Press Release

ERES disposes approximately 3,200 residential units

September 17, 2024

Aerial view of a suburban residential area with rows of houses, green trees, and parked cars, showcasing well-maintained gardens and pathways.

Media Contact

Irene Martini

Director

Photo of irene-martini

European Residential REIT (“ERES”) has entered into an agreement to sell a residential property portfolio of 2,947 dwellings to a consortium led by TPG-Angelo Gordon, Dream and Stadium Capital. The ‘Glass’ portfolio is well diversified across the Netherlands in 60 different cities such as Amsterdam, the Hague, Utrecht and Rotterdam as well as a wide range of smaller towns. The majority of dwellings (approx. 60%) consist of single-family homes. In a separate transaction ERES has agreed to sell a residential portfolio of 232 dwellings to a private family office.

Mark Kenney – Chief Executive Officer of ERES.
“We are actively seeking additional ways in which we can surface value and alleviate current capital and financial market pressures, and the strategic sale of a large portion of our residential portfolio in the Netherlands achieves these objectives. Moreover, our strategic dispositions this year are being executed at or above previously reported IFRS fair values.Through the Transactions, we’re planning to return a meaningful amount of capital to ERES’s Unitholders, while using the remaining net proceeds to pay down debt thus lowering ERES’s leverage. This will significantly mitigate the impact of higher interest rates on the revolving credit facility and on mortgages maturing in the near term, and ultimately improve ERES’s financial condition.”

Laurens de Blij – Director Capital Markets CBRE
“These strategic dispositions enable ERES to maximize value for unitholders and to find large scale liquidity to deploy in other ways. That such a landmark transaction can be executed above IFRS value underscores the high quality of the ERES portfolio and the underlying fundamentals of Dutch residential as an attractive asset class”.

CBRE has acted as financial and real estate advisor on both transactions on behalf of ERES while Loyens & Loeff acted as legal advisor to ERES for the Glass portfolio. Van Doorne acted as legal advisor to ERES for the additional transaction.

About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.

 

Related news

Item 0 Item 0 Item 0 Item 0 Item 0 Item 0