This news release constitutes a “designated news release” for the purposes of CAPREIT’s prospectus supplement dated May 15, 2025, to its short form base shelf prospectus dated May 15, 2025.

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO, May 01, 2026 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust (“ERES”) (TSX: ERE.UN) and Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) today announced the successful completion of their previously-announced plan of arrangement transaction (the “Arrangement”), pursuant to which an affiliate of CAPREIT acquired all of the issued and outstanding units of ERES (each, an “ERES Unit”) not already owned by CAPREIT and its affiliates for consideration of $1.19 per ERES Unit. The Arrangement became effective earlier today.

As a result of the completion of the Arrangement, the ERES Units are expected to be delisted from the Toronto Stock Exchange (the “TSX”) shortly after the date hereof. ERES has submitted an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Further details regarding the Arrangement are set out in ERES’s management information circular dated March 24, 2026, which is available under ERES’s issuer profile on SEDAR+ at www.sedarplus.ca.

Required Early Warning Disclosure

Further to the requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, CAPREIT will file an amended early warning report in connection with the completion of the Arrangement.

Immediately prior to the completion of the Arrangement, CAPREIT held an approximate 65% effective interest in ERES, assuming exchange of all Class B LP Units, through the ownership of, or the control or direction over, 10,197,000 ERES Units and 142,040,821 Class B LP Units (and related special voting units of ERES). Following completion of the Arrangement, CAPREIT directly or indirectly owns 93,106,232 ERES Units and indirectly owns 142,040,821 Class B LP Units (and related special voting units of ERES), representing 100% of the issued and outstanding ERES Units and Class B LP Units (and related special voting units of ERES), respectively.

A copy of the amended early warning report will be filed with the applicable securities commissions and will be made available under ERES’s SEDAR+ profile at www.sedarplus.ca. Further information and a copy of the amended early warning report of CAPREIT may be obtained by contacting: Stephen Co, Chief Financial Officer, CAPREIT, (416) 306-3009. CAPREIT is an “open-end” real estate investment trust created and governed by a declaration of trust dated February 3, 1997, under the laws of the Province of Ontario, as amended and restated from time to time, including most recently on June 1, 2022. The head office address of CAPREIT and ERES is 11 Church Street, Suite 401, Toronto, Ontario, Canada M5E 1W1.

About European Residential Real Estate Investment Trust

ERES is an unincorporated, open-ended real estate investment trust. The ERES Units are listed on the TSX under the symbol ERE.UN. ERES is Canada’s only European-focused multi-residential REIT, with a current portfolio of high-quality, multi-residential real estate properties in the Netherlands. As at December 31, 2025, ERES owned 1,029 residential suites, including 410 suites classified as assets held for sale, and ancillary retail space located in the Netherlands, with a total fair value of approximately €310.1 million, including approximately €87.9 million of assets held for sale. ERES’s registered and principal business office is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1. For more information please visit ERES’s website at www.eresreit.com.

About Canadian Apartment Properties Real Estate Investment Trust

CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at December 31, 2025, CAPREIT owns approximately 45,500 residential apartment suites and townhomes (excluding approximately 400 suites classified as assets held for sale), that are well-located across Canada and, to a lesser extent, the Netherlands, with a total fair value of approximately $14.7 billion (excluding approximately $0.1 billion of assets held for sale). For more information about CAPREIT, its business and its investment highlights, please visit CAPREIT’s website at www.capreit.ca and CAPREIT’s public disclosures which can be found under its profile at www.sedarplus.ca.

Cautionary Statements Regarding Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws, which reflect ERES’s and CAPREIT’s current expectations and projections about future results. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “consider”, “should”, “plans”, “predict”, “potential”, “could”, “likely”, “approximately”, “scheduled”, “forecast” or “continue”, or similar expressions suggesting future outcomes or events. The forward-looking information in this news release relates only to events or information as of the date on which the statements are made in this news release. The forward-looking information in this news release includes, without limitation, statements with respect to the Arrangement, including statements with respect to the anticipated delisting of the ERES Units from the TSX and ERES’s status as a reporting issuer under applicable securities laws. Such forward-looking information is based on a number of assumptions that may prove to be incorrect.

Forward-looking information in this news release is subject to certain risks and uncertainties, many of which are beyond ERES’s and CAPREIT’s control, which could result in actual results differing materially from this forward-looking information. These risks and uncertainties include, but are not limited to, the risks and uncertainties described under the heading “Risks and Uncertainties” in ERES’s and CAPREIT’s 2025 Annual Reports, each of which is available under ERES’s or CAPREIT’s respective profiles on SEDAR+ at www.sedarplus.ca.

Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this news release. Although ERES and CAPREIT believe that the expectations reflected in forward-looking information are reasonable, they can give no assurances that the expectations of any forward-looking information will prove to be correct. Accordingly, readers should not place undue reliance on forward-looking information. Except as specifically required by applicable Canadian securities laws, ERES and CAPREIT do not undertake any obligation to update or revise publicly any forward-looking information, whether as a result of new information, future events or otherwise, after the date on which the information is provided or to reflect the occurrence of unanticipated events. This forward-looking information should not be relied upon as representing ERES’s or CAPREIT’s views as of any date subsequent to the date of this news release.

European Residential Real Estate Investment Trust Contact

Ms. Jenny Chou
Chief Financial Officer
European Residential Real Estate Investment Trust
Tel: (416) 354-0188

Canadian Apartment Properties Real Estate Investment Trust Contact

Mr. Stephen Co
Chief Financial Officer
Canadian Apartment Properties Real Estate Investment Trust
Tel: (416) 306-3009