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
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion