InterRent REIT To Be Acquired By Insider And Singaporean Wealth Fund For $4B

Ottawa-based InterRent Real Estate Investment Trust has agreed to be bought in a deal worth about $4 billion. The buyer is Carriage Hill Properties Acquisition Corp, a newly formed company backed by CLV Group and GIC, the sovereign wealth fund of Singapore. CLV Group’s president, Mike McGahan, currently serves as Executive Chair of InterRent. McGahan’s close ties to both firms make this move especially notable.

Under the terms, unitholders will receive $13.55 per unit in cash. This represents a 35% premium over InterRent’s closing price on March 7, 2025, and about a 29% premium over its 90-day average price as of May 26, 2025. The total equity value is roughly $2 billion, and when outstanding debt is included, the full valuation comes to about $4 billion.

A 40-day “go-shop” period began on May 28 and ended on July 6. During this time, InterRent was allowed to look for better offers from other potential buyers. If a higher bid had emerged, Carriage Hill would have had the option to match it. No other offers came in, and with that window now closed, InterRent is restricted from seeking or negotiating new deals.

Financial advisors reviewed the offer and gave it a fair value opinion, saying the price range of $12.75 to $14.00 per unit was reasonable at the time. InterRent’s board and a special committee agreed unanimously, supporting the deal as a good opportunity for unitholders to receive immediate value backed by experienced partners in both operations and finance.

The deal still needs to pass several hurdles. It requires approval from two-thirds of unitholders, excluding CLV and related parties, as well as a majority of the rest. Regulatory approvals, lender agreements, and consent from the Canada Mortgage and Housing Corporation are also needed. If all steps go smoothly, the deal is expected to close by late 2025 or early 2026, at which point InterRent will be delisted from the Toronto Stock Exchange.

Once the acquisition is complete, InterRent will become a private company. Mike McGahan said the partnership combines CLV’s 50 years of experience managing properties with GIC’s long-term investment approach. He emphasized plans to continue upgrading and maintaining rental communities across Canada using the combined teams from CLV and InterRent.