LONDON (Alliance News) - Brack Capital Real Estate Investments NV on Monday said it agreed to sell its holding in Hotel Indigo Lower East Side New York to MRR Development for USD162.5 million.
The company expects to complete the transaction by the end of the year.
Back in February, the company announced a restructuring and intention to dispose of its non-core assets, as the likelihood of a downturn increased. In addition, the company's policy entails making no new investments in emerging or non-core markets, and being extremely selective in new investments.
Brack Capital Real Estate said it plans to reduce exposure to stabilised properties, and focus on execution and optimisation of its considerable development portfolio, primarily in the US.
Meanwhile, in Russia, the company is focusing on the continuing stabilisation and gradual improvement in property metrics and completion of senior debt restructuring.
Brack Capital Real Estate shares were untraded on Monday at EUR0.80 per share.