INTERRENT REIT ANNOUNCES UNITHOLDER APPROVAL OF THE ARRANGEMENT WITH CLV GROUP AND GIC AND THE VOTING RESULTS FROM THE 2025 ANNUAL AND SPECIAL MEETING

Executive Summary

• InterRent Real Estate Investment Trust (TSX: IIP.UN) announced that unitholders approved the previously announced plan of arrangement with CLV Group and GIC, clearing a major regulatory hurdle for the acquisition.
• The all-cash transaction values InterRent at approximately $4 billion, including the assumption of net debt, with Carriage Hill Properties Acquisition Corp. (owned by CLV Group and GIC) as the purchaser.
• While the Arrangement is now approved by unitholders, it remains subject to final court approval and the satisfaction of other customary closing conditions.

Key Details

• Transaction Value: Approximately $4 billion (all-cash), including the assumption of net debt.
• Purchaser: Carriage Hill Properties Acquisition Corp., a newly formed entity owned by CLV Group and GIC.
• Voting Results for Arrangement:
  • Approved by 98% of votes cast by unitholders present in person or represented by proxy.
  • Approved by 98% of votes cast by unitholders excluding those required to be excluded under Multilateral Instrument 61-101.
  • Both thresholds exceeded the required two-thirds (66⅔%) and simple majority requirements, respectively.
• Trustee Elections: Unitholders elected Paul Amirault, Jean-Louis Bellemare, Brad Cutsey, Judy Hendriks, Ronald Leslie, Jenny Ma, Mike McGahan, Meghann O'Hara Fraser, and Cheryl Pangborn as trustees.
• Director Elections: Unitholders directed trustees to elect Brad Cutsey, Mike McGahan, and Curt Millar as directors of InterRent Holdings General Partner Limited.
• Other Resolutions Passed:
  • Appointed RSM Canada LLP as auditors.
  • Approved amendments to the REIT's deferred unit plan and performance and restricted unit plan to convert them from rolling to fixed incentive plans, restricting eligibility to non-executive employees and officers.
  • Approved a new fixed deferred unit plan for non-employee trustees.
  • Approved amendments to the REIT's amended and restated declaration of trust.
• Management Changes: Curt Millar resigned from his position as Chief Financial Officer following the meeting; an update regarding an Interim Chief Financial Officer is expected in due course.
• Next Steps: The Arrangement is subject to final court approval and satisfaction/waiver of customary closing conditions.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.