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ERES REIT Announces Proposed Acquisition of Euro333 Million of Dutch Properties from CAPREIT
ERES REIT Announces Proposed Acquisition of €333 Million of Dutch Properties from C...
About this update from European Residential Real Estate Invt Tr
[{"type":"text","content":"\n\n\n\n\nERES REIT Announces Proposed Acquisition of €333 Million of Dutch Properties from CAPREIT\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\nCanada NewsWire\nTORONTO, April 22, 2019\n\n\n\nTORONTO, April 22, 2019 /CNW/ - European Residential Real Estate Investment Trust (TSX-V:ERE.UN, \"ERES\") is pleased to announce that ERES, pursuant to the terms of the previously announced pipeline agreement dated March 29, 2019 between ERES and CAPREIT Limited Partnership (the \"Pipeline Agreement\"), will acquire (the \"Proposed Acquisition\") two portfolios of multi-residential properties in the Netherlands (collectively, the \"Properties\") from Canadian Apartment Properties Real Estate Investment Trust and its subsidiaries (\"CAPREIT\"), which include all of the remaining Netherlands properties that CAPREIT currently owns. The first portfolio (the \"Warehoused Portfolio\") is comprised of 26 properties, representing an aggregate of 1,257 residential suites and certain additional ancillary commercial space and parking facilities, located in 24 cities and towns across the Netherlands. The properties included in the Warehoused Portfolio have an occupied average monthly rent (excluding service charges) of €764 and an occupancy rate of 97.3%. The second portfolio (the \"Additional Portfolio\") is comprised of 21 properties, representing an aggregate of 511 residential suites in six urban centres in the Netherlands. The properties included in the Additional Portfolio have an occupied average monthly rent (excluding service charges) of €737 and an occupancy rate of 97.1%. Subject to the approval of the TSX Venture Exchange (the \"TSX-V\"), closing of the acquisition of the Warehoused Portfolio is expected to occur by late May 2019 and closing of the acquisition of the Additional Portfolio is expected to occur by late August 2019.\nPursuant to the Pipeline Agreement, which was approved by the holders of ERES' trust units (the \"Units\") at a special meeting held on March 21, 2019, ERES (or an affiliate thereof) will acquire, directly or indirectly, the...