Carriage Hill Properties Acquisition Corp., a newly formed entity, together with manager CLV Asset Management Inc., completed the privatization of InterRent Real Estate Investment Trust in a landmark transaction with an enterprise value of approximately $4 billion. All values are already stated in Canadian dollars, so no foreign exchange conversion is required. The deal was originally announced on May 27, 2025, when CLV Group and GIC Private Limited agreed to acquire InterRent for roughly $2 billion in equity value ($4 billion including assumed net debt), and closed on July 9, 2026. Structured as a statutory plan of arrangement under Ontario's Business Corporations Act, Carriage Hill acquired all outstanding InterRent units, other than those held by retained interest holders, for $13.55 cash per unit. The transaction expands CLV's platform to over $7 billion in real estate assets, encompassing roughly 15,000 multi-family apartments and 6,000 senior residences.

BMO Capital Markets served as financial advisor to InterRent and provided a fairness opinion, while National Bank Financial delivered an independent fairness opinion and formal valuation to the Special Committee. Norton Rose Fulbright Canada LLP advised the Special Committee, and Gowling WLG (Canada) LLP advised InterRent. Scotiabank acted as financial advisor to Carriage Hill; Goodmans LLP and Stikeman Elliott LLP represented CLV and its partners, with LaBarge Weinstein LLP on joint venture arrangements and Skadden, Arps, Slate, Meagher & Flom LLP as associated counsel. The Bank of Nova Scotia acted as sole underwriter on the acquisition credit facilities, and First National served as lead lender for CMHC approval, assisted by Cassels Brock & Blackwell LLP.