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TORONTO, Dec. 9, 2019 /CNW/ - Tricon Capital Group
Inc. ("Tricon" or the "Company", TSX: TCN) announced today that its
single-family rental joint venture, TAH-JV1 (the "JV"), has
acquired a portfolio of 708 homes located in Nashville, TN. The high-quality portfolio is
fully stabilized with approximately 97% occupancy, an average
vintage of 11 years, and has been renovated and maintained to a
high standard by its previous owner and operator, Invitation Homes
(NYSE: INVH). The portfolio purchase price of approximately
$210 million was funded by a
combination of JV equity and debt under the JV's existing credit
facility.
Tricon initially entered the Nashville market in Q1 2019, attracted by its
strong housing fundamentals and growing local economy. This
acquisition increases Tricon's Nashville portfolio under management to
approximately 850 homes and provides economies of scale and
diversification to Tricon's single-family rental business.
Nashville now represents
approximately 4% of Tricon's overall managed portfolio of
homes.
"We are excited to add such a high-caliber portfolio to our
single-family rental business and gain immediate scale in
Nashville, one of the
fastest-growing cities in North
America," said Gary Berman,
Chief Executive Officer and President of Tricon. "The portfolio is
a compelling fit with our middle market strategy and consistent
with the acquisition objectives of TAH-JV1, which has now deployed
more than half of its committed capital. We anticipate a smooth
integration of the acquired homes onto our platform and we look
forward to welcoming many new Nashville residents and Invitation Homes
employees to Tricon."
About Tricon Capital Group Inc.
Tricon is a residential real estate company primarily focused on
rental housing in North America,
with approximately $7.9 billion
(C$10.5 billion) of assets under
management. Tricon invests in a portfolio of single-family rental
homes, multi-family rental apartments and for-sale housing assets,
and manages third-party capital in connection with its investments.
Since its inception in 1988, Tricon has invested in real estate and
development projects valued at approximately $22 billion. More information about Tricon is
available at www.triconcapital.com.
This news release may contain forward-looking statements
relating to expected future events and financial and operating
results and projections of the Company. Such forward-looking
information and statements involve risks and uncertainties
and are based on management's current expectations, intentions and
assumptions in light of its understanding of relevant current
market conditions, investee business plans, and the Company's
prospects. If unknown risks arise, or if any of the assumptions
underlying the forward-looking statements prove incorrect, actual
results may differ materially from management expectations as
projected in such forward-looking statements. Examples of such
risks are described in the Company's continuous disclosure
materials from time to time, available on SEDAR at www.sedar.com.
Accordingly, although the Company believes that its anticipated
future results, performance or achievements expressed or implied by
the forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless required by
applicable law.
SOURCE Tricon Capital Group Inc.
