CARPREIT Completes US$315 Million (C$441 Million) Privatization of European Residential REIT

Canadian Apartment Properties Real Estate Investment Trust (CARPREIT) has completed the acquisition of all outstanding units of European Residential Real Estate Investment Trust (ERES) that it did not already own, taking the company through a statutory plan of arrangement under the Canada Business Corporations Act. Under the terms of the transaction, ERES unitholders received US$0.8 (C$1.19) per unit in cash, valuing the REIT at approximately US$315 Million (C$441 Million).

ERES, Canada's only European-focused multi-residential REIT, owns a portfolio of high-quality residential properties across the Netherlands. The transacrion strengthens CAPREIT's international residential real estate platform while consolidating ownership of ERES' European portoflio under a single entity.

Advisory Team:

Miller Thomson LLP

Adam Kline

Brandon Meyer

Connor Broude