REG - Brack Capital Real - Subsidiary acquisition <Origin Href="QuoteRef">BCRE.L</Origin> <Origin Href="QuoteRef">IPPL.L</Origin>

PCI- PALAnnouncement

29/10/2014 07:00

RNS Number : 4563Q
Brack Capital Real Estate Inv N.V
01 September 2014
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Subsidiary announces on purchase a number of residential and office buildings in Dusseldorf, Germany 
BCRE 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 completed a transaction for the purchase of a number of residential and office buildings in Dusseldorf, Germany (the "Purchased Assets"). The Purchased Assets are on 20,000 square meters of land comprising: an office building with two floors and a total area of about 2,000 square meters (not leased), a residential building with five floors, including 27 residential units with an average area of about 78 square meters each (24 residential units are leased) and 4 private homes with an average area of about 100 square meters (two are leased); the residential units are let to various tenants and the occupancy rate of the Purchased Assets is about 84%. 
The purchase price for the Purchased Assets is approximately 12.85 million (including transaction costs). BCP received from a German financing institution a non-recourse loan of 8 million to finance the acquisition. 
For ease of reference, we have provided an uncertificated English translation of the announcement, which was published on the TASE in Hebrew and on the Company website www.brack-capital.com. 
 
ENQUIRIES:
BCRE-Brack Capital Real Estate Investment 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, Dsseldorf, Moscow, Kazan, New Delhi, Amsterdam, Limassol and Budapest.

This information is provided by RNS
The company news service from the London Stock Exchange
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