26th Aug 2014 10:04
LONDON (Alliance News) - Brack Capital Real Estate Investments NV Tuesday said that Brack Capital Properties NV, a subsidiary of the company, has exchanged contracts to purchase a portfolio of 308 residential units in Dortmund, Germany.
With the total leasable area at 15,100 square metres and an occupancy rate of 98%, the purchase price of the portfolio is about EUR10.8 million, including transaction costs, Brack said.
Brack Capital Properties received a term sheet from an unnamed German financing institution for a non-recourse loan of EUR7.4 million to finance the acquisition. The term sheet is subject to approval by the financing institution's credit committee.
Brack Capital Real Estate shares were Tuesday untraded at EUR1.695.
By Samuel Agini; [email protected]; @samuelagini
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