Brief: Tricon Residential Inc Has Reached An Agreement To Enter Into A Joint Venture Arrangement With Two Institutional Investors

Tricon Residential

25/02/2021 12:38

Feb 25 (Reuters) - Tricon Residential Inc  TCN.TO :
    * TRICON RESIDENTIAL INC - HAS REACHED AN AGREEMENT IN
PRINCIPLE
TO ENTER INTO A JOINT VENTURE ARRANGEMENT WITH TWO INSTITUTIONAL
INVESTORS
    * TRICON RESIDENTIAL INC - JV TO INVEST IN TRICON'S
WHOLLY-OWNED
PORTFOLIO OF 23 U.S. MULTI-FAMILY APARTMENTS
    * TRICON RESIDENTIAL INC - TRANSACTION REFLECTS A TOTAL
PORTFOLIO
VALUE OF $1.331 BILLION INCLUDING IN-PLACE DEBT
    * TRICON RESIDENTIAL INC - INVESTORS WILL ACQUIRE A COMBINED
80%
INTEREST IN EXISTING PORTFOLIO, WITH TRICON RETAINING A 20%
INTEREST
    * TRICON RESIDENTIAL - TRICON INTENDS TO USE GROSS PROCEEDS
FROM
SALE OF 80% EQUITY INTEREST PRIMARILY TO REPAY OUTSTANDING DEBT

Source text for Eikon:  ID:nCNW3KhWza 
Further company coverage:  TCN.TO 

 ((Reuters.Briefs@thomsonreuters.com;))