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European Residential REIT wraps up €105M acquisition of Amsterdam property

European Residential REIT, or ERES, completed its roughly €105 million purchase of the Kameleon property in southeastern Amsterdam.

The 17-story building includes 222 residential suites, about 9,900 square meters of ancillary retail space and 432 indoor parking spaces.

ERES also completed its bought-deal offering of 30,915,400 trust units at a price of C$4.65 apiece, raising gross proceeds of roughly C$143.8 million. The offering included the full exercise of the underwriters' overallotment option.

Canadian multifamily real estate investment trust Canadian Apartment Properties REIT, or CAPREIT, bought 5,377,000 units in the offering, reflecting about C$25 million. The transaction puts CAPREIT's effective interest in ERES at roughly 66% through its ownership of 10,197,000 units and 142,040,821 class B limited partnership units of ERES LP.

ERES plans to use net proceeds from the offering to repay a €50 million draw on a new €50 million credit facility obtained from two Canadian chartered banks; to repay a €23 million draw on its existing credit facility; and to repay about €22 million of the approximately €37 million promissory note issued to CAPREIT. The remaining funds will be used for future acquisitions, debt repayment, capital expenditures and general trust purposes.

The syndicate of underwriters for the offering was led by RBC Capital Markets.