TORONTO, April 27, 2026 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust (TSX: ERE.UN) ("ERES" or the "REIT") announced today that at its special meeting of the holders ("Unitholders") of trust units ("REIT Units") and special voting units ("SVUs" and together with the REIT Units, the "Units") of the REIT held today (the "Meeting"), Unitholders approved the special resolution (the "Arrangement Resolution") pertaining to the previously announced arrangement (the "Arrangement") with Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT"), pursuant to which an affiliate of CAPREIT will acquire all of the issued and outstanding REIT Units not already owned by CAPREIT and its affiliates for consideration of $1.19 per REIT Unit in an all-cash transaction. Accordingly, the REIT expects closing of the Arrangement to occur on or around May 1, 2026, subject to customary closing conditions including court approval (described below).
The Arrangement Resolution was approved by (a) not less than 66 2/3% of the votes cast on the Arrangement Resolution by holders of the REIT Units and the SVUs, voting together as a single class, present in person or represented by proxy and entitled to vote at the Meeting; and (b) a majority of the votes cast on the Arrangement Resolution by Unitholders present in person or represented by proxy and entitled to vote at the Meeting, other than the votes of CAPREIT and its affiliates and certain trustees and officers of CAPREIT, and their respective joint actors, in each case in accordance with section 8.1(2) of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101").
A total of 193,794,884 votes were cast at the Meeting, representing 82.414% of the votes attached to the issued and outstanding Units as of the record date of March 16, 2026 (the "Record Date") and 49.588% of the votes attached to the issued and outstanding Units as of the Record Date, excluding those votes attached to those Units required to be excluded pursuant to MI 61-101.
Total Units Voted:
| Votes For | % Votes For | Votes Against | % Votes Against |
| 193,588,221 | 99.893% | 206,663 | 0.107% |
Minority Units Voted:
| Votes For | % Votes For | Votes Against | % Votes Against |
| 40,469,304 | 99.492% | 206,663 | 0.508% |
The final order of the Ontario Superior Court of Justice (Commercial List) (the "Court") approving the Arrangement will be sought on April 29, 2026. Completion of the Arrangement remains subject to customary closing conditions, including approval of the Court. Completion of the Arrangement is expected to occur on or around May 1, 2026, subject to the satisfaction or waiver of the final outstanding conditions.
About ERES
ERES is an unincorporated, open-ended real estate investment trust. The ERES Units are listed on the TSX under the symbol ERE.UN. 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. As of December 31, 2025, ERES owned 1,029 residential suites, including 410 suites classified as assets held for sale, and ancillary retail space located in the Netherlands, with a total fair value of approximately €310.1 million, including approximately €87.9 million of assets held for sale. ERES's registered and principal business office is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1. For more information, please visit ERES's website at www.eresreit.com.
Cautionary Statements Regarding Forward-Looking Information
Certain statements contained in this press release, including statements with respect to the anticipated closing date of the Arrangement and the anticipated timing and receipt of the final order from the Court, constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated closing date of the Arrangement; the satisfaction of customary closing conditions; and the anticipated timing and receipt of the final order from the Court, may be forward-looking information. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "consider", "should", "plans", "predict", "estimate", "forward", "potential", "could", "likely", "approximately", "scheduled", "forecast", "variation" or "continue", or similar expressions suggesting future outcomes or events. The forward-looking information in this press release relates only to events or information as of the date on which the statements are made in this press release. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this press release. Any number of factors could cause actual results to differ materially from this forward-looking information. Although ERES believes that the expectations reflected in forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Such forward-looking information is based on a number of assumptions that may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking information in this press release is subject to certain risks and uncertainties that could result in actual results differing materially from this forward-looking information. Important factors that could cause actual results to differ materially from expectations include failure to receive the required Court approval to effect the Arrangement and other risks and uncertainties pertaining to ERES as more fully described in regulatory filings that can be obtained on SEDAR+ at www.sedarplus.ca. Except as specifically required by applicable Canadian securities law, ERES does not undertake any obligation to update or revise publicly any forward-looking information, whether as a result of new information, future events or otherwise, after the date on which the information is provided or to reflect the occurrence of unanticipated events. This forward-looking information should not be relied upon as representing ERES's views as of any date subsequent to the date of this press release.
For more information, please contact:
ERES
Ms. Jenny Chou
Chief Financial Officer
(416) 354-0188
Source: European Residential Real Estate Investment Trust
