Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Ontario  + Canada + Cross Border News  + Apartments  | 
An Ontario court has approved Tricon Residential's proposed US$3.5-billion takeover by U.S. investment giant Blackstone.

ISS, Glass Lewis Support Blackstone US$3.5B Acquisition of Tricon

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

Connect

Inside The Story

Tricon ResidentialBlackstone

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
New call-to-action