Brack Capital Real Estate Inv N.V Subsidiary entry into a notarised sale agreement (8012J)

TIDMBCRE

RNS Number : 8012J

Brack Capital Real Estate Inv N.V

21 December 2015

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Subsidiary announces on execution of a notarized sale agreement to purchase a portfolio of 296 residential units in Northern Germany

The Company is pleased to announce that Brack Capital Properties N.V. ("BCRE Germany"), a subsidiary of the Company whose shares are traded on the Tel Aviv Stock Exchange ("TASE"), published that it has entered into a notarized sale agreement with a third party, who is not related to BCRE Germany (or to its controlling shareholders), to purchase 296 residential units in Northern Germany (the "Portfolio").

The total leasable area of the Portfolio is approximately 20,500 square meters and the units are let to a number of tenants. To the best knowledge of BCRE Germany, the occupancy rate of the Portfolio is approximately 99% and the annual gross rental income is approximately EUR1.25 million.

The purchase price for the Portfolio is approximately EUR20.4 million (including related transaction costs). BCRE Germany is in advanced stages of negotiations with a German bank for obtaining a non-recourse financing loan amounting to EUR14 million.

Closing of the deal is subject to obtaining all the necessary statutory approvals for the transaction and the removal of all the pledges/mortgages from the Portfolio.

For ease of reference, the uncertified English translation of the announcement together with the original announcement which was published on the TASE in Hebrew, is available on the Company's website: www.brack-capital.com.

ENQUIRIES:

 
 BCRE - Brack Capital Real Estate 
  Investments N.V. 
 Ariel Podrojski, Chief Executive 
  Officer 
 Nansia Koutsou, Chief Financial      +31 20 514 
  Officer                                   1004 
 
 Novella Communications 
 Tim Robertson 
                                     +44 203 151 
 Ben Heath                                  7008

About BCRE

BCRE is an international real estate development and investment group, headquartered in the Netherlands and listed on the London Stock Exchange. Through its subsidiary and associated undertakings, the Company is interested in, develops and operates an international portfolio of real estate assets, predominantly located in the USA, Germany, Russia, India and the UK.

The Company has established local management team platforms with significant local market expertise in the US, Germany, Russia, India and the UK with exclusive access to over 400 staff. At present, the Company has offices and teams in New York, London, Frankfurt, Düsseldorf, Moscow, Kazan, New Delhi, Amsterdam, Limassol and Budapest.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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