Financials Company Blackstone Announces Acquisition of Tricon Residential
Portfolio Pulse from Benzinga Insights
Blackstone (NYSE:BX) has announced the acquisition of Tricon Residential (TSX:TCN) for $3.50 billion in cash, expected to be completed in Q2 of 2024. Blackstone is a major alternative asset manager with over $1 trillion in assets under management, while Tricon Residential is a rental housing company with approximately 36,000 properties in the US and Canada.
January 19, 2024 | 3:10 pm
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Blackstone's acquisition of Tricon Residential for $3.50 billion in cash could expand its portfolio in the rental housing market, signaling growth and investment in real estate.
The acquisition of Tricon Residential is a significant strategic move for Blackstone, indicating an expansion in the rental housing sector. This could be viewed positively by investors as it diversifies Blackstone's portfolio and could lead to increased revenue streams. The large cash transaction also reflects Blackstone's financial strength and commitment to growing its asset management business.
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