Blackstone Real Estate Income Trust Does PIPE Deal with Tricon Residential
Posted on 08/28/2020
The Blackstone Group, through its Blackstone Real Estate Income Trust, Inc., led an investor group making a US$ 300 million preferred equity investment in Toronto-based Tricon Residential, Inc., owner of more than 30,000 single-family rental homes. The Preferred Equity will not entitle the holders to vote as common shareholders of Tricon. The Preferred Units are exchangeable into Common Shares at any time at the option of the Blackstone Real Estate Income Trust at an initial exchange price of US$ 8.50.
Blackstone Real Estate Income Trust is buying 240,000 preferred units of Tricon PIPE LLC for US$ 240,000,000.
Blackstone Real Estate Income Trust is a public unlisted, perpetual life real estate investment trust operated under the direction of its board of directors.
Security name: Tricon PIPE LLC.
