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European Residential REIT and CAPREIT Announce Closing of Portfolio Acquisition Creating Canada's First European-Focused Multi-Residential REIT and Announce Record Date for Special Distribution
European Residential REIT and CAPREIT Announce Closing of Portfolio Acquisition Creating C...
About this update from European Residential Real Estate Invt Tr
[{"type":"text","content":"\n\n\n\nEuropean Residential REIT and CAPREIT Announce Closing of Portfolio Acquisition Creating Canada's First European-Focused Multi-Residential REIT and Announce Record Date for Special Distribution\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 29, 2019\n\n\n\nBolstered by the results of this transformational transaction and backed by Canada'spre-eminent multi-residential owner/manager, ERES will focus onthe attractive European multi-residential market \n TORONTO, March 29, 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 (the \"Transaction\") by ERES from CAPREIT of a portfolio of 41 multi-residential properties (the \"Properties\") located in the Netherlands, as more particularly described in ERES' management information circular dated February 22, 2019 (the \"Circular\") and the supplement thereto dated March 11, 2019 (the \"Supplement\"). The purchase price for the Properties of approximately $326.5 million was satisfied through the issuance of 81,641,210 class B LP units of ERES Limited Partnership (the \"Class B LP Units\"), a subsidiary of ERES, at a price of $4.00 per Class B LP Unit, and is subject to certain post-closing purchase price adjustments. The Class B LP Units are convertible on a one-to-one basis into trust units of ERES (\"Units\"). In connection with the Transaction, ERES assumed CAPREIT's mortgages on the Properties in the amount of approximately $307 million.\nIn light of the transformational nature of the Transaction, effective today ERES has changed its name from European Commercial Real Estate Investment Trust to European Residential Real Estate Investment Trust, to reflect its new focus on investing in high-quality multi-residential real estate properties in Europe. The Units of ERES continue to trade on the TSX Venture Exchange (the \"TSX-V\") under the symbol \...