Blackstone Acquires Tricon Residential for $3.5 Billion

Deal Includes 38,000 US Rental Houses and Toronto Apartment Buildings; Future Development Projects Planned

Blackstone Inc. has agreed to acquire Tricon Residential Inc., a Toronto-based landlord, for $3.5 billion, marking a deeper investment into the rental housing industry.
The deal includes Tricon's 38,000 US rental houses, apartment buildings in Toronto, and land slated for development.
Blackstone plans to complete $3.5 billion of projects already in Tricon’s pipeline, and an additional $1 billion in capital projects over the next few years.
The acquisition is expected to close in the second quarter of 2024.
The deal comes as Canada faces an affordable housing crisis, with Tricon having more than 5,000 apartment units at various stages of delivery in Toronto.