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European Commercial REIT unit holders OK multifamily portfolio deal with CAPREIT

European Commercial REIT obtained unit holder approval for its proposed acquisition of a 41-property multifamily portfolio totaling 2,091 units in the Netherlands from Canadian Apartment Properties Real Estate Investment Trust.

Under the terms of the deal announced in December 2018, CAPREIT would gain a majority stake in European Commercial REIT at closing.

European Commercial REIT said 99.96% of the votes cast at its March 21 special meeting of holders of trust units and special voting units were in favor of the proposed deal.

At the meeting, the company also obtained approval for its proposed appointments of Harold Burke, Gina Cody and Michael Stein as new trustees.

The appointments will be effective with and are contingent on the proposed deal's completion, expected to take place March 29.