9 Mar 2015 17:30
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Announcement regarding the change of the zoning in Grafental
The Company is pleased to announce that Brack Capital Properties N.V. ("BCP"), a subsidiary of the Company, whose shares are traded on TASE, has reached a preliminary agreement with the Düsseldorf municipality for the rezoning of the land designated for office use in its Grafental project from office to residential. According to BCP's announcement, this will add c.650 residential units to the Grafental project, expected to be ready for construction during 2016-2017.
Once the rezoning is fully approved, the number of apartments to be developed in the next few years in the Grafental project and the new project in the Grafenberg neighbourhood in Dusseldorf will total 1,230 residential units and will generate sales of approximately €620 million based on current selling prices. Assuming profitability and cashflow ratios similar to those achieved by the phases of the Grafental project currently being executed, BCP expects the sale of the 1,230 residential units will generate a development profit and cash flows (pretax) of approximately €140 million and €230 million, respectively.
For ease of reference, the uncertificated English translation of the announcement, which was published on the TASE is available on the Company's website: www.brack-capital.com.
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.