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CAPREIT to gain control of ECREIT in Netherlands portfolio deal

Published 12/11/2018, 10:20 AM
© Reuters.  CAPREIT to gain control of ECREIT in Netherlands portfolio deal
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  • Canadian Apartment Properties REIT (OTC:CDPYF) agrees to sell a portfolio of multi-residential properties in the Netherlands to European Commercial REIT.
  • The purchase price is C$634M, with C$239M to be paid through issuing 59.6M ECREIT shares, C$88M in cash, and the assumption of C$307M of CAPREIT's mortgages on the properties.
  • In the process, CAPREIT will acquire a majority stake in ECREIT of at least 58%; if ECREIT is unable to pay the cash component, it will issue more of its units, which would give CAPREIT an 83% stake in ECREIT.
  • ECREIT will change its name to ERES and be managed by CAPREIT.
  • Previously: Canadian Apartment Properties reports Q3 results (Nov. 6)
  • Now read: Brookfield Property Partners: The 'Berkshire Of Real Estate'


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