CAPREIT to Provide Property Acquisition Facilities to Support I-RES REIT's Portfolio Growth - Seite 2

CAPREIT also announced today that it has been selected as the preferred bidder to acquire a portfolio of 270 residential suites and approximately 48,000 square feet of mixed-use commercial space located in Dublin, Ireland for approximately EUR88.9 million (including VAT, but excluding other acquisition costs). The portfolio includes an approximate 2.8 acre development site with planning permission for 467 apartments, 64,325 square feet of commercial space and associated basement car parking. The purchase will be funded through CAPREIT's Acquisition and Operating credit facility. This is the first property CAPREIT is acquiring under the Pipeline Agreement.

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,555 residential units, comprising 35,373 residential suites and 29 manufactured home communities comprising 6,182 land lease sites located in and near major urban centres across Canada. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.

About I-RES REIT

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on the Irish Stock Exchange. The Company is the first REIT established in Ireland primarily focused on the multi-unit residential rental sector. The REIT will continue to seek to acquire, hold and manage investments primarily in multi-unit rental residential real estate and/or ancillary and strategically situated commercial property in Ireland. I-RES raised EUR200 million in an initial public offering in April 2014 and currently owns 1,204 residential suites, approximately 7,728 sq. m. (83,225 sq. ft.) of commercial space and ancillary development land at 10 locations in the greater Dublin area.

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 CAPREIT'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.

CAPREIT
Mr. Michael Stein
Chairman
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CAPREIT
Mr. Thomas Schwartz
President & CEO
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CAPREIT
Mr. Scott Cryer
Chief Financial Officer
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