Canadian Apartment Properties REIT (CAPREIT) has sold a portfolio of multi-residential properties located in the Netherlands to European Commercial REIT (ECREIT).
The portfolio consists of 2,091 suites in 41 properties.
The transaction will create Canada’s first European-focused multi-residential REIT, ERES, which will be majority owned and managed by CAPREIT.
The transaction will mark a dynamic transformation for ECREIT, providing immediate scale and shifting its strategic focus to European multi-residential assets, while benefiting from CAPREIT’s industry-leading management platform and a well-established, high-quality portfolio of multi-residential assets across the Netherlands.
ECREIT’s assets will increase from approximately $150 million to approximately $780 million in value, consisting of 2,091 multi-residential suites in 41 properties and approximately 400,000 square feet of gross leasable office area in three properties.
