Teddy Sagi agreed to acquire 40.6% stake in Brack Capital Properties N.V. (TASE:BCNV) from Shimon Weintraub, Ronen Peled, Brack Capital Investments, Brack Capital First BV, Kipler Inc. and Reinstrock Ltd. for approximately ILS 1 billion on May 22, 2017. The consideration will be paid at a price of ILS 345 per share. The transaction reduces Shimon Weintraub, Ronen Peled, Brack Capital Investments, Brack Capital First BV, Kipler Inc. and Reinstrock Ltd's holding in Brack Capital Properties to nil. Closing of the transaction is expected to take place on June 22, 2017 at which time payment will be made. The proceeds are to be used for new investments, to repay debt upon or prior to maturity and/or for general corporate purposes. Tim Robertson and Toby Andrews of Novella Communications acted as PR advisors to Brack Capital Properties N.V.