17th Sep 2014 07:00
17 September 2014
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Subsidiary announces an agreement to purchase a portfolio of 267 residential units in North Rhine Westphalia and in Hanover, Germany
The Company is pleased to announce that Brack Capital Properties N.V ("BCP"), a subsidiary of the Company, whose shares are traded on the TASE, has published that its' subsidiary has exchanged contracts to purchase a portfolio of 267 residential units in North Rhine Westphalia and in Hanover, Germany (the "Portfolio"). The total leasable area of the Portfolio is 18,300 square meters, the units are let to various tenants and the occupancy rate of the Portfolio is 95%.
The purchase price for the Portfolio is approximately €13,000,000 (not including transaction costs), (the "Purchase Price). The annual passing rent of the portfolio is €1,139,000. BCP is negotiating with a German financing institution to obtain a non-recourse loan of above 60% of the Purchase Price to finance the acquisition.
Completion of the deal will not happen prior to 31.12.2014 and is subject to obtaining all the necessary statutory approvals for the transaction and the removal of all the pledges/ mortgages from the Portfolio.
For ease of reference, we have provided an uncertificated English translation of the announcement, which was published on the TASE in Hebrew, on the Company website www.brack-capital.com.
ENQUIRIES:
BCRE-Brack Capital Real Estate Investments N.V. | |
Ariel Podrojski, Chief Executive Officer | |
Nansia Koutsou, Chief Financial Officer | +31 20 514 1004 |
Novella Communications | |
Tim Robertson | |
Ben Heath | +44 203 151 7008 |
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.
Related Shares:
BCRE.L