Bond Credit Ratings- replacement

TEXT AMENDMENT

The following amendment has been made to the 'Bond Credit Ratings' announcement released on 18 December 2014 at 0700 under the RNS no. 1141A. The title "Midroog has placed the Company's Series A, B, D, E and F bonds on credit review with negative implications due to the economic crisis in Russia" has changed to "Midroog has placed the Company's Bonds A, B, and C on credit review with negative implications due to the economic crisis in Russia" and the text "Series A, B and C Bonds A2" has changed to "bonds A, B and C rated A2". All other details remain unchanged. The full amended text is shown below.

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Midroog has placed the Company's Bonds A, B, and C on credit review with negative implications due to the economic crisis in Russia

The Company (LSE: BCRE) announces that Midroog, a credit rating agency accredited by Israel and a subsidiary of Moody's Investors Service Inc. ("Moody's"), has placed the Company's bonds A, B and C rated A2 on a local Israeli scale on credit review with negative implications due to the economic crisis in Russia.

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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, predominantly located in the USA, Germany, Russia, India and the UK.

The Company has established local management team platforms with significant local market expertise in the US, Germany, Russia, India and the UK with exclusive access to over 400 staff. At present, the Company has offices and teams in New York, London, Frankfurt, Düsseldorf, Moscow, Kazan, New Delhi, Amsterdam, Limassol and Budapest.