22nd Mar 2016 17:07
LONDON (Alliance News) - Brack Capital Real Estate Investments NV late Tuesday said one of its subsidiaries has entered into an agreement to acquire some residential and office units in Germany.
Brack Capital Properties NV has entered into a notarised acquisition agreement to acquire 31 residential and five office units in Hannover, Germany, for a total of EUR7.8 million.
Brack said the agreement is with a third party which it did not name, but said it is not related to BCRE Germany or its controlling shareholders.
Completion of the transaction is subject to the fulfilment of the conditions required relating to the transfer of the ownership rights including obtaining all the necessary approvals for the transaction and the removal of all the pledges from the property, said Brack.
Brack shares were untraded on Tuesday, last trading at 0.970 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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