CARRIAGE HILL PROPERTIES ACQUISITION CORP. AND CLV ASSET MANAGEMENT INC. COMPLETE PRIVATIZATION OF INTERRENT REIT

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.

Advisors

BMO Capital Markets acted as financial advisor to InterRent and provided the Board of Trustees and Special Committee with a fairness opinion in respect of the transaction. National Bank Financial provided an independent fairness opinion and the formal valuation to the Special Committee.

Norton Rose Fulbright Canada LLP acted as legal counsel to the Special Committee. Gowling WLG (Canada) LLP acted as legal counsel to InterRent.

Scotiabank acted as financial advisor to Carriage Hill, the Purchaser. Goodmans LLP and Stikeman Elliott LLP acted as legal counsel to CLV and its partners. LaBarge Weinstein LLP acted as counsel to CLV in connection with the joint venture arrangements, and Skadden, Arps, Slate, Meagher & Flom LLP acted as counsel associated with the transaction. The Bank of Nova Scotia acted as sole underwriter on the credit facilities in support of the acquisition.

First National acted as lead lender for CMHC approval with assistance from Cassels Brock & Blackwell LLP.

About CLV Group

Since 1969, CLV Group has built stronger, more resilient real estate portfolios for its investors and partners while delivering long-term value to residents and communities. Supported by a fully integrated real estate management platform, CLV Group offers a complementary suite of services across residential and mixed-use development, acquisitions, investment management, realty, property management and financial services.

Following the completion of the InterRent privatization, CLV Group manages more than $7 billion in real estate assets across Canada, including approximately 15,000 multi-family apartments and 6,000 senior residences.

About Carriage Hill Properties Acquisition Corp.

Carriage Hill Properties Acquisition Corp. is a newly formed entity established in connection with the privatization of InterRent REIT. Following completion of the arrangement, Carriage Hill holds all of the issued and outstanding units of InterRent, other than certain units held by retained interest holders.

SOURCE Carriage Hill Properties Acquisition Corp.

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