OTTAWA, ON, July 9, 2026 /CNW/ - Carriage Hill Properties Acquisition Corp. ("Carriage Hill" or the "Purchaser"), a newly formed entity, established in connection with the transaction, together with the manager CLV Asset Management Inc. confirmed the completion of the previously announced privatization of InterRent Real Estate Investment Trust (TSX: IIP.UN) ("InterRent" or the "REIT"). The landmark transaction represents an enterprise value of approximately $4 billion.
The transaction was completed by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (Ontario). Pursuant to the arrangement, Carriage Hill acquired all of the issued and outstanding units of InterRent, other than certain units held by retained interest holders, for cash consideration of $13.55 per unit.
Following completion of the transaction, Carriage Hill's property portfolio will be managed by CLV Group Inc. as property manager and CLV Asset Management Inc. as asset manager (collectively, "CLV"). The transaction represents a significant milestone for CLV and its partners, bringing CLV's asset management platform to more than $7 billion in real estate assets, with approximately 15,000 multi-family apartments and 6,000 senior residences under management.
"We are very proud to have completed this important transaction and to begin this next chapter for the InterRent portfolio alongside all our valued partners," said Mike McGahan, CEO of CLV, on behalf of Carriage Hill and CLV. "This was a complex and lengthy process, and I want to thank our team members for their tireless work, focus and patience throughout the closing process. We are immensely proud of the caliber and depth of the combined InterRent and CLV teams, whose deep experience and operational expertise will be instrumental in building on InterRent's strong foundation. I also want to thank our retained interest holders, private equity partners and institutional partners for their strong belief in the Canadian multi-residential market and their confidence in CLV. We are grateful to CMHC's legal and servicing team for its professionalism and diligence throughout the approval process, and to our legal teams, transaction advisors and financing partners, whose expertise and commitment were crucial in completing this transaction."
Carriage Hill and CLV share a long-term conviction in the Canadian multi-residential sector. The new ownership group intends to enhance the InterRent portfolio through CLV's integrated asset management platform, with a continued focus on creating value for their residents, communities and investors.