Ms. Jenny Chou of European Residential reports

EUROPEAN RESIDENTIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES COMPLETION OF GOING-PRIVATE TRANSACTION WITH CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST

European Residential Real Estate Investment Trust and Canadian Apartment Properties REIT have completed their previously announced plan of arrangement transaction, pursuant to which an affiliate of CAPREIT acquired all of the issued and outstanding units of ERES 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 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+.

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 approximately 65-per-cent effective interest in ERES, assuming exchange of all Class B limited partnership 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 per cent 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. 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 Feb. 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.

About European Residential Real Estate Investment Trust

ERES is an unincorporated, open-ended real estate investment trust. The ERES units are listed on the Toronto Stock Exchange under the symbol ERE.UN. ERES is Canada's only European-focused multiresidential REIT, with a current portfolio of high-quality, multiresidential real estate properties in the Netherlands. As at Dec. 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 euros, including approximately 87.9 million euros of assets held for sale.

About Canadian Apartment Properties REIT

CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at Dec. 31, 2025, CAPREIT owns approximately 45,500 residential apartment suites and townhouses (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 $100-million of assets held for sale).

We seek Safe Harbor.