A subsidiary of Canadian real estate private equity firm Tricon Capital Group has completed its previously announced acquisition of a portfolio of 1,385 single-family rental homes located in Texas, North Carolina, and South Carolina. Tricon paid about US$150 million for the portfolio, which was sold by an unidentified U.S. private equity firm. Based in Toronto, Tricon has since inception invested in real estate and development projects valued at approximately $16 billion.
Tricon Capital Group Completes US$150 Million Portfolio Acquisition of Single-Family Rental Homes
TORONTO, April 15, 2015 /CNW/ – Tricon Capital Group Inc. (“Tricon” or the “Company”) (TSX: TCN), an asset manager and principal investor focused on the residential real estate industry, today announced that its Tricon American Homes subsidiary has completed its previously-announced approximately US$150 million acquisition of a portfolio of 1,385 single-family rental homes situated in Texas, North Carolina, and South Carolina from a U.S.-based private equity fund manager.
About Tricon Capital Group Inc.
Tricon is an asset manager and principal investor focused on the residential real estate industry in North America with approximately $2.5 billion of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes and manufactured housing communities. Our business objective is to earn fee income through our Private Funds and Advisory business and to invest for investment income and capital appreciation through our Principal Investment business. Since inception in 1988, Tricon has invested in real estate and development projects valued at approximately $16 billion. More information about Tricon is available at www.triconcapital.com.
SOURCE Tricon Capital Group Inc.
For further information: Gary Berman, President & Chief Executive Officer, Tel: 416-928-4122, Email: firstname.lastname@example.org; Wissam Francis, Executive Vice President – Corporate Finance, Tel: 416-323-2484, Email: email@example.com
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