10 May 2017
Toronto
Reporter: Mark Dugdale

Tricon completes Silver Bay deal


Toronto Stock Exchange-listed Tricon Capital Group has completed its acquisition of Silver Bay Realty Trust Corp.

The transaction values Silver Bay, a single-family property specialist based in Maryland, at an enterprise value of approximately $1.4 billion.

The deal was structured as a merger between subsidiary Tricon American Homes and Silver Bay, with Tricon Capital Group splashing out $820 million at $21.50 per share and approximately $600 million of refinanced debt.

“The combination of Tricon American Homes and Silver Bay is a transformative event for our company which strengthens Tricon American Homes’s position as a leader in the burgeoning single-family rental industry,” commented Gary Berman, president and CEO of Tricon.

“This transaction creates the fourth largest publicly-owned Silver Bay Realty company in the US, with approximately 16,800 homes concentrated in high-growth Sun Belt markets and a singular focus on the middle market.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Warehouse REIT acquires four UK assets
25 September 2017 | London | Reporter: Theo Andrew
The purchase, which is in addition to the £108.85 million 27-asset Tilstone Portfolio, represents a net initial yield of 7.5 percent
AEW strengthens Madrid portfolio
25 September 2017 | Madrid | Reporter: Theo Andrew
AEW has acquired an office in Madrid on behalf of its European Value Investors fund, for €30 million
The top 100 private real estate fund managers accounted for 62 percent of total industry fundraising over the past decade, according to a new Preqin report
BlackRock sells Marina Bay office for SGD 2.12 billion
22 September 2017 | Singapore | Reporter: Theo Andrew
BlackRock has agreed to sell Asia Square Tower 2, in Singapore’s Marina Bay, to CapitaLand Commercial Trust, for SGD 2.12 billion (US $1.6 billion)
JLL names head of capital markets for CEE region
22 Septmeber 2017 | Prague | Reporter: Theo Andrew
JLL has appointed Mike Atwell as head of capital markets the Central Eastern European (CEE) region and the Czech Republic
HFF facilitates sale of residential and office assets
21 September 2017 | Plainsboro, New Jersey | Reporter: Jenna Lomax
Kushner Companies has acquired Quail Ridge Apartments in New Jersey, for $146 million, and Perimeter Park in North Carolina has sold for $105.5 million
Fitch revises ratings of retail REIT duo
21 September 2017 | New York | Reporter: Becky Butcher
Fitch Ratings has revised the ratings and outlook of Washington Prime Group (WPG) and CBL & Associates Properties, two retail REITs