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InterRent’s $4B Acquisition Moves Closer to Finish Line
InterRent REIT’s friendly takeover has taken another step closer to completion.
The proposed $4-billion deal has received federal Investment Canada Act approval, overcoming another key regulatory hurdle.
The agreement previously passed a Competition Act test.
Plans call for Carriage Hill — a newly formed entity owned by Ottawa-based CLV Group and Singapore-based GIC — to acquire InterRent in an all-cash transaction, including net debt. Operating like a special-purpose acquisition company common in the U.S., Carriage House was formed specifically to acquire InterRent.
Ottawa-based CLV is slated to acquire all outstanding units of InterRent REIT. The companies say the combined entity will benefit from enhanced scale, a stronger balance sheet, and greater operational efficiency across its multi-residential portfolio.
InterRent unitholders will receive a mix of cash and units in the newly formed entity under the terms of the deal. The REIT unitholders have also approved the deal.
The proposed transaction is expected to close later this year.
Pictured: Vancouver apartment building owned by InterRent.
