On March 2, 2026, European Residential Real Estate Investment Trust ("ERES") and Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") announced that they entered into an arrangement agreement pursuant to which an affiliate of CAPREIT will acquire all of the issued and outstanding units of ERES not already owned by CAPREIT for consideration of C$1.19 per unit. The all-cash transaction, which will be structured as a statutory plan of arrangement under the Canada Business Corporations Act, values ERES at approximately C$441 million, including debt and the ERES units and Class B limited partnership units of ERES Limited Partnership owned by an affiliate of CAPREIT. Completion of the transaction requires approval by two-thirds of the votes cast by ERES unitholders and holders of the special voting units of ERES, voting together as a single class, as well as the approval of a simple majority of votes cast by minority ERES unitholders. In connection with the transaction, each trustee and executive officer of ERES entered into a voting agreement agreeing to vote their ERES units in favour of the transaction. ERES is Canada's only European-focused multi-residential REIT, with a portfolio of properties in the Netherlands with a total fair value of approximately €310.1 million (approximately C$499.9 million), including approximately €87.9 million (approximately C$141.7 million) of assets held for sale. BMO Capital Markets is acting as financial advisor to ERES, Haywood is acting as independent financial advisor and independent valuator to the Special Committee, Miller Thomson LLP is acting as legal counsel to the Special Committee, and Stikeman Elliott LLP is acting as legal counsel to ERES. Torys LLP is acting as legal counsel to CAPREIT. The transaction is expected to close in the second quarter of 2026.