Mr. Mark Kenney reports

EUROPEAN RESIDENTIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES STRATEGIC REVIEW

European Residential Real Estate Investment Trust is working with CBRE, as financial and real estate adviser, to advise it in connection with a strategic review of the REIT.

The trust has not established a definitive timeline to complete the strategic review or any transaction, and no decisions have been reached at this time. There can be no assurance that the engagement of CBRE or the strategic review will result in any transaction or initiative or, if a transaction or initiative is undertaken, as to the terms or timing of such a transaction or initiative. The trust does not currently intend to disclose further developments in connection with or arising from the engagement of CBRE, the strategic review or in connection with any transaction, initiative or related matter, unless and until it is determined that disclosure is necessary or appropriate.

About European Residential Real Estate Investment Trust

European Residential is an unincorporated, open-ended real estate investment trust. European Residential's units are listed on the Toronto Stock Exchange under the symbol ERE.UN. European Residential is Canada's only European-focused multiresidential REIT, with a current initial focus on investing in high-quality, multiresidential real estate properties in the Netherlands. As at March 31, 2023, European Residential owns a portfolio of 158 multiresidential properties, composed of approximately 6,900 suites and ancillary retail space located in the Netherlands, and owns one office property in Germany and one office property in Belgium.

ERES's registered and principal business office is located at 11 Church St., Suite 401, Toronto, Ont., M5E 1W1.

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