By Adriano Marchese
InterRent Real Estate Investment Trust agreed to be acquired for about 2 billion Canadian dollars ($1.46 billion) by an entity owned by real-estate-services company CLV Group and investment firm GIC.
The Ottawa, Ontario-based REIT said Tuesday that it entered into an arrangement agreement with Carriage Hill Properties Acquisition to be bought in an all-cash transaction with a total equity value of the about C$2 billion on a fully diluted basis. When including the assumption of net debt, the total value of the deal is about $4 billion.
InterRent unitholders will receive C$13.55 per unit in cash, which represents a 35% premium to InterRent's unaffected closing unit price on the Toronto Stock Exchange as of March 7 and a 29% premium to InterRent's 90-day value-weighted average price as of Monday.
Shares of InterRent have risen so far this year, up nearly 17% to close on Monday at C$11.84. Over the past 52 weeks, the stock is still down about 1.4%.
InterRent is now in a 40-day go-shop period, ending July 6, in which it may actively solicit and consider superior proposals from third parties.
If the transaction goes through as currently planned, it is expected to close in late 2025 or early 2026.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 27, 2025 06:52 ET (10:52 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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