TCN - Tricon Residential to sell 20% equity interest in Sun Belt apartment portfolio
- Tricon Residential ( NYSE: TCN ) has entered into an agreement to sell its 20% equity interest in its portfolio of 23 Sun Belt apartment buildings.
- n aggregate, Tricon will receive ~$315M of gross proceeds from the sale.
- Tricon intends to use the net sale proceeds primarily to repay outstanding debt on its corporate credit facility, enhancing its balance sheet flexibility to pursue future growth in its core single-family rental business.
- The transaction is expected to close on or around October 18.
- “Our investment in this portfolio has generated an attractive IRR of over 20% to Tricon since inception, inclusive of fees, and helps validate the difference between private and public market valuations in today’s economic environment.” said Gary Berman, President & CEO.
For further details see:
Tricon Residential to sell 20% equity interest in Sun Belt apartment portfolio