22:06Nov 30, 2021MT Newswires

European Residential REIT Says "Boosts External Growth" With Another 60 Million Euros Acquisition in the Netherlands

European Residential Real Estate Investment Trust (TSX:ERE.UN) announced after trade Tuesday that it has completed the acquisition of a portfolio of two properties comprised of an aggregate 162 residential suites located in the Randstad region of the Netherlands.

A statement said the Panorama Portfolio includes one newly-built property containing 120 suites located in Rijswijk and another 42-suite property located in Almere, that was acquired for a total purchase price of 60.1 million euros (C$86.9 million), excluding transaction costs and fees. The acquisition has been initially funded using the REIT's revolving credit facility, which will subsequently be replaced with long-term mortgage financing to be arranged in combination with the REIT's recently announced Willem transaction.