CAPREIT Limited Partnership completed the acquisition of the Rockbrook Portfolio on 28 January 2015 for approximately €87.3 million (including VAT, but excluding other acquisition costs), which portfolio is intended to be transferred to I•RES under the terms of the pipeline agreement entered into between I•RES and CAPREIT on 21 November 2014 (the "Pipeline Agreement"). The Rockbrook Portfolio consists of 270 residential suites and approximately 4,665 sq. m (50,214 sq.

ft.) of mixed-use commercial space located in Dublin, Ireland. The portfolio also includes a development site of approximately 1.13 hectares (2.8 acres) which has planning permission for 467 residential suites, 5,976 sq. m (64,325 sq.

ft.) of commercial space and associated basement car parking. The Rockbrook Portfolio is currently approximately 95% occupied and has a gross residential passing rent of approximately €4.4 million p.a. and commercial rent of approximately €0.3 million p.a., representing an initial gross rental yield of 5.4%. 81 of the residential suites comprising the Rockbrook Portfolio are located in buildings at Grande Central in which I•RES already owns 65 out of a total of 195 residential suites.