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last mo.

Insider-led consortium including GIC proposes $2 billion all-cash buyout of InterRent REIT

The all-cash $2 billion agreement includes a 40-day window for rival bids before needing unitholder and regulatory endorsements.

The logo of InterRent Real Estate Investment Trust is shown in this handout image. THE CANADIAN PRESS/HO-InterRent REIT *MANDATORY CREDIT*

Overview

  • Under the proposal, CLV Group and Singapore’s sovereign wealth fund GIC will pay $13.55 per unit in cash, valuing the deal at about $4 billion including debt.
  • InterRent’s board has launched a 40-day go-shop period through July 6 to solicit potentially superior takeover offers.
  • Completion hinges on a two-thirds majority vote by unitholders and a separate majority of votes excluding CLV Group and its affiliates.
  • Activist investor Anson Funds, which holds a 9% stake, welcomed the premium offer but indicated potential for higher bids during the go-shop.
  • The transaction carries break fees of $49 million during the go-shop and $79 million afterward and is slated to close by early 2026.