InterRent’s $4B Sale to CLV Pushed Back to 2026
InterRent’s proposed $4-billion friendly takeover has pushed back until the first half of 2026, the REIT said Tuesday in its quarterly report.
The proposed deal was originally expected to close by year-end 2025.
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.
Although several conditions of the the proposed deal, the parties continue to close ones that are still outstanding, including Canada Mortgage and Housing Corporation consents more commonly known as an arrangement agreement.
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.
Pictured: Vancouver apartment building owned by InterRent.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout