ERES REIT Continues Growth With €12mm Multi-Residential Acquisition in the Netherlands TORONTO, Dec. 15, 2020 — European Residential Real Estate Investment Trust (TSX:ERE.UN, “ ERES” or the “ REIT”) announced today that it has entered into an agreement to acquire a multi-residential property located in Steenwijk, a city in the Dutch province of Overijssel (the “ Steenwijk Property”). The building is comprised of 98 residential units which are 100% owned and currently 98% leased. The €12.25 million (C$19 million) purchase price (excluding transaction costs and fees) represents an estimated forward capitalization rate of approximately 4.1%, and closing is anticipated on or around December 29, 2020. The Steenwijk Property is the fourth acquisition by ERES over the course of Q3 and Q4 2020, bringing total acquisition volume to €81 million (excluding transaction costs and fees) and increasing aggregate suite count by 415 units. The Steenwijk Property will be financed with currently available liquidity and long-term mortgage financing to be secured alongside the previously announced Doorwerth, Kairos and Mill transactions (which closed on September 1, October 1 and December 1, 2020, respectively) in the amount of €45 million combined (representing a loan-to-value ratio of 55%, excluding transaction costs and fees), with an interest rate of approximately 1% for a 4-year term.