Update on the amendment of terms and conditions of convertible bonds

This announcement contains inside information within the meaning of the Market Abuse Regulation (EU) (No 596/2014).

29 May 2020 

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Update on the amendment of the terms and conditions of the 5% convertible bonds due 2022 (the "Convertible Bonds")

(ISIN XS1489395357)

Further to the announcement on 21 May 2020, the Company announces that in order to secure the required majority and quorum to pass the resolutions necessary to amend the terms and conditions of the Convertible Bonds (the "Terms and Conditions") and the trust deed dated 20 September 2016, as amended and restated on 4 March 2020 (the "Trust Deed"), certain major Bondholders have already agreed with the Company to vote in favour of the proposed amendments of the Terms and Conditions and to vote in favour of any other proposal reasonably required in connection with the amendment of the Terms and Conditions (the "amendments"). The Bondholders who agreed as of today with the amendments jointly hold ca. 86% of the principal amount of the Convertible Bonds outstanding as of the date of this announcement, excluding the Convertible Bonds held by a direct subsidiary of the Company.

Conditional upon the meeting of the Bondholders, which is scheduled on 12 June 2020, having resolved upon the amendment of the Terms and Conditions, the Trust Deed and the Agency Agreement, the Company agrees to pay, starting from 1 June 2020 to the Final Redemption Date (as defined in Terms and Conditions), an interest of 5.25% per annum instead of 5% per annum. Consequently, as of such date, the Convertible Bonds shall bear interest on their principal amount, at a fixed rate of 5.25% per annum, payable as defined in the Terms and Conditions.

In the week following 31 May 2020, the Company will pay all accrued interest due on all outstanding Convertible Bonds. The Company will not pay for the redemption of the 25% of the principal amount of the outstanding Convertible Bonds due to be paid on 31 May 2020, on the basis that this payment is the subject matter of the amendment of the Terms and Conditions and the Trust Deed submitted to the meeting of the Bondholders to be held on 12 June 2020.

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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.