| Investment type: |
Corporate Transaction – Public-to-Private |
| Investment date: |
March 2006 |
| Acquired by: |
Onex Real Estate |
| Investment: |
$100 million /
$86 million from Onex |
| Status: |
Partially realized |
| Value realized to date: |
$140 million /
$119 million by Onex |
Town and Country Trust was a self-administered and self-managed REIT that owned and operated multi-family communities in Delaware, Florida, Maryland, Pennsylvania and Virginia. The company’s properties consisted primarily of Class A and B assets in attractive markets.
Onex Real Estate acquired the Town and Country Trust in March 2006 and within one year of the acquisition sold 30 of the 37 Town and Country assets. Onex Real Estate returned all its investors’ equity with an additional profit. Onex Real Estate continues to own a seven-asset portfolio in Florida.