Carriage Hill Properties To Acquire InterRent

(RTTNews) - InterRent Real Estate Investment Trust has entered into an arrangement agreement with Carriage Hill Properties Acquisition Corp., a newly formed entity owned by CLV Group and GIC, pursuant to which the purchaser will acquire InterRent in an all-cash deal valued at approximately C$4 billion, including the assumption of net debt. InterRent unitholders will receive C$13.55 per unit in cash. Following closing, InterRent will be de-listed from the TSX and it is expected that InterRent will apply to cease to be a reporting issuer.

The total equity value of the transaction is approximately C$2 billion on a fully diluted basis, and the total transaction value is approximately C$4 billion including the assumption of net debt. The agreement includes a Go-Shop period of 40 days.