Ottawa-based 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 […]
Ottawa-based 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 certain other customary closing conditions. Once the deal closes, InterRent will be delisted from the Toronto Stock Exchange.
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
– who was named Ottawa's CEO of the Year by OBJ and the Ottawa Board of Trade in 2023 – is the chief executive and controlling shareholder of CLV Group.
Under the agreement, Carriage Hill Properties Acquisition Corp., which is owned by CLV Group and GIC, will pay InterRent unitholders $13.55 per unit in cash.
The transaction is valued at a total of about $4 billion including the assumption of net debt.
The deal is poised to cement CLV Group’s status as a leading force in Ottawa’s real estate development and property management sectors.
CLV’s roots stretch back to 1969, when its predecessor, Levinson-Viner, was founded. McGahan, who began his real estate career at Levinson-Viner, later founded his own company, Commvesco, which then acquired Levinson-Viner in 1998 to form the CLV Group.
A decade later, CLV became the property development and management arm of InterRent. Today, the company manages more than $3 billion in assets and has more than five million square feet of property development in its pipeline.
In recent years, CLV has become a trailblazer in the growing trend of turning aging office buildings into multi-residential assets.
The company spearheaded the conversion of an 11-storey former government building at 473 Albert St. into a 158-unit rental apartment complex called The Slayte. CLV is currently working on a
second office-to-residential conversion project at 360 Laurier Ave. W., which will be home to 139 rental units.
– With additional reporting from OBJ staff
