Tricon Residential: Up as Blackstone REIT-led group to invest $300 mln

Tricon Residential

27/08/2020 16:19

** Shares of rental housing co  TCN.TO  up 6.4% at C$10.53,
among top gainers on TSX
    ** TCN says group of investors led by Blackstone Real Estate
Income Trust (BREIT) has agreed to invest $300 mln in co
 urn:newsml:reuters.com:*:nFWN2FT0UY
    ** BREIT will buy $240 mln of newly-created units called
preferred equity issued by Tricon subsidiary, according to deal
    ** TCN expects to use full net proceeds of investment to
repay its corporate credit facility
    ** BREIT CEO Frank Cohen will join TCN's board on deal
closure
    ** Stock nearly flat YTD 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))