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ERES REIT enters into revolving credit facility and announces draw down
ERES REIT enters into revolving credit facility and announces draw down Canada New...
About this update from European Residential Real Estate Invt Tr
[{"type":"text","content":"\n\n\n\nERES REIT enters into revolving credit facility and announces draw down\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, July 9, 2019\n\n\n\nTORONTO, July 9, 2019 /CNW/ - European Residential Real Estate Investment Trust (TSX-V:ERE.UN, \"ERES\") is pleased to announce that, through its subsidiary ERES Limited Partnership (\"ERES LP\"), it has entered into a €50 million (approximately C$73 million1) revolving credit facility (the \"Credit Facility\") with two Canadian chartered banks. The maturity date of the Credit Facility is July 8, 2021, which may be extended by ERES LP for an additional one (1) year period upon the satisfaction of certain conditions. Draws under the Credit Facility are permitted in Canadian dollars, Euros or British pounds at a floating interest rate based on CDOR, EURIBOR and LIBOR, respectively, and the Credit Facility is fully secured against the assets of ERES and ERES LP (other than certain European subsidiaries and intercompany loans). \nAs previously announced on June 28, 2019, ERES intends on drawing approximately €22 million (approximately C$32 million1) on the Credit Facility on July 10, 2019 to pay Canadian Apartment Properties Real Estate Investment Trust and certain of its subsidiaries (\"CAPREIT\") the remaining outstanding consideration in connection with ERES's indirect acquisition of a portfolio comprised of 21 properties, representing an aggregate of 511 residential suites in six locations in the Netherlands from CAPREIT. Going forward, ERES intends to use the Credit Facility to fund acquisitions, operations and capital improvements as well as for other ongoing trust purposes.\nAbout ERES\nERES is an unincorporated, open-ended real estate investment trust. ERES's units are listed on the TSX-V under the symbol ERE.UN. ERES is Canada's only European-focused multi-residential REIT, with an initial focus on investing in high-quality multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 88 multi-residential properties, comprised of 3,859 suites loc...