BCRE Brack Capital Real Estate N.V.: Business Update (1130539)

 
 BCRE Brack Capital Real Estate N.V. 
BCRE Brack Capital Real Estate N.V.: Business Update 
 
11-Sep-2020 / 15:00 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
11 September 2020 
 
      BCRE - Brack Capital Real Estate Investments N.V. 
 
      ("BCRE" or the "Company") 
 
      Business update 
 
    Further to the Company's announcement, specifically the COVID-19 report, 
 dated 21 May 2020, the Company would like to share its view and information 
            on the ongoing COVID-19 crisis effect: 
 
  The negative impact of the COVID-19 on all corporate activities continues. 
 
Due to this, the efforts to dispose the non-core assets have slowed down and 
           the expected prices are lower than in the original Business Plan. 
 
        The main activity, and most of the balance sheet equity value of the 
   company, is concentrated in 2 major residential projects in Manhattan (90 
    Morton and 720 West End Avenue respectively). The negative impact of the 
            COVID-19 crisis on that specific market also continues. 
 
    The short-term negative trends in Upper West Side (720 WEA location) are 
 intensifying by the NYC Municipality homeless policy (renting hotels at the 
           UWS for homeless people previously staying in homeless shelters). 
 
 The time to market of the residential condo units of 720 WEA is expected to 
approximately take 24 months, if the construction works start in 2020. Under 
the current conditions, the Company management believes it is extremely hard 
            to predict future sale values at this stage. 
 
    This uncertainty also has a major negative effect on the availability of 
            construction financing and the terms and conditions thereof. 
 
From the latest relevant announcement in May 2020, the Company finalized the 
bridge loan of the 720 WEA project allowing the Company to extend the timing 
for decision making and to explore alternative solutions for this situation. 
 
ENQUIRIES: 
 
BCRE - Brack Capital Real Estate Investments 
N.V. 
Nansia Koutsou, Chief Executive Officer 
Yiannis Peslikas, Chief Financial Officer        [phone] 
 
Novella Communications 
Tim Robertson                                   [phone] 
 
            About BCRE 
 
      BCRE is an international real estate development and investment group, 
   headquartered in the Netherlands and listed on the Cyprus 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. 
 
Regulatory filing PDF file 
 
File: Business Update [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 Ticker: MLBCR 
AMF Category:    Inside information / Other releases 
EQS News ID:     1130539 
 
End of Announcement EQS News Service 
 
1130539 11-Sep-2020 CET/CEST 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=e88ede3fdb9dc90cf6aa4bc4d54159a8&application_id=1130539&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

September 11, 2020 09:00 ET (13:00 GMT)