New York and Dallas, April 2, 2024 – Fortress Investment Group today announces an agreement through which an investor group which includes funds managed by affiliates of Fortress Investment Group (“Fortress”) will acquire from European Residential Real Estate Investment Trust (“ERES”) (TSX:ERE.UN) entities owning 1,446 residential suites in the Netherlands for aggregate proceeds, net of an adjustment for deferred taxes and other adjustments, of approximately €337 million.
“We are pleased to bring our more than 25 years of real estate investing experience to the Dutch residential market through this acquisition,” said Cyril Courbage, Head of Real Estate Equity – Europe. “We believe our business plan will deliver significant improvements to these assets over the coming years.”
The acquisition is expected to close in Q3 2025. The portfolio includes 24 buildings of residential suites across the Randstad and Limburg areas. Fortress’s business plan for the portfolio includes an initial budget of more than €30 million to upgrade amenities in both individual buildings and residential units following the completion of the acquisition.
Fortress Investment Group has maintained an office in the Netherlands since 2013; its business strategy in the country is focused on real estate investments.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49 billion of assets under management as of December 31, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. For more information, please visit www.fortress.com.
Contact
Mark Lane, mlane@fortress.com, +1 917.842.4228
or
Cardew Group
Ed Orlebar, ed.orlebar@cardewgroup.com, +44 7738 724 630
Olivia Rosser, olivia.rosser@cardewgroup.com, +44 7552 864 250