Notice of early redemption of bonds

23 November 2017

Notice of redemption by BCRE-Brack Capital Real Estate Investments N.V. (the "Issuer") in respect of its issuance of US$112,209,000 (of which US$100,988,100 remains outstanding) 6.5 per cent. Fixed Rate Bonds due 2022 (ISIN: XS1150681135) (the "Bonds")

The Issuer has decided to exercise its option to redeem the Bonds. Set out below are details of the notice of redemption, which is also being given to Bondholders in accordance with the terms and conditions of the Bonds with not less than 20 nor more than 60 days' notice to the Bondholders.

Notice of redemption:

BCRE-BRACK CAPITAL REAL ESTATE INVESTMENTS N.V.

Issue of US$112,209,000 (of which US$100,988,100 remains outstanding) 6.5 per cent. Fixed Rate Bonds due 2022 (ISIN: XS1150681135) (the "Bonds")

NOTICE OF REDEMPTION

NOTICE IS HEREBY GIVEN to the Bondholders in accordance with the terms and conditions of the Bonds (the "Conditions") that the Issuer will redeem all of the Bonds then outstanding on 13 December 2017 (the "Optional Redemption Date") at the Optional Redemption Amount, specified in the applicable Final Terms as being the Make-Whole Amount, pursuant to Condition 7(c) of the Conditions (Redemption at the Option of the Issuer (Issuer Call)).

Pursuant to the Conditions, the Make-Whole Amount is the amount calculated by the Issuer which is equal to the higher of (i) 100 per cent. of the principal amount outstanding of the Bonds to be redeemed or (ii) the Aggregated Amount of Scheduled Payments, discounted to the Optional Redemption Date on an annual basis at the Reference Bond Rate plus the Margin (being 3.2 per cent. per annum).

Following such redemption, the Bonds will be cancelled and there will be no Bonds outstanding. The Issuer 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.

On 5 December 2017, 10.0 per cent. in respect of the deemed initial principal amount of the Bonds will be redeemed, as scheduled, in accordance with the Final Terms in respect of the Bonds.

Capitalised terms used herein shall have the same meanings as those ascribed to them in the Conditions.

By BCRE-BRACK CAPITAL REAL ESTATE INVESTMENTS N.V.

Dated: 23 November 2017

For further information, please contact:

BCRE-Brack Capital Real Estate Investments N.V.

Ariel Podrojski, Chief Executive OfficerNansia Koutsou, Chief Financial Officer / Chief Operating Officer +31 20 514 1004

Novella Communications

Tim RobertsonToby 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 (the "Securities Act") and are subject to United States (the "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 Issuer (the "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 Issuer.

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