InterRent Real Estate Investment Trust says it has received Investment Canada Act approval for its deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC.
The trust says the deal is on track to close in late 2025 or early 2026, subject to the satisfaction or waiver of customary closing conditions.
It says the agreement has already received clearance under the Competition Act and approval by InterRent’s unitholders.
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.
Under the agreement, Carriage Hill Properties Acquisition Corp., owned by CLV Group and GIC, will pay InterRent unitholders $13.55 per unit in cash.
The transaction is valued at about $4 billion, including the assumption of net debt.