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TORONTO—Canadian Apartment Properties Real Estate Investment Trust has completed the sale of a portfolio comprised of 18 properties representing an aggregate of 942 residential suites in seven urban centers in the Netherlands to European Residential Real Estate Investment Trust. Total proceeds from the sale were approximately €170.5 million, which is subject to certain post-closing purchase price adjustments.
“With this transaction we have now sold ownership in all of our Netherlands properties to ERES, a strong testament to our confidence in ERES and our continuing commitment to their growth and success over the long term,” commented Mark Kenney, President and CEO. “We expect to see a meaningful increase in fee revenue as we provide property and asset management services to the growing ERES portfolio while also providing our Unitholders with the ability to participate through our increased ownership position in ERES as they prosper going forward.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust managing 63,478 suites and sites across Canada, the Netherlands and Ireland. It owns, directly in Canada and indirectly in Netherlands through its investment in ERES, a total of 59,844 residential units, comprising 48,167 residential suites and 72 manufactured home communities comprising 11,677 sites located in and near major urban centers.