Tricon Capital Buys LPs Out Of $333M US Housing Fund

Law360, New York (July 22, 2013, 6:47 PM EDT) -- Tricon Capital Group Inc. said Monday it has put up $261 million to buy out the majority of limited partner interests in its $330 million residential real estate fund, making a big bet that U.S. housing market will continue its recovery.

Tricon used a tender offer to acquire 68.4 percent of LP units in Tricon IX, which aims to buy bank-owned or distressed residential land tracts and unfinished housing developments. All but one of the nine institutional investors in the four-year-old fund cashed out; the remaining,...
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