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Pin to quick picksBcre - Brack Capital Real Estate Investments N.v. Regulatory News (BCRE)

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Potential Property Acquisition

Tue, 17th Jun 2014 10:30

RNS Number : 8091J
Brack Capital Real Estate Inv N.V
17 June 2014

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BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or "the Company")

Announcement regarding progress in Williams Memorial Residence deal

The Company is pleased to announce the progress in respect of a potential real estate acquisition in New York where one of its subsidiaries has agreed, subject to several conditions, to purchase a significant property.

The potential transaction will involve the purchase of a building in Manhattan, New York, with an area of approximately 240,000 sq.f. (gross) (the "Purchase"). The primary outstanding contingencies to the Purchase are the approvals of the New York State Attorney General ("AG") and the state court to the transaction as the seller is a not-for-profit organisation.

The seller has filed a request to the AG to approve the Purchase. If and when the Purchase is approved by the AG and the state court, the parties will proceed toward the closing of the transaction and the Company will make a full announcement of its terms. At this date, there is no certainty that the Purchase will be approved or will proceed to completion.

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, Düsseldorf, 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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