Miller Thomson LLP, Stikeman Elliott LLP, and Torys LLP advised a take-private deal for European Residential Real Estate Investment Trust in a $441 million acquisition by another REIT, following a multiyear wind-down.

Canadian Apartment Properties Real Estate Investment Trust will acquire the REIT known as ERES and delist the company from the Toronto Stock Exchange, according to a Monday news release.

Toronto-based ERES said it is Canada's only REIT focused on European multifamily properties, holding a portfolio of properties in the Netherlands. As of the end of 2025, ERES held about 1,000 residential units worth a combined $360 million, with about $102 million worth of assets held for sale.

CAPREIT is Canada's largest publicly traded rental housing owner, with a combined 45,500 apartments and townhomes across Canada and the Netherlands worth $14.7 billion.

The CAPREIT acquisition marks the completion of a strategic review process by ERES.

"This transaction marks a natural and constructive ending to ERES, after several successful years of diligent, well-executed downsizing," said Stephen Co, chief financial officer of CAPREIT. "By taking ERES private, CAPREIT can determine the future of the remaining assets in alignment with its long-term objectives, while providing public ERES unitholders with a timely and certain all-cash exit."

According to a news release, the acquisition price represents a 32% premium of ERES' closing price on Nov. 6, 2024, before a special ERES meeting to authorize a sale of the REIT.

If approved at an upcoming meeting in April, the transaction would close in the second quarter of this year.

CAPREIT is advised by John Emanoilidis, David Forrester, Max Ledger, Jason Lamb, Jodie Wang, Michael Zackheim, Simon Knowling, Reea Galeano, Jennifer Lennon, Parker Baglole, Omar Wakil, Andrew Gray, Nina Mansoori, Ben Pan, Corrado Cardarelli, and Andrew Wong of Torys LLP.

ERES is advised by Stikeman Elliott LLP.

An ERES special committee is advised by Miller Thomson LLP.