European Residential Real Estate Investment Trust (“ERES”) completed the acquisition of a portfolio of 41 multi-residential properties (the “Properties”) located in the Netherlands from Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”). The purchase price of the Properties was approximately C$326.5 million and was satisfied through the issuance of 81,641,210 class B LP units of ERES Limited Partnership, a subsidiary of ERES, at a price of C$4.00 per class B LP unit. The class B LP units of ERES are convertible on a one-to-one basis into trust units of ERES. In connection with the acquisition, ERES assumed CAPREIT’s mortgages on the Properties in the amount of approximately C$307 million. The transaction has created Canada’s First European-Focused Multi-Residential REIT.
CAPREIT was represented internally by Corinne Pruzanski, General Counsel and Corporate Secretary. Stikeman Elliott LLP acted as external counsel to CAPREIT with a team that included David Weinberger, Brandon Hoffman, Ben Jain, Billy Rosemberg and Oron Eli (M&A and Corporate Finance), Ed Waitzer (Governance), Lindsay Gwyer and Eryn Fanjoy (Tax) and Melissa Schyven (Real Estate). Loyens & Loefe N.V. acted as Dutch counsel to CAPREIT with a team that included Steven Lucas, Marloes Voorrips, Rozemarijn Rijsemus and Mike Rib (Real Estate), Dennis Schafer, Joran Kaptein and Quirjin Knab (Tax), Ruben den Hollander (Corporate and M&A) and Michelle Broere (Banking and Finance).
Miller Thomson LLP acted as external counsel to ERES with a team that included Adam Kline, Lawrence Wilder, Tom Koutoulakis, Phil Long, Jonathan Tong, Victoria de Luna, Deven Rath and Kelsey MacKay (M&A and Corporate Finance). Houthoff Coöperatief U.A. acted as Dutch counsel to ERES with a team that included Pieter Tieskens, Jan Cees Kuiken, Monica Sonderegger, and Rosalie van der Sluis.