Via a release on July 3 from Tricon Capital Group Inc. (“Tricon” or TSX: TCN), “…a principal investor and asset manager focused on the residential real estate industry, has completed the previously-announced sale of its 14-park manufactured housing investment vertical known as Tricon Lifestyle Communities (“TLC”) to
an institutional asset manager for a gross transaction value of approximately $172 million.”
The statement to the Daily Business News and others said that,
“The sale resulted in net proceeds to Tricon of approximately $84 million after deducting property-level debt, transaction costs and proceeds due to Tricon’s operating partner.”
“We are very pleased with the outcome of the TLC sale process, and we would like to thank our operating partner, Cobblestone, for its meaningful contribution to making TLC a successful investment for Tricon and its shareholders,” said Gary Berman, President and CEO of Tricon Capital. “We intend to apply the net proceeds of the sale largely to reduce our corporate-level debt and create additional flexibility for future investments. TLC has served us well as a stable and predictable business, and we remain committed to expanding our sources of recurring cash flows through our single-family and multi-family rental businesses which have a much clearer path to scale.”
“Eastdil Secured acted as Tricon’s financial advisor in connection with the sale of the TLC portfolio,” more their statement.
Since its inception in 1988, Tricon has invested in real estate and development projects valued at approximately $19 billion.
Notice: with the completion of the sale, the Daily Business News will de-list TCN from our evening market report which tracks equities that are publicly traded and involved in manufactured housing. Due to an oversight, which we regret, the notice was missed in our volume of email and other messages. Readers, those providing news tips, and public relations professionals are reminded that if no reply is received, that may indicate that your message was missed. Phone calls and or other kinds of follow messages can help us better serve the industry when message is missed.
No further substantive details about the deal were available as of this time. Again, the Daily Business News regrets the pre-July 4 holiday miss. ## (News, and commentary.)
(Third party images are provided under fair use guidelines.)
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