Canadian Apartment Properties Real Estate Investment Trust Announces Notice of Termination of IRES Management Agreement – Canada NewsWire

TORONTO, March 31, 2021 /CNW/ – Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR.UN) (“CAPREIT”) announced today that  IRES Fund Management Limited (the “Investment Manager”),  a wholly-owned subsidiary of CAPREIT, today provided twelve (12) months’ notice of termination of its management agreement (the “Management Agreement”) with Irish Residential Properties REIT plc (“IRES REIT”), which will become effective March 31, 2022.

Pursuant to the Management Agreement, the Investment Manager provides asset and property management services to IRES REIT. CAPREIT Limited Partnership (“CAPLP”), a wholly owned subsidiary of CAPREIT, also provides services to the Investment Manager and IRES REIT through a related services agreement (the “Services Agreement”).

The Management Agreement had an initial term of 5 years, which expired on 1 November 2020, and the Management Agreement then rolled over for a further 5-year term unless duly terminated by either party at an earlier date. As previously disclosed by IRES REIT,

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