ERES REIT Closes on Sale of Dusseldorf Commercial Property

TORONTO, Jan. 31, 2020 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (TSX-V:ERE.UN, “ERES”) announced today that it has closed on the sale of the previously announced disposition of its commercial property in Düsseldorf, Germany (the “Düsseldorf Property”) to an arm’s length third party purchaser. The sale price of the Düsseldorf Property of €16.9 million has been satisfied with cash from the purchaser, of which the REIT intends to use the net proceeds to reinvest in multi-residential assets after settlement of the outstanding mortgage with a principal balance of approximately €7.0 million and associated interest rate swap, and other disposition costs.