Brack Capital Real Estate Inv N.V Sale of shares in Brack Capital Properties N.V. (9562F)
May 23 2017 - 5:15AM
UK Regulatory
TIDMBCRE
RNS Number : 9562F
Brack Capital Real Estate Inv N.V
23 May 2017
This announcement contains inside information within the meaning
of the Market Abuse Regulation (EU) (No 596/2014).
23 May 2017
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Sale of shares in Brack Capital Properties N.V.
The Company is pleased to announce that it has agreed to sell
all the shares held in the issued and outstanding share capital of
Brack Capital Properties N.V. ("BCP"), an associate undertaking of
the Company whose shares are traded on the Tel Aviv Stock Exchange
("TASE"), to a company under the ultimate control of Mr. Teddy Sagi
through an off-market transaction at a price of NIS 345 per share,
for a total consideration of approximately NIS 695 million
(approximately EUR 173 million). The transaction reduces the
Company's holding in the issued share capital of BCP to nil.
The sale of the shares is made within the framework of
concurrent transactions for the aggregate purchase of 44% of the
issued and outstanding share capital of BCP. Closing of the
transaction is expected to take place on 22 June 2017 at which time
payment will be made.
Following the Company's recent strategic review in context of,
among others, portfolio allocation, market conditions and liquidity
considerations, the Board of BCRE explored potential alternatives
in relation to its position in BCP. In light of this review, BCRE
considers it an opportune time to divest its mature investment in
BCP and seek newer investments and opportunities. Through this
divestment, the Company gains further liquidity.
The proceeds are to be used for new investments, to repay debt
upon or prior to maturity and/or for general corporate
purposes.
ENQUIRIES:
BCRE - Brack Capital Real Estate
Investments N.V.
Ariel Podrojski, Chief Executive
Officer
Nansia Koutsou, Chief Financial Officer +31 20 514
/ Chief Operating Officer 1004
Novella Communications
Tim Robertson
+44 203 151
Toby Andrews 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 in the markets it
operates.
The Company has established local management team platforms with
significant local market expertise. At present, the Company has
offices and teams in New York, London, Moscow, Kazan, New Delhi,
Amsterdam and Limassol.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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