InterRent REIT agrees to offer from executive chair Mike McGahan

OTTAWA — InterRent Real Estate Investment Trust has signed a deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC for about $2 billion.

Under the agreement, CLV Group and GIC will pay InterRent unitholders $13.55 per unit in cash. The transaction is valued at a total of about $4 billion including the assumption of net debt.

InterRent units were up $1.80 at $13.64 in trading on the Toronto Stock Exchange on Tuesday.

In addition to his role at InterRent, which owns residential properties in B.C., Ontario and Quebec, McGahan is the chief executive and controlling shareholder of CLV Group.

The deal requires approval of a two-thirds majority vote by unitholders as well as a majority vote by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded.

It also requires court and regulatory approvals, consents and approvals from Canada Mortgage and Housing Corp. and certain existing lenders and the satisfaction of other customary closing conditions.

This report by The Canadian Press was first published May 27, 2025.

Companies in this story: (TSX:IIP.UN)

The Canadian Press