LONDON, February 6, 2018 /PRNewswire/ --
This announcement contains inside information within the meaning
of the Market Abuse Regulation (EU) (No 596/2014).
6 February 2018
BCRE - Brack
Capital Real Estate Investments N.V.
("BCRE" or the
"Company")
Appointment of new
Co-CEOs and CFO and Strategic Plan Going Forward
Further to the Company's announcement of 15 December 2017, BCRE is pleased to present the
new strategic plan going forward for the Company, the fundamentals
of which are detailed below.
BCRE believes that under the current global economic and
financial conditions, the probability of a downturn of the current
cycle has increased relative to the past few years. These
circumstances prescribe, in the Company's view, 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.
In this regard, any investment will only be considered if it
provides an attractive opportunity for both the Company and all its
shareholders and stakeholders, with an extraordinary low risk
profile enabling the Company to take advantage of its key
professional capabilities.
Concerning its current portfolio, the Company will be in the
market for disposal of its non-core assets to generate returns for
its shareholders at appropriate terms and with a view to optimize
results under applicable market conditions.
In this respect, the Company intends to reduce exposure to
stabilized properties, and focus on execution and optimization of
its considerable development portfolio, primarily in the US. In
Russia the macro environment is
improving slowly and BCRE Russia is focusing on the continuing
stabilization and gradual improvement in property metrics and
completion of the senior debt restructuring.
Subject to a conservative liquidity policy, in particular cash
reserves and financing requirements for its development projects,
the Company will consider distributions to shareholders, by way of
share buyback, dividend or otherwise.
Following the announcement relating to the intentions of Board
member Daniel Aalsvel (independent non-executive director) and CEO
Ariel Podrojski to retire from their
positions, the Company announces the following changes in its
senior management.
Ariel Podrojski retired from his position as CEO and subsequent
to his retirement, the Board of Directors of BCRE (the
"Board"), has appointed Nansia Koutsou, CFO/COO, and
Shai Shamir, CEO of BCRE
USA, with immediate effect, as
interim Co-CEOs of the Company. In addition, Yiannis Peslikas, CFO
of BCRE Cyprus, has been appointed by the Board as CFO of the
Company.
The Company would like to thank Ariel Podrojski for his
significant contribution to BCRE and expresses its gratitude for
the opportunity to work with him during the past years. The Board
is pleased that Ariel Podrojski will remain a consultant to the
Company in order to support a smooth transition.
Board member Daniel Aalsvel has kindly agreed to continue as
Board member and chairman of the audit committee until the approval
of the Company's 2017 Annual Report. The Company has resolved to
initiate the search for suitable candidates to replace Mr
Daniel Aalsvel as an independent
non-executive director of the Company and chairman of the audit
committee.
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,
London, Moscow, Kazan, New
Delhi, Amsterdam and
Limassol.
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
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