Tricon Capital: Falls on $1.4 bln acquisition plan

Tricon Residential

03/04/2019 16:28

** Shares of real estate investment manager Tricon Capital
 TCN.TO  fall ~6 pct to C$10.89 
    ** Stock down after co says it will buy the limited
partnership units of Starlight U.S. Multi-Family (No. 5) Core
Fund  STUSa.V  for $1.4 bln
    ** The deal, which is expected to close in June 2019, will
give Tricon significant presence in U.S. multi-family, which is
the largest investible property type in residential real estate,
says CEO Gary Berman
    ** Tricon gains Starlight's portfolio of 23 Multi-Family
properties - 7,289 units located primarily in the U.S. Sun Belt 
 urn:newsml:reuters.com:*:nCNWLsh90a
    ** Deal includes equity consideration of ~$496 mln funded by
issuing 50.78 mln Tricon common shares to Starlight's unit
holders at an implied price of C$13.10 per Tricon share
     ** Including session's losses, stock up ~12 pct YTD 

 (Reporting by Shanti S Nair in Bengaluru)
 ((Reuters Messaging:
shantis.nair.thomsonreuters.com@reuters.net))