BCRE Brack Capital Real Estate N.V.
Business update
10-Jan-2020 / 12:30 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
This announcement contains inside information within the meaning of the
Market Abuse Regulation (EU) (No 596/2014).
10 January 2020
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Business update
As per the strategic plan announced on 6 February 2018, in which the Company
expressed the intention to reduce exposure to stabilized properties and
focus on the execution and optimization of its development portfolio,
primarily in the US, we would like to inform you as follows:
On 11 October 2018, the Company completed the transaction for the sale of
its holding in Hotel Indigo in the Lower East Side, New York, USA, followed
on 28 February 2019 by the completion of the sale of its multifamily
portfolio in Ohio, USA and the sale of its holding in the CitizenM hotel on
Bowery street, New York, USA on the same date.
In Russia, in line with the strategic plan, BCRE Russia focuses on the
continuing stabilization and gradual improvement in property metrics. The
ability to achieve the set target, has been reinforced by the completion in
March 2018, of the refinancing of the existing bank loan facilities of the 4
Russian assets.
Furthermore, in line with the plan for reducing costs, on 18 April 2019, the
Company proceeded with the termination of the listing of the Company's
shares on the Main Market of the London Stock Exchange and with the listing
of the shares on the Emerging Companies Market of the Cyprus Stock Exchange.
In line with the strategic plan, the Company did not undertake any new
investments in emerging and/or non-core markets. Combined with the completed
sale transactions, this led to de-risking, deleveraging, improved balance
sheet quality and reduced asset exposure.
In addition, the Company continued to be in the market for disposal of its
remaining non-core assets and is continuing with the development and sales
of its Manhattan development portfolio.
About BCRE
BCRE is an international real estate development and investment group,
headquartered in the Netherlands. Through its subsidiary and associated
undertakings, the Company is interested in, develops and operates an
international portfolio of real estate assets in the markets it operates.
The Company has established local management team platforms with significant
local market expertise. At present, the Company's main offices and teams are
in New York, Moscow, Amsterdam and Limassol.
Regulatory filing PDF file
Document title: Business Update
Document: http://n.eqs.com/c/fncls.ssp?u=RHLQCKMAUT [1]
Language: English
Company: BCRE Brack Capital Real Estate N.V.
Barbara Strozzilaan 201
1083HN Amsterdam
Netherlands
Internet: http://www.brack-capital.com/
ISIN: NL0010763611
Euronext MLBCR
Ticker:
AMF Category: Inside information / Issuer activities (acquisitions,
sales...)
EQS News ID: 950877
End of Announcement EQS News Service
950877 10-Jan-2020 CET/CEST
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=037c3cc1e19dfd9db00e9b41abd771dc&application_id=950877&site_id=vwd&application_name=news
(END) Dow Jones Newswires
January 10, 2020 06:30 ET (11:30 GMT)
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