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European Residential REIT to buy Amsterdam property for €105M

European Residential Real Estate Investment Trust agreed to buy the 17-story Kameleon property in southeast Amsterdam for approximately €105 million in a deal slated to close Dec. 16.

The property comprises 222 residential suites, about 9,900 square meters of retail space and 432 parking spaces.

The REIT plans to initially fund the acquisition using an approximately €37 million promissory note issued to parent Canadian Apartment Properties Real Estate Investment Trust; a draw on its existing credit facility of about €20 million; and a €50 million draw on a new one-year €50 million credit facility that European Residential secured from two Canadian chartered banks.

European Residential also said it recently acquired the 294-unit, nine-property Gazelle residential portfolio in the Netherlands for approximately €67 million, which it funded with about €40 million in new mortgage financing, a €26 million draw on its existing credit facility and cash on hand.

Additionally, the REIT agreed to sell an office property in Düsseldorf, Germany, for approximately €17 million, with net proceeds to be reinvested in multiresidential assets. This transaction is set to close in the first quarter of 2020.

Canadian Apartment Properties will manage the residential portion of the Kameleon property, while a local arms-length manager will be tapped to manage the retail portion of the asset.