TIDMBCRE
RNS Number : 9174B
Brack Capital Real Estate Inv N.V
25 September 2018
This announcement contains inside information within the meaning
of the Market Abuse Regulation (EU) (No 596/2014).
25 September 2018
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
INTERIM RESULTS 2018
The Board of BCRE - Brack Capital Real Estate Investments N.V.
releases the results of the Company, its subsidiaries and the
Company's interests in associates and joint ventures (together the
"Group") for the six months period ended 30 June 2018 (the
"Period") and the publication of its Interim Report 2018.
Trading update for the Period
-- As at 30 June 2018, the net asset value of the Group amounted
to USD 205.4 million (31 December 2017: USD 241.6 million).
-- As at 30 June 2018, the aggregate value of total assets in
which the Company has a holding interest in different percentages
was approximately USD 876 million (31 December 2017: USD 913
million).
-- 720 West End Avenue project is being let to the Salvation
Army and serves as a senior housing facility. The building will be
vacated once the replacement facility that is being built on
125(th) street is completed, expected by early 2019. As of now the
steel structure of the 125(th) street building is completed and the
mechanical, electrical, plumbing and façade work is underway.
-- Development at 90 Morton Street, a high end residential
development in the West Village Manhattan, is continuing to
progress on schedule and is approximately 75% complete.
-- On 27 March 2018, the Group signed an agreement with its
partner for the sale of the Group's total shareholding in OSIB-BCRE
Bowery Street Holdings LLC which is classified as held for sale as
at 30 June 2018.
-- On 8 June 2018, the Group has entered into an agreement to
sell its holding in Hotel Indigo Lower East Side New York
("Hotel"), which is classified as held for sale as at 30 June 2018,
to MRR Development 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.
-- The Company continues to work to stabilize its' Russian
platform, the shopping centers in Dmitrov and Lyubertsy, the
logistic warehouse in Lobnia and Kazan's main retail module are
almost fully occupied, whereas the two additional modules in Kazan
are still ramping up and the difficulties in filling them have not
eased.
-- On 22 March 2018, the Group completed the refinancing of the
existing bank loan facilities, in the total amount of approximately
USD 267 million, of subsidiaries and a joint venture of BCRE Russia
concerning the four projects in Russia (Kazan, Lyubertsy, Lobnia
and Dmitrov).
-- On 3 January 2018, the Company repaid early the whole
outstanding principal amount of around USD 23.8 million of Series B
bonds including accrued interest and early repayment fee.
-- On 26 January 2018, the Financial Conduct Authority cancelled
the Series C bonds from the Official List of the London Stock
Exchange, which had been repaid early during December 2017.
-- On 6 February 2018, the Company announced its strategic plan
going forward. Under the current global economic and financial
conditions, the Company's view is to adopt a policy with a focus on
de-risking, deleveraging and improving balance sheet quality,
reducing asset exposure and cutting costs. In addition, this policy
entails no new investments in emerging and/or non-core markets and
being extremely selective in new investments while taking into
consideration shareholders' distributions time horizon
expectations.
-- On 6 February 2018, CEO Ariel Podrojski resigned from his
position but remained as a consultant to the Company. On the same
day Nansia Koutsou and Shai Shamir were appointed as interim co -
CEOs and Yiannis Peslikas as CFO of the Company.
-- In February 2018, the Company agreed with a group of lenders
for the provision of a financing facility for the total amount of
USD 20 million. The facility bears interest of 6.5% per annum and
matures on 30 June 2020, on which date the whole outstanding amount
of interest and principal will be paid.
-- On 7 June 2018, Daniel Aalsvel retired from his position as a
Board member and the chairman of the audit committee. Moshe Lustig
appointed as independent non-executive Board member and replaced
Daniel in the audit committee.
-- On 6 July 2018, the Board offered a share buyback programme
up to a maximum of EUR2,000,000. The shares would have been
cancelled upon repurchase. The share buyback programme commenced on
9 July 2018 and was completed on 31 July 2018. No shares have been
purchased.
-- On 17 August the Extraordinary General Meeting has
unanimously approved to apply for (i) the cancellation of the
Shares (ISIN: NL0010763611) from admission to the standard segment
of the Official List and (ii) the cancellation of the admission to
trading of the Shares on the Main Market of the London Stock
Exchange plc (together, the De-Listing).
-- On 21 September 2018, the Company has postponed the
De-Listing which was scheduled to be effective on 24 September
2018.
-- On 24 September 2018, the Company has withdrawn the
application to Euronext Paris in connection with the admission of
the Shares to Euronext Access of Euronext Paris and it will review
its plans. Pending that review it will retain its listing on the
Main Market of the London Stock Exchange plc. The Company will
update shareholders following completion of that review.
The Interim Report 2018 is now available to view or download
from the Company's website, www.brack-capital.com.
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 and
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 has
offices and teams in New York, 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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