Tricon inks $1.4 bln deal to acquire U.S. multi-family portfolio

Canadian real estate private equity firm Tricon Capital Group has agreed to acquire a portfolio of 23 multi-family properties located primarily in the U.S. Sun Belt. The deal, valued at about US$1.4 billion, will see Tricon issue shares to unit-holders of a fund managed by Starlight Group Property Holdings Inc and assume existing debt. Tricon President and CEO Gary Berman said the acquisition will give his firm a "significant presence in U.S. multi-family, which is the largest investible property type in residential real estate." Following the transaction, Tricon's market capitalization is expected to total about $2.3 billion.

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