What is the Oosterpark refinancing offer under prospectus?

Update: We are nearing the 6,420 New Vrolik Bonds subscribed required for the Oosterpark notes refinancing offer to be successful. To accommodate investors who have not responded yet, we have decided to extend the offer period to February 26, 2024.

We finally have an AFM approval to offer all new acquisitions under a three part prospectus. To get our first three part prospectus approved, we opted to use an existing property (Oosterpark, Amsterdam). We believe using one of our existing properties would give our investors the best introduction to the newly approved prospectus. You can read more about it here.

Our first offering is a refinancing of Oosterpark. In order to refinance, we are early maturing the old Oosterpark notes and will early repay the existing noteholders.

Noteholders of the Oosterpark notes (under the prospectus: "New Vrolik Bonds") have the option to replace their current Oosterpark notes with the New Vrolik Bonds free of charge. The interest already accrued will then also be transferred.

How it works:

IMPORTANT: This is a limited term offer only, which ends on January 31, 2024. During this period, you can choose to transfer current notes, purchase outstanding notes, or decline the option all together. The period can be extended if more time is needed for our existing investors to accept or reject the refinancing offer (update: extended to February 26, 2024).

The refinancing offer will proceed only if at least 6,420 New Vrolik Bonds are subscribed during the offer period (including the possible extension). If the offer is successful and continues, the New Vrolik Bonds will be issued, and noteholders who have declined the offer will then receive their final payout (incl. accrued interest).

Below we have listed the differences that apply. It is important that you also carefully review the three part prospectus for this offering yourself.

Oosterpark, Amsterdam Nieuwe Vrolik Obligaties
Offer under exemption Offer under approved prospectus
Fixed interest rate for a fixed interest period of 12 months, which interest rate can be adjusted for each fixed interest period. The fixed interest rate for the first fixed interest period currently in effect is 4.8% Fixed interest rate of 4.8% throughout the term
No bonus interest. Potential benefit of appreciation at the end of the notes term. Possibility of obtaining bonus interest if BRXS Properties has sufficient reserves throughout the notes term. This bonus interest is defined by the overall cash reserve for BRXS Properties reflecting income and loss for all managed properties due to changes in rent, property sales and maintenance. You can read more about it here.
Goal: purchase Vrolik Goal: early repayment of Vrolik Bonds and refinancing intra group loan raised from BRXS
Issue continuous during enrollment period Issue date: January 31, 2024, unless the period is extended
Repayment date May 22, 2038, with possibility of free and penalty free early repayment by BRXS Properties Repayment date: January 31, 2039, with possibility of free and penalty free early repayment by BRXS Properties
No security Mortgage right (lien) is established on Vrolik in favor of Stichting Zekerheden BRXS which holds the mortgage right in favor of the holders of New Vrolik Bonds
Updated on:
January 31, 2024
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