Subsidiary Financial Report for 3rd Quarter 2015

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Subsidiary Interim Financial Report for Third Quarter of 2015

BCRE is pleased to announce that Brack Capital Properties N.V. ("BCRE Germany"), a subsidiary of the Company, whose shares are traded on the Tel Aviv Stock Exchange, has published its Interim Financial Report for the third quarter of 2015 ("Interim Financial Report").

The Interim Financial Report published by BCRE Germany includes:

1. Board of Directors' Report on the Corporation's State of Affairs

2. Interim Condensed Consolidated Financial Statements as of 30 September 2015 (unaudited)

3. Presentation of financial data from the Interim Condensed Consolidated Financial Statements attributed to BCRE Germany itself as of 30 September 2015 (unaudited)

For ease of reference, we have provided an uncertified English translation of the Interim Financial Report and the Hebrew version published by BCRE Germany on the Company's website - www.brack-capital.com.

Key highlights relating to the principal results for the Interim Financial Report:

1. Profitability - in the third quarter of 2015, BCRE Germany's net income attributed to BCRE Germany's shareholders amounted to c. EUR 20.4 million compared to a net income of c. EUR 13.5 million in the corresponding quarter last year. Contribution from the income producing real estate assets and the residential development activities to BCRE Germany's results were:

- Income producing real estate assets - in the third quarter of 2015, the Funds From Operations ("FFO") amounted to c. EUR 6.4 million compared to c. EUR 5.2 million in the corresponding quarter last year. The FFO in the reported quarter grosses up to an annualized FFO of c. EUR 25.6 million.

- Residential development activity - in the third quarter of 2015, BCRE Germany completed the delivery of all apartments under phase A in the Grafental project. The delivery of apartments of phases B1 and B2 is scheduled to take place in the fourth quarter of 2015 and the first quarter of 2016 and BCRE Germany will recognize the related profits accordingly.

2. Balance sheet structure and financial strength:

- Equity and NAV - the equity attributed to the shareholders of BCRE Germany amounted to c. EUR 325.5 million and the NAV1 amounted to c. EUR 391.7 million as of the report date.

- Debt ratios - the LTV ratio2 is c. 53% and the net debt to CAP ratio3 is c. 59.7% as of the date of the report. The EBITDA (only from the income producing portfolio, excluding operating profit from the development activity) to interest expenses is c. 2.8x in the third quarter of 2015.

- Liquidity - cash balances amounted to c. EUR 74.7 million as of the report date.

1 EPRA NAV - for information regarding the index and the calculation method see section 5 of part A of BCRE Germany's Board of Directors' Report on the Corporation's State of Affairs.

2 Net debt to net total balance sheet.

3 For details regarding the calculation method, see part E of BCRE Germany's Board of Directors' Report on the Corporation's State of Affairs - designated disclosure to the bondholders, section 4c, the CAP ratio calculation in the report.

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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.