InterRent's C$4B Take-Private Closes at C$13.55

InterRent REIT has crossed the line from pending deal to completed take-private. On July 9, Carriage Hill Properties Acquisition Corp. — backed by CLV Group and GIC — closed its acquisition at C$13.55 per unit in cash, completing a transaction valued at roughly C$4 billion including assumed net debt in the closing announcement.

Key Takeaways

• The all-cash arrangement closed at C$13.55 per unit.
• The transaction moves InterRent's apartment portfolio into private ownership under the CLV Group and GIC-backed buyer.
• InterRent's TSX listing and public-market life are ending after the completed arrangement.

The Last Condition Is Gone

The closing turns the deal's risk profile into a settlement story. Carriage Hill acquired all outstanding REIT units other than interests retained under the arrangement, and the cash consideration was remitted to TSX Trust Company as depositary. Registered holders still need to complete the required transfer documentation before receiving payment, but the acquisition itself is complete.

The result also resolves the discount-to-offer question that followed InterRent while the arrangement remained conditional. The agreed C$13.55 is now the cash-out price, not a prospective bid subject to another approval.

InterRent Leaves the Exchange

The units were expected to be delisted from the Toronto Stock Exchange on or about July 10, with InterRent also planning to apply to cease being a reporting issuer. S&P Dow Jones Indices separately said the units would be removed from the S&P/TSX Composite Index and S&P/TSX Canadian Dividend Aristocrats Index before trading opened July 14 in its index notice.

That sequence matters because the closing is not merely a change of control. It ends the public listing through which investors owned InterRent and moves the apartment portfolio into private ownership.

What to Watch

• Cash settlement: The remaining task for former registered holders is completing depositary documentation where required.
• Reporting status: InterRent has said it will seek to cease being a reporting issuer after delisting.
• Index cleanup: The completed deal removes IIP.UN from the Canadian indices that previously held it.

The Bottom Line

InterRent's take-private is no longer a spread trade or an approval timetable. The C$4 billion arrangement closed at C$13.55 per unit on July 9, the units are leaving the TSX, and InterRent's apartment portfolio is now under private ownership backed by CLV Group and GIC.