Canada’s Tricon sells its manufactured housing portfolio for $172 million

Canadian asset management company Tricon Capital Group has completed the 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 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.

Tricon Capital intends to apply the net proceeds of the sale to reduce its corporate-level debt and create additional flexibility for future investments.

Eastdil Secured acted as Tricon's financial advisor in connection with the sale of the TLC portfolio.