12:50 PM EDT, 08/27/2020 (MT Newswires) -- Tricon Residential (TCN.TO) was up nearly 8% after the company on Thursday said a syndicate of investors led by Blackstone Real Estate Income Trust is investing US$300 million in the rental-housing company's preferred shares.
Tricon it intends to use the funds to pay down its credit facility, reducing its net debt to assets ratio to 56% from 61% and bringing it closer to its target for the measure of 50% to 55%.
"We are excited to have the support of one of the world's largest real estate investors, and we are confident that this investment will create significant value for both Tricon's and BREIT's shareholders," chief executive Gary Berman said in a release.
Tricon shares were last seen up C$0.765 to C$10.665 on the Toronto Stock Exchange.
Price: 10.66, Change: +0.77, Percent Change: +7.73