Source - RNS
RNS Number : 0644L
Brack Capital Real Estate Inv N.V
28 September 2016

28 September 2016

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Sale of shares in a subsidiary

The Company announces that it has sold today 420,809 shares of Brack Capital Properties N.V. ("BCRE Germany"), a subsidiary of the Company whose shares are traded on the Tel Aviv Stock Exchange ("TASE"), through an off-market transaction at a price of NIS 324 per share, for a total consideration of NIS 136,342,116 (approximately EUR 32.4 million). The transaction reduces the Company's holding in the issued share capital of BCRE Germany to 28.31%.

The purpose of the above transaction is to further increase the Company's liquidity and cash reserves, as well as increase the free float of BCRE Germany and the trading volume in its shares, and does not alter the strategy of the Company with regards to its German platform. The proceeds are to be used for new investments, to repay debt upon or prior to maturity and/or for general corporate purposes.


BCRE - Brack Capital Real Estate Investments N.V.

Ariel Podrojski, Chief Executive Officer

Nansia Koutsou, Chief Financial Officer / Chief Operating Officer

+31 20 514 1004

Novella Communications

Tim Robertson

Toby Andrews

+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 and Russia.

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 550 staff. At present, the Company has offices and teams in New York, London, Frankfurt, Dusseldorf, Moscow, Kazan, New Delhi, Amsterdam and Limassol.


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