ERES REIT Announces Appointment of Stephen Co as Chief Financial Officer

TORONTO, Nov. 25, 2020 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust (TSX:ERE.UN, "ERES" or the "REIT") and Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN, "CAPREIT") are pleased to announce the appointment of Mr. Stephen Co to Chief Financial Officer of ERES, replacing Mr. Scott Cryer, effective January 1, 2021.

Mr. Co joined CAPREIT in 2011 and his responsibilities include oversight of the accounting and finance functions, management of the budgeting and forecasting process and execution of capital raising strategies. In his role as Vice President, Finance, he was actively involved in the creation of ERES in March 2019 and since has directed ERES's ongoing financial operations. Prior to joining CAPREIT, Stephen worked at PricewaterhouseCoopers LLP in the assurance practice, servicing clients in the real estate sector. He holds a Bachelor of Business Administration degree from the University of Toronto, holds a Chartered Accountant (CPA,CA) designation and is also a Chartered Financial Analyst (CFA) Charterholder.

Pursuant to an asset management agreement, CAPREIT provides ERES with, among other things, responsibility for the role of chief financial officer, which Mr. Cryer, Chief Financial Officer of CAPREIT, has held since March 2019. This appointment reflects the maturation of ERES as well as succession planning by CAPREIT. Mr. Cryer will continue to lead an active role in the growth of ERES going forward, with CAPREIT being the majority Unitholder and asset and property manager of ERES.

"I want to thank Mr. Cryer for his significant contributions to ERES leading to and since its creation, and look forward to continuing our strong relationship with him at CAPREIT," said Mr. Phillip Burns, CEO. "We are excited to welcome Mr. Co to the CFO role and looking forward to working together in fostering ERES's future of opportunity."

About ERES

ERES is an unincorporated, open-ended real estate investment trust. ERES's Units are listed on the TSX under the symbol ERE.UN. ERES is Canada's only European-focused, multi-residential REIT, with a current initial focus on investing in high-quality, multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 137 multi-residential properties, comprised of 5,865 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 Street, Suite 401, Toronto, Ontario M5E 1W1.

For more information, please visit our website at www.eresreit.com.

Cautionary Statements Regarding Forward-Looking Statements

All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent ERES's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.