Last week, Mr. McGahan, InterRent's former chief executive officer and owner of a 7.8-per-cent stake in the REIT, teamed up with GIC to bid $13.55 a unit for the REIT. The offer is priced at a 10-per-cent discount to InterRent's NAV. GIC manages US$800-billion of Singapore's foreign reserves and is one of the world's largest real estate investors.