28 Sep 2016 11:00
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.
ENQUIRIES:
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.