Contemplated notice of early redemption of bonds

This announcement contains inside information within the meaning of the Market Abuse Regulation (EU) (No 596/2014).

22 November 2017

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Contemplated notice of early redemption of bonds

The Company announces that the Board of Directors of BCRE (the "Board") has in principle resolved and intends to exercise its option to redeem early all of the outstanding 6.5 per cent Fixed Rate Bonds due 2022 (ISIN: XS1150681135) (the "Bonds") issued under its US$180 million programme in accordance with Condition 7(c) of the terms and conditions of the Bonds (the "Conditions").

Following such redemption, the Bonds will be cancelled and there will be no Bonds outstanding. The Company intends to complete any formalities relating to the delisting of the Bonds from the London Stock Exchange as soon as possible following the redemption of the outstanding Bonds on the Optional Redemption Date which is expected to be before the end of the year.

The Programme was established in 2014 and an updated base prospectus dated 3 March 2016 and supplement prospectuses dated 24 March 2016 and 10 February 2017 have been made available on BCRE's website: www.brack-capital.com.

The Company shall announce further details, including the Optional Redemption Date, in due course.

The early redemption of the Bonds is subject to finalisation and completion of certain processes, including the publication of a subsequent notice by the Company to the Bondholders on, amongst others, the expected Optional Redemption Date.

Unless otherwise defined herein, defined terms have the meanings given to them in the Conditions.

Please read the disclaimer below "Disclaimer - Intended Addressees" before attempting to access this service, as your right to do so is conditional upon complying with the requirements set out below.

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

Disclaimer - Intended Addressees

The Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended (Securities Act) and are subject to United States (US) tax law requirements. Subject to certain exceptions, the Bonds may not be offered, sold or delivered in the US or to or for the account of US persons (as defined in Regulation S under the Securities Act).

This announcement is for information purposes only and is not a prospectus and does not constitute an offer to subscribe for or buy shares, the Bonds or other securities of the Company (Securities) in any jurisdiction. This announcement and the fact of its distribution is not and should not be seen as an inducement in relation to a decision to purchase Securities. Investors should not subscribe for or purchase any Bonds except on the basis of information contained in the Prospectus published by the Company.

The contents of this announcement have been prepared by and are the sole responsibility of the Company.

This announcement contains ''forward-looking statements'' that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can be identified by words such as "targets", "aims", "aspires", "assumes" ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', "hopes", ''may'', ''would'', ''should'', "could", ''will'', ''plans'', ''predicts'' and ''potential'', as well as the negatives of these terms and other words of similar meaning. The forward-looking statements in this announcement are made based upon the Company's estimates, expectations and beliefs concerning future events affecting the Company and are subject to a number of known and unknown risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate, which may prove not to be accurate. The Company cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this announcement apply only as at the date of this announcement and are not intended to give any assurance as to future results. The Company will update this announcement as required by applicable law, including the Prospectus Rules, the Listing Rules, the Disclosure and Transparency Rules, and any other applicable law or regulations, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.