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European Residential Real Estate Investment Trust Announces Going-Private Transaction with Canadian Apartment Properties Real Estate Investment Trust
This news release constitutes a “designated news release” for the purposes of CAPRE...
About this update from European Residential Real Estate Invt Tr
[{"type":"text","content":"European Residential Real Estate Investment Trust Announces Going-Private Transaction with Canadian Apartment Properties Real Estate Investment Trust\nThis news release constitutes a “designated news release” for the purposes of CAPREIT’s prospectus supplement dated May 15, 2025, to its short form base shelf prospectus dated May 15, 2025. Key highlights: ERES Unitholders to receive all-cash consideration of $1.19 per ERES UnitERES’s Special Committee and Board (with conflicted trustees abstaining) have unanimously approved the Transaction and recommend that Public ERES Unitholders vote in favour of the TransactionThe ERES Special Committee and Board have obtained Fairness Opinions from BMO Capital Markets and Haywood, and a formal valuation from Haywood TORONTO, March 02, 2026 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust (“ERES”) (TSX: ERE.UN) and Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) today announced that they have entered into an arrangement agreement (the “Arrangement Agreement”) together with certain other parties pursuant to which an affiliate of CAPREIT will acquire all of the issued and outstanding units of ERES (each, an “ERES Unit”) not already owned by CAPREIT for consideration of $1.19 per ERES Unit in an all-cash transaction (the “Transaction”). The Transaction values ERES at approximately $441 million, including debt and the ERES Units and class B limited partnership units (“Class B Units”) of ERES Limited Partnership owned by an affiliate of CAPREIT. The Transaction successfully concludes ERES’s strategic review process conducted by ERES under the oversight of a committee of independent trustees (the “Special Committee”) of the board of trustees of ERES (the “Board”) advised by independent and highly qualified legal and financial advisors. The Transaction represents a successful culmination of the value enhancement strategy to maximize value for ERES and its unitholders (the “ERES Unitholders”). Since 2024, ERES has returned €1.90 per ERES Unit (approximately $2.96 per ERES Unit) in special distributions to ERES Unitholders. When combined with the Transaction consideration of...