Tricon Residential (TCN) completes initial public offering in U.S.

Tricon Residential Inc. (TCN) announced today that it has completed a $570 million common equity offering, which  included the public sale of 41.4 million shares in the U.S. and a 4.8 million share private placement with Blackstone Real Estate Investment Trust.

"Tricon’s U.S. IPO is the culmination of a decade-long transformation from a small asset manager invested in for-sale housing to a tech-enabled rental housing company focused on the growing single-family rental industry,” said Gary Berman, President and CEO of Tricon. “A U.S. listing is an important next step to align our middle market, Sun Belt focused investment strategy with the deep U.S. public capital markets and to attract more investors to our business as we usher in a new period of growth."

Headquartered in Toronto, Canada, Tricon Residential is a leading owner and manager of single-family and multi-family rental homes in the U.S. and Canada.  As of June 30, 2021, TCN had a total market capitalization of approximately $6.7 billion.