Tricon Residential Plans Double Listing, $395 Million Stock Sale

By Robb M. Stewart

Tricon Residential Inc.  is seeking a second publicly traded New York Stock Exchange and plans to sell approximately $395 million of its shares in the US and Canada.

The owner and operator of single-family homes and multi-family rental apartments in both countries said Tuesday it has applied for listing on the NYSE and expects trading to begin after market prices.  It would continue to trade on the Toronto Stock Exchange, although it said it plans to change the denomination of quarterly dividends paid on stocks to US dollars from the Canadian currency.
Tricon said it has launched a public offering of its shares and a simultaneous private placement of shares to Blackstone Real Estate Investment Trust Inc., which has agreed to purchase approximately $45 million in shares, which would result in a ownership interest of approximately 12%.
The underwriters would have an over-allotment option to buy up to $52.5 million worth of shares, it said.
In August 2020, Blackstone agreed to lead a syndicate of investors in a $300 million investment in Tricon, with the real estate investment trust buying $240 million of the preferred stock in Tricon.
Write to Robb M. Stewart at [email protected]