/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN
THE UNITED STATES./
TORONTO, Nov. 1, 2013 /CNW/ - Tricon Capital Group Inc. (TSX: TCN)
("Tricon" or the "Company") today announced an additional closing of
approximately US$40 million for its most recent U.S. residential real
estate fund Tricon XI, L.P. ("Tricon XI" or the "Fund"), increasing the
Fund size to US$301.5 million. This closing, which includes commitments
from two existing institutional investors, increases Tricon's assets
under management ("AUM") to over $1.6 billion, representing an almost
50% increase in AUM from December 31, 2012.
Tricon XI was established in late 2012 to capitalize on "once in a
generation" investment opportunities in distressed U.S. residential
real estate that have arisen out of the 2007-10 credit crisis and
related economic recession. The Fund provides financing to experienced
and reputable real estate developers for the acquisition, repositioning
and development of residential properties across the United States,
with a primary focus on Northern and Southern California; Phoenix,
Arizona; South Florida; Dallas and Houston, Texas and Atlanta,
Georgia. As of today, the Fund has committed to seven transactions,
aggregating nearly US$153 million of Fund capital.
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's leading residential
real estate investment companies with approximately $1.6 billion of
assets under management and an investment in nearly 3,000 U.S.
single-family rental homes. Tricon provides financing to local
operators or developers in select markets in the United States and
Canada, with a primary focus on for-sale housing in growing markets.
Since inception, Tricon has invested in approximately 160 transactions
for development projects valued at more than $11 billion. More
information about Tricon is available at www.triconcapital.com.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions. If unknown risks
arise, or if any of the assumptions underlying the forward-looking
statements prove incorrect, actual results may differ materially from
management expectations as projected in such forward-looking
statements. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless required by applicable
SOURCE: Tricon Capital Group Inc.
For further information: