InterRent completes $292.5 million portfolio acquisition in Metro Vancouver with Crestpoint

On January 28, 2021, InterRent Real Estate Investment Trust (TSX: IIP.UN), together with Crestpoint Real Estate Investments Ltd., completed the previously announced acquisition of 15 properties in Metro Vancouver for a combined purchase price of $292.5 million. The acquisition was financed with a combination of cash and new short term debt of approximately $190.1 million. InterRent and Crestpoint each now own a 50% interest in the portfolio of acquired properties. InterRent will property manage the portfolio and collect industry standard fees. 

The portfolio consists of 15 multi-family residential properties, acquired from six different vendors. The portfolio includes nine concrete mid-rise apartments and six wood frame apartments located in premium locations in the Metro Vancouver submarkets of the West End, Kitsilano/Point Grey, Marpole and South Granville. 

Gowling WLG advised InterRent in this transaction with a team led by Mark Ferbers consisting of Jessica Ma and Kathy Tran (real estate) and law clerk Kathy Jiang in Vancouver, and Sarah Crowe, Emma Clarke and Mike Clancy in Ottawa.