22nd Feb 2016 16:30
LONDON (Alliance News) - Brack Capital Real Estate Investments NV Monday said the deal struck by its subsidiary to purchase residential units in northern Germany is expected to be completed by the start of March.
Brack Capital revealed its subsidiary had struck a deal back in December to acquire 296 residential units in Germany for EUR20.4 million, and on Monday said the deal should be completed by March 1.
The residential units have a total leasable area of around 20,500 square meters and an occupancy rate of around 99%, yielding an annual gross rental income of around EUR1.25 million.
Brack Capital shares were untraded on Monday, last trading at 0.955 euro cents.
By Joshua Warner; [email protected]; @JoshAlliance
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