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Blackstone to take Tricon Residential private for $3.5 billion

In a significant move in the real estate market, Blackstone has announced plans to take Tricon Residential, a Canadian real estate firm, private in a $3.5 billion deal. Blackstone, a major investment management company, will acquire all outstanding shares of Tricon for $11.25 per share in cash. This price represents a 30.35% premium over Tricon's last closing stock price.

Tricon Residential is known for its extensive portfolio of single-family rental homes and rental developments in the U.S. and Canada. The acquisition will allow Tricon to continue its ambitious development plans, including a $1 billion pipeline of new single-family rental homes in the U.S. and $2.5 billion in new apartments in Canada.

The deal is set to close in the second quarter of this year and comes at a crucial time as Canada faces a pressing affordable housing crisis. The Canadian government has recently taken steps to address this issue by removing the federal 5% consumption tax on the construction of new rental apartment buildings, which could potentially boost housing supply.

Financial advisors for this transaction include Morgan Stanley and RBC Capital Markets, reflecting the high stakes and complex nature of this deal. This acquisition underscores Blackstone's continued investment in the residential real estate sector, aiming to leverage Tricon's established presence and development pipeline to meet the growing demand for rental housing in North America.

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