By National Mortgage News
Blackstone Group Inc., which led Wall Street’s initial foray into the single-family rental business, is making a new investment in suburban houses at a time when the COVID-19 pandemic is pressuring traditional commercial real estate.
The private equity giant, which exited its stake in landlord Invitation Homes Inc. last year, is leading a group of investors in a $300 million minority investment in Tricon Residential Inc., which owns and manages more than 30,000 single-family rental homes in North America.
The deal — made through Blackstone’s nontraded real estate investment trust, known as BREIT — is for preferred shares issued by a Tricon subsidiary that can be exchanged for a minority investment in the Toronto-based company, according to a statement Thursday announcing the deal. Tricon said it plans to use the capital to pay down debt.
