BCRE - Refinancing of bank loans in Russia

LONDON - 21/12/2016, December 21,2016 /PRNewswire/ --

21 December 2016

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Refinancing of bank loans in Russia

The Company is pleased to announce that certain subsidiaries of BCRE Russia ("subsidiaries") have entered into agreements with the existing financing bank concerning four major projects in Russia, whereby the main loan terms have been amended and the corporate structure of the subsidiaries will be revised ("refinancing"). The Company expects that the amendments of the existing loan facilities will have a positive impact on the debt servicing obligations and on the liquidity of BCRE Russia.

The key amendments to the existing loan facilities and to the corporate structure of the subsidiaries, among other things, are the following:

·         Where relevant, final maturity dates shall be prolonged by 3 to 4.5 years

·         Amortisation payment schedules shall be postponed towards the maturity dates

·         Interest rates have been improved

·         Some material loan covenants have been relaxed

·         The financing bank shall obtain a 'golden' share in each project, which provides the financing bank, inter alia, with a veto right in respect of material decisions at the level of the subsidiaries. The 'golden' shares can be repurchased subject to meeting certain conditions.

The completion of the refinancing is subject to (i) certain other conditions which need to be fulfilled by the subsidiaries and (ii) the approval of the transfer of the 'golden' shares to the financing bank, by the Federal Antimonopoly Service of the Russian Federation ("conditions precedent"). The conditions precedent should be completed within a period of eight months after the signing of the relevant agreements. The Company shall make further announcements of the final key amendments when the refinancing will be completed.

ENQUIRIES:

    BCRE - Brack Capital Real Estate Investments N.V.
    Ariel Podrojski, Chief Executive Officer
    Nansia Koutsou, Chief Financial Officer / Chief Operating
    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, predominantly located in the USA, Germany and Russia.

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 550 staff. At present, the Company has offices and teams in New York, London, Frankfurt, Düsseldorf, Moscow, Kazan, New Delhi, Amsterdam and Limassol.

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