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ERES REIT Announces €19MM Multi-Residential Acquisition in the Netherlands and €100MM Credit Facility Renewal

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TORONTO, Oct. 29, 2021 (GLOBE NEWSWIRE) — European Residential Actual Property Funding Belief (TSX:ERE.UN, “ ERES ” or the “ REIT ”) introduced in the present day that it has entered into an settlement to amass a multi-residential property positioned in Rotterdam, the Netherlands (the “ Willem Property ”). Moreover, the REIT can be happy to announce that, by means of its subsidiary ERES Restricted Partnership (“ ERES LP ”), it has amended and renewed its present revolving credit score facility, offering entry to as much as €100 million (roughly C$143 million) (the “ New Revolving Credit score Facility ”).

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The Willem Property is comprised of 63 residential models inside a core Randstad sub-market and that are 100% owned and presently 100% leased. Closing is anticipated on or round November 30, 2021, and the €19.1 million (C$27.3 million) buy value (excluding transaction prices and charges) will likely be financed utilizing the New Revolving Credit score Facility, with final funding to return from long run mortgage financing.

The Willem Property consists of non-regulated models and is positioned close by an present constructing owned by ERES within the Prins Alexander borough of Rotterdam, offering operational synergy and effectivity as it is going to be managed by ERES’s present property supervisor established within the area. Services resembling faculties and buying centres are inside a strolling distance of the asset, which is located in a neighbourhood characterised by its inexperienced house and parks, and with direct entry to downtown Rotterdam by way of street or metro.

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The New Revolving Credit score Facility combines the REIT’s pre-existing revolving credit score facility and bridge revolving credit score facility into one facility, and is efficient for a three-year interval ending on October 29, 2024, which can be prolonged by the REIT for a further one (1) 12 months interval out there yearly, upon the satisfaction of sure circumstances. The New Revolving Credit score Facility continues to be supported by a assure from CAPREIT Restricted Partnership, the REIT’s largest unitholder and asset supervisor, and thereby facilitates decrease rates of interest and charges, alongside sure modifications to the monetary covenants.

As well as, on September 29, 2021, the REIT secured mortgage financing on its June 30, 2021 acquisition properties, mixed with refinancing of sure present properties, within the complete principal quantity of €91.75 million. The mortgage bears a six-year time period to maturity with a weighted common rate of interest of 1.12% over the time period of the mortgage, which lowered the REIT’s weighted common efficient rate of interest by eight foundation factors to 1.53%.

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“ERES’s first acquisition of the fourth quarter will carry complete 2021 acquisition quantity to €66 million (excluding transaction prices and charges) throughout 200 residential suites, and we’re optimistic to safe extra exterior development as we head towards the brand new 12 months,” commented Phillip Burns, CEO of ERES. “The modification and renewal of our credit score facility offers the means to behave on upcoming alternatives, thereby re-solidifying ERES’s continued skill to pursue such growth-oriented aims.”

About ERES

ERES is an unincorporated, open-ended actual property funding belief. ERES’s Items are listed on the TSX underneath the image ERE.UN. ERES is Canada’s solely European-focused, multi-residential REIT, with a present preliminary give attention to investing in high-quality, multi-residential actual property properties within the Netherlands. ERES owns a portfolio of 141 multi-residential properties, comprised of 6,183 suites and ancillary retail house positioned within the Netherlands, and owns one workplace property in Germany and one workplace property in Belgium.

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ERES’s registered and principal enterprise workplace is positioned at 11 Church Avenue, Suite 401, Toronto, Ontario M5E 1W1.

For extra info, please go to our web site at www.eresreit.com .

Cautionary Statements Relating to Ahead-Trying Statements

All statements on this press launch that don’t relate to historic information represent forward-looking statements. These statements signify ERES’s intentions, plans, expectations and beliefs and are topic to sure dangers and uncertainties that would lead to precise outcomes differing materially from these forward-looking statements. These dangers and uncertainties are extra absolutely described in regulatory filings that may be obtained on SEDAR at www.sedar.com .

For additional info

ERES  ERES
Mr. Phillip Burns  Mr. Stephen Co
Chief Government Officer Chief Monetary Officer
416.354.0167 416.306.3009
p.burns@eresreit.com s.co@eresreit.com

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