InterRent Unitholders Back REIT’s $4B Sale to CLV Group, GIC
InterRent unitholders have voted overwhelmingly in favour of the REIT’s proposed sale to CLV Group and GIC for $4 billion.
The court overseeing the proposed deal has also approved it.
Unitholders holding 98% of the votes support the proposed transaction, clearing a major hurdle to the deal’s completion. The 98% count surpassed the two-thirds required by all unitholders who were eligible to vote as well as the simple majority necessary in cases where certain unitholders were excluded under National Instrument MI-61-101.
The unitholder and court approvals came after the proposed acquisition received approval under the federal Competition Act, clearing the way for the transaction to proceed.
The deal will see Ottawa-based CLV acquire all outstanding units of InterRent.
InterRent has also received a final order from the Ontario Superior Court of Justice (Commercial List) approving the proposed deal, which will be completed under a previously announced plan of arrangement. Carriage Hill Properties Acquisition Corp., a subsidiary of CLV and GIC, which is Singapore’s sovereign-wealth fund, formed will acquire the REIT on the parent firms’ behalf.
Similar to a special-purpose acquisition company common in the U.S., Carriage House was formed exclusively to complete the transaction and not conduct other business.
CLV and GIC said previously that 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 proposed transaction is on track to close later this year or in early 2026, said InterRent.
Pictured: Vancouver apartment building owned by InterRent.
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