LONDON (Alliance News) - Brack Capital Real Estate Investments N.V said Thursday its net asset value dropped to EUR201.7 million for the year ended December 2017.
That is a decrease from EUR254.1 million for the same period last year. As at the end of 2017 the aggregate value of its total assets was about EUR762 million, down from EUR947 million at the end of 2016.
Rental income increased to EUR16.2 million from EUR11.2 million the year before.
The company increased its number of residential units to 852 from 516 the previous year.
Luca Tomesani Melotti will step down as non-executive director to focus on his business with immediate effect, Brack reported. Moshe Lustig will replace Daniel Aalsvel as an independent non-executive director at the company's annual general meeting in June.
Co-Chief Executive Officers Shai Shamir and Nansia Koutsou said: "Following the company's strategic plan which states that "under the current global economic and financial conditions, the probability of a downturn of the current cycle has increased relative to the past few years", we will focus on de-risking, deleveraging and improving balance sheet quality, reducing asset exposure and cutting costs. We will only consider any new investments if it provides an attractive opportunity with an extraordinary low risk profile to the company and its shareholders."
Shares in Brack Capital went untraded Thursday but last closed at 0.84p each.