Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has acquired a portfolio of 18 modern, high-quality residential rental properties totalling 942 residential suites well located in seven urban growth markets in the Netherlands. Approximately 91% of the properties have been constructed since 1970. Occupancy in the portfolio currently stands at approximately 98%. CAPREIT paid €163.8m for the portfolio financed by CAPREIT’s Euro Acquisition and Operating Facility.
“We continue building scale in the robust Netherlands multi-residential market,” commented Mark Kenney, CAPREIT’s President and Chief Executive Officer. “The Netherlands residential rental market remains highly fragmented, with strong demand for rental accommodation driven by an acute housing shortage, high population growth, and strong macro-economic fundamentals. Consistent with our previous growth strategy for European Residential Real Estate Investment Trust (“ERES”), CAPREIT intends to make this portfolio available to ERES to execute on its growth plans when ERES is in a position to acquire it.”