Tricon Capital Group has completed its $820m (€752m) deal to take over Silver Bay Realty Trust.

The North American residential asset manager said the merger of its Triton American Homes with Silver Bay values the latter at around $1.4bn.

Around $600m of existing debt has been refinanced, it said.

Gary Berman, president and chief executive of Tricon, said: “The combination of Tricon American Homes and Silver Bay is a transformative event for our company which strengthens TAH’s position as a leader in the burgeoning single-family rental industry.”

Orange County-based Tricon American Homes owns and operates 16,800 single-family rental homes in 18 markets across 10 US states.

Berman said the transaction creates the fourth largest publicly-owned single-family rental company in the US.

“By more than doubling our SFR portfolio, we expect to realise substantial cost savings and operating synergies, leading to meaningful accretion to Tricon’s EPS and NAV per share.

“The acquisition serves as a catalyst towards simplifying Tricon’s business model by focusing on scale and industry leadership in select housing verticals.”