ERES REIT begins its 2022 growth with €65 million in acquisitions

TORONTO, Jan. 31, 2022 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES“or the”REITs”) announced today that it has completed the acquisition of 45 residential suites, 3 commercial units and 26 parking spaces located in Rijswijk, the Netherlands (the “From General 2 Property“), and has also entered into an agreement to acquire on a forward purchase basis a multi-residential property located in Arnhem, the Netherlands (the “fifty-one property”).

The new De Generaal 2 property, acquired for a purchase price of €19.45 million (approximately C$28 million) (excluding transaction costs and fees), brings the REIT’s ownership to 83%, the REIT having already purchased 120 apartments as part of the recently announced Panorama transaction. The REIT originally financed the acquisition by way of a promissory note to CAPREIT Limited Partnership (“CAPREIT DRY”), a subsidiary of Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”), the REIT’s asset and property manager, which will be replaced by long-term mortgage financing at a later date.

The FiftyOne property is a high quality redevelopment consisting of 201 residential apartments that will be 100% owned by the REIT. Closing will occur following completion of the FiftyOne property and initial lease by the seller, which is expected in early 2022. The purchase price of €45 million (approximately C$64 million) (excluding fees transaction costs and fees) will be funded through long-term mortgage financing at an expected loan-to-value ratio of 60%, with the balance to be initially funded through a promissory note to CAPREIT LP.

Located in Groningensingel, south of Arnhem city centre, the FiftyOne Property enjoys excellent accessibility to motorways and public transport, and is approximately fifteen minutes by bike from the city centre. It is also conveniently located near a supermarket, shopping center, parks and other amenities. The redeveloped building is highly sustainable and energy efficient, with approximately 100% of units expected to be liberalized. Given the REIT’s pre-existing presence in Arnhem and the wider province of Gelderland, the FiftyOne property will also be managed by the REIT’s property manager established in the region.

“The extension of our ownership of the modern De Generaal 2 property is a testament to our better management of the building and provides us with increased scale to be able to further improve this,” commented Phillip Burns, CEO of ERES. “We are delighted to increase our presence in the charming community of Rijswijk, and the addition of the FiftyOne property to our portfolio further expands our presence in Arnhem, a strong market in the east of the Netherlands. These two acquisitions extend the dynamic of external growth from 2021 and materialize a strong start to 2022. »

About ERES

ERES is a real estate investment company with variable capital without legal personality. ERES units are listed on the TSX under the symbol ERE.UN. ERES is the only European multi-residential REIT in Canada, with an initial current focus on investing in high-quality multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 152 multi-residential buildings, made up of 6,590 suites and ancillary shops located in the Netherlands, and owns an office building in Germany and an office building in Belgium.

The head office and registered office of ERES is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1.

For more information, please visit our website at

Cautions Regarding Forward-Looking Statements

All statements in this press release that do not relate to historical facts are forward-looking statements. These statements represent the intentions, plans, expectations and beliefs of ERES and are subject to certain risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. These risks and uncertainties are more fully described in the regulatory documents which may be obtained on SEDAR at

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