CAPREIT Announces Over $560 Million in Additional Dispositions in Europe

CAPREIT Announces Over $560 Million in Additional Dispositions in Europe

Benzinga
April 2, 2025

This news release constitutes a "designated news release" for the purposes of CAPREIT's prospectus supplement dated February 22, 2024, to its short form base shelf prospectus dated May 9, 2023.

TORONTO, April 02, 2025 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR) announced today that a subsidiary of European Residential Real Estate Investment Trust (TSX:ERE) ("ERES") has entered into an agreement to sell entities owning 1,446 residential suites in the Netherlands for aggregate proceeds, net of an adjustment for deferred taxes and other adjustments, of approximately $522 million (the "Pending Disposition"). ERES also announced that certain subsidiaries have completed the sale of an entity owning one 104-suite property in the Netherlands for proceeds of approximately $39 million. Amounts disclosed herein exclude transaction costs and other adjustments, and are presented in Canadian dollars based on a Euro foreign exchange rate of 1.55 on April 1, 2025.

In connection with the Pending Disposition, ERES announced that after repaying associated mortgage and other debt, remaining net proceeds are intended to fund a special cash distribution of an estimated $1.24 per ERES Unit and ERES Limited Partnership's exchangeable Class B LP Unit (together, the "ERES Units"), payable to holders of the ERES Units of record at a date to be determined (the "Special Distribution"). Based on CAPREIT's effective interest in ERES of approximately 65%, CAPREIT expects to receive approximately $189 million from the Special Distribution following completion of the Pending Disposition.

ERES announced that closing of the Pending Disposition is anticipated between early August and mid-September 2025. There can be no assurance that all conditions of closing will be obtained, satisfied or waived. Further details of the Pending Disposition have been provided by ERES in its press release dated April 2, 2025.

CAPREIT intends to utilize the proceeds from the Special Distribution to: ...

https://www.benzinga.com/pressreleases/25/04/g44619631/capreit-announces-over-560-million-in-additional-dispositions-in-europe

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