2nd Jun 2015 17:00
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Subsidiary announces on execution of a notarized sale agreement to purchase a portfolio of 430 residential units in Northern Germany
The Company is pleased to announce that Brack Capital Properties N.V. ("BCRE Germany"), a subsidiary of the Company, whose shares are traded on the TASE, published that it has entered into a notarized sale agreement with a third party, who is not related to BCRE Germany (or to its controlling shareholders), to purchase 430 residential units in Northern Germany (the "Portfolio'').
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 €1.7 million.
The purchase price for the Portfolio is approximately €24.5 million (including related transaction costs). BCRE Germany is in advanced stages of negotiations with a German bank for obtaining a non-recourse loan of approximately €17.6 million.
Closing of the deal 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, the uncertified English translation of the announcement together with the original announcement which was published on the TASE in Hebrew, is available on the Company's 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