Brack Capital Real Estate Inv N.V BCRE enters into agreement to sell Orchard project (9318Q)
11 June 2018 - 5:30PM
UK Regulatory
TIDMBCRE
RNS Number : 9318Q
Brack Capital Real Estate Inv N.V
11 June 2018
This announcement contains inside information within the meaning
of the Market Abuse Regulation (EU) (No 596/2014).
11 June 2018
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
BCRE enters into an agreement to sell Orchard project
Further to the announcement on 6 February 2018 regarding BCRE's
strategic plan, the Company is pleased to announce that it has
entered into an agreement to sell its holding in Hotel Indigo Lower
East Side New York ("Hotel"), to MRR Development, a company owned
by Anand Mahindra, Rotem Rosen & Jerry Rotonda for a price of
USD 162.5 million. This transaction is subject to standard
conditions precedent. The completion of the transaction is expected
to take place by the end of the year. IHG will continue to manage
the Hotel under its Hotel Indigo brand.
ENQUIRIES:
BCRE - Brack Capital Real Estate Investments
N.V.
Nansia Koutsou, Co-Chief Executive Officer
Shai Shamir, Co-Chief Executive Officer
Yiannis Peslikas, Chief Financial Officer +31 20 514 1004
Novella Communications
Tim Robertson
Toby Andrews +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 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, London, Moscow, Amsterdam and
Limassol.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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