European Residential Real Estate Investment Trust (ERE-UN.TO) late on Wednesday said that it has executed a total of 362 million euros in strategic dispositions.

An ERES subsidiary struck a deal with an affiliate of Fortress Investment Group to sell entities owning 1,446 residential suites in the Netherlands for about 337 million euros to be paid in cash.

An investor group, which includes funds managed by affiliates of Fortress Investment Group, will be the beneficiary of the acquisition.

Proceeds from the disposition will be used in part to repay about 174 million euros in mortgage debt. The remaining proceeds will fund the repayment of revolver debt and a special distribution to the REIT's unit holders of an estimated 0.80 euro per REIT unit.

The disposition is scheduled to close between early August and mid-September.

ERES subsidiaries have also completed the sale of an entity owning one 104-suite property in the Netherlands for proceeds of 25 million euros. The sale closed in March and the sale price was settled in cash. Proceeds will be redeployed in part to repay outstanding mortgage debt.

Year to date, other ERES subsidiaries have closed on sales of a total of 311 residential suites in the Netherlands for combined consideration of about 65 million euros.

The board has determined that it is in the best interest of the REIT and its unit holders to maximize the value of the remaining portfolio through property or portfolio sales or a sale of the REIT.

The board has authorized the REIT to commence a process exploring all options to surface the value of the remaining portfolio, with proceeds to be distributed to unit holders.