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ERES Reit Announces Closing of Euro227MM Netherlands Portfolio Acquisitions
ERES Reit Announces Closing of €227MM Netherlands Portfolio Acquisitions Ca...
About this update from European Residential Real Estate Invt Tr
[{"type":"text","content":"\n\n\n\nERES Reit Announces Closing of €227MM Netherlands Portfolio Acquisitions\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.prngen1{\nBORDER-TOP:0pt; BORDER-RIGHT:0pt; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt; BORDER-LEFT:0pt\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Sept. 30, 2019\n\n\n\nTORONTO, Sept. 30, 2019 /CNW/ - European Residential Real Estate Investment Trust (TSX-V:ERE.UN, \"ERES\") and Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN, \"CAPREIT\") are pleased to announce the closing of the previously announced acquisition by ERES from CAPREIT (the \"Eagle Acquisition\") of a portfolio comprised of 18 properties, representing an aggregate of 942 residential suites in seven urban centres in the Netherlands (the \"Eagle Portfolio\"), as more particularly described in ERES' prospectus supplement dated September 17, 2019 (the \"Prospectus Supplement\"). Further, ERES is pleased to announce the closing of the previously announced acquisition by ERES from an arm's-length institutional owner based in the Netherlands (the \"Additional Acquisition\" and together with the Eagle Acquisition, the \"Acquisitions\") of a portfolio comprised of 16 properties, representing an aggregate of 315 residential suites in eight municipalities in the Netherlands (the \"Additional Portfolio\"), also as more particularly described in the Prospectus Supplement.  \nThe approximately €170.5 million (including transaction costs) purchase price for the Eagle Portfolio, which is subject to certain post-closing purchase price adjustments, was satisfied by a combination of: \n(i)\napproximately €68.6 million in cash raised pursuant to ERES' recently closed equity offering (the \"ERESOffering\");\n(ii)\na bridge promissory note (the \"ERES Promissory Note\") provided by ERES Limited Partnership (\"ERES LP\"), a subsidiary of ERES, to CAPREIT in the principa...