2nd Jun 2015 16:07
LONDON (Alliance News) - Brack Capital Real Estate Investments NV Tuesday said a subsidiary has reached a deal to buy 430 residential units in Northern Germany for EUR24.5 million.
The so-called notarized sale agreement was signed by Brack Capital Properties NV with a third party. Brack did not disclose the identity of the third party but said it is not related to Brack Capital Properties or its controlling shareholders.
"The total leasable area of the Portfolio is approximately 29,000 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 97% and the annual gross rental income is approximately EUR1.7 million," Brack Capital Real Estate Investments said.
Brack Capital Properties is in "advanced stages of negotiations" with a German bank for a GBP17.6 million non-recourse loan. The identity of the German bank was not disclosed.
By Samuel Agini; [email protected]; @samuelagini
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