European Residential Real Estate Investment Trust Completes Going-Private Transaction with Canadian Apartment Properties Real Estate Investment Trust

Led by

Adam Kline

Partner

Toronto

Team Members

• Brandon Meyer
• Connor Broude

On May 1, 2026, European Residential Real Estate Investment Trust (“ERES”) (TSX: ERE.UN) announced the completion of a transaction pursuant to which Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) acquired all of the issued and outstanding units of ERES (each, an “ERES Unit”) not already owned by CAPREIT and its affiliates by way of a statutory plan of arrangement under the Canada Business Corporations Act. Under the terms of the transaction, holders of ERES Units received $1.19 per ERES Unit in cash for each ERES Unit held, which implies an aggregate equity value for ERES of approximately $441 million. In connection with the transaction, ERES formed a committee of independent trustees (the “Special Committee”) of the board of trustees of ERES to evaluate the transaction.

ERES is an unincorporated, open-ended real estate investment trust. ERES is Canada’s only European-focused multi-residential REIT, with a current portfolio of high-quality, multi-residential real estate properties in the Netherlands.

Miller Thomson advised the Special Committee on the transaction with a team led by Adam Kline and comprised of Brandon Meyer and Connor Broude (Capital Markets & Securities).