This morning InterRent (IIP-U) signed a deal to be taken private by CLV Group (owned by exec chair Mike McGahan) and GIC (Singaporean sovereign wealth fund) in a ~$2B deal that the market was speculating would happen.

The deal comes on the back of a few familiar sharks circling the waters, with Blackstone building a ~6% stake and Anson Funds building a 9% stake before launching an activist campaign around leverage reduction.

The residential REITs ran on the announcement, as investors reassessed fair value and cycled capital out of IIP. The performance wasn’t equal though, with Killam leading the group and Boardwalk underperforming, a trade we highlighted recently.

With a 40-day period where InterRent can consider other offers and shares closing above the $13.55 deal price, this one might not be done yet.