Blackstone is taking Canadian real estate firm Tricon Residential private in a $3.5 billion deal.

Under the deal, Blackstone will acquire all outstanding shares of Tricon for $11.25 per share in cash, which is a 30.35% premium to the stock's last close.

The transaction will return Blackstone to the rental housing market and signals the private equity giant's confidence in the sector.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.