Tricon Residential Plans Dual Listing, $395 Million Stock Sale
October 05 2021 - 7:13AM
Dow Jones News
By Robb M. Stewart
Tricon Residential Inc. is seeking a second listing New York
Stock Exchange and plans to sell roughly $395 million of its shares
in the U.S. and Canada.
The owner and operator of single-family rental homes and
multi-family rental apartments in both countries said Tuesday it
has applied to list on the NYSE and expects trading to begin after
its stock offering prices. It would continue to trade on the
Toronto Stock Exchange, though it said it intends to change the
denomination of the quarterly dividends paid on shares to U.S.
dollars from the Canadian currency.
Tricon said it launched a marketed public offering of its shares
and a concurrent private placement of stock to Blackstone Real
Estate Investment Trust Inc., which has agreed to buy about $45
million in shares that would result in an ownership interest of
about 12%.
The underwriters would have an overallotment option to buy up to
$52.5 million 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
equity in Tricon.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
October 05, 2021 07:58 ET (11:58 GMT)
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