Blackstone's $3.5 Billion Acquisition of Tricon Residential
Blackstone has agreed to acquire Canadian real estate firm Tricon Residential for $3.5 billion, representing a 30.35% premium to Tricon's last stock close. Tricon focuses on single-family rental housing and rental development in the U.S. and Canada and plans to complete a $1 billion development pipeline of new single-family rental homes in the U.S. and $2.5 billion of new apartments in Canada after the acquisition. The deal comes amid Canada's affordable housing crisis and is expected to close in the second quarter of this year.
