European Residential REIT Announces Retirement of Chair and Appointment of New Trustee

TORONTO, April 04, 2023 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust ("ERES") (TSX: ERE.UN) announced today that Michael Stein has decided to step down from the Board of Trustees with effect today.

"Michael was instrumental in transforming ERES into a European-focused, multi-residential REIT. On behalf of the entire ERES team, we thank Michael for his tremendous leadership as Chair, and recognize the valuable contributions and strategic insights he brought to the Board over the past four years," said Mark Kenney, Chief Executive Officer of ERES.

Dr. Gina Parvaneh Cody, who has been a member of ERES's Board of Trustees for four years and is Canadian Apartment Properties Real Estate Investment Trust's ("CAPREIT") Chair, has been named Chair of ERES's Board of Trustees.

ERES also announced that Gervais Levasseur has joined ERES's Board of Trustees as a nominee of CAPREIT pursuant to CAPREIT's investor rights agreement with ERES. Mr. Levasseur is a seasoned executive with extensive international experience in corporate strategy and cross-border capital markets and is a member of the Board of Trustees of CAPREIT.

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 158 multi-residential properties, comprised of 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 Street, Suite 401, Toronto, Ontario M5E 1W1.

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