property in Toronto