European Residential Real Estate Investment Trust (ERES), a Canadian real estate investment trust (REIT) company, is planning to buy a portfolio of nine properties from a third party.
ERES plans to invest 67.3 million euros ($75 million) to buy the assets, containing a total of 294 residential suites in five attractive locations in the Netherlands.
The company expects to complete the acquisition of the portfolio, which is currently 96.6 percent occupied, on or around October 31, 2019.
On the closure of the deal, the purchased assets will be managed by Canadian Apartment Properties Real Estate Investment Trust’s established regional office in the Netherlands.