ERES to Sell €748 Million in European Properties

The strategic dispositions include residential suites in the Netherlands and a commercial building in Germany.

European Residential Real Estate Investment Trust (ERES) has agreed to sell 3,179 residential suites in the Netherlands for approximately €739 million.
The sales include two separate agreements: one for 2,947 suites at €695 million and another for 232 suites at €44 million.
ERES also completed the sale of a commercial building in Germany for €9 million.
Proceeds from the sales will be used to repay €421 million in mortgage debt, fund a special cash distribution, and reduce ERES's monthly distribution rate by 50%.
The transactions are subject to regulatory approvals and are expected to close by early Q1 2025.