Canadian Apartment Properties Real Estate Investment Trust Announces Notice of Termination of IRES Management Agreement

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[{"type":"text","content":"\n \n \n \n Canadian Apartment Properties Real Estate Investment Trust Announces Notice of Termination of IRES Management Agreement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n March 31, 2021\n \n /CNW/ - Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR.UN) (\"CAPREIT\") announced today that  IRES Fund Management Limited (the \"\n \n Investment Manager\n \n \"),  a wholly-owned subsidiary of CAPREIT, today provided twelve (12) months' notice of termination of its management agreement (the \"Management Agreement\") with Irish Residential Properties REIT plc (\"\n \n IRES REIT\n \n \"), which will become effective\n \n March 31, 2022\n \n .\n \n \n Pursuant to the Management Agreement, the Investment Manager provides asset and property management services to IRES REIT. CAPREIT Limited Partnership (\"\n \n CAPLP\n \n \"), a wholly owned subsidiary of CAPREIT, also provides services to the Investment Manager and IRES REIT through a related services agreement (the \"\n \n Services Agreement\n \n \").\n \n \n The Management Agreement had an initial term of 5 years, which expired on\n \n 1 November 2020\n \n , and the Management Agreement then rolled over for a further 5-year term unless duly terminated by either party at an earlier date. As previously disclosed by IRES REIT, the Investment Manager has the right to terminate the Management Agreement on twelve (12) months' notice, and IRES REIT has the right to terminate the Management Agreement in the event that it determines that it is in IRES REIT's best interests to internalize its management, in which event it may purchase the Investment Manager on a liability free (other than liabilities in the ordinary course of business) / cash free basis for €1 (\"Internalisation Termination\").\n \n \n The Investment Manager has issued its 12-month notice of termination under the Management Agreement. The Services Agreement will terminate automatically upon termination of the Management Agreement.\n \n \n The Investment Manager...

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