Letter to Investors of Brickstone Real Estate Funds Sicav plc (the Company)

Dear  Investors,

We would like to update you as our investors with the current status of Brickstone SICAV plc.

Unfortunately, due to the current war in Ukraine coupled with the high political tensions and conflicts with Russia it is making it difficult for us to value the current value of the immovable property held and in the last few weeks in accordance with the legal advise and the Offering memorandum, the directors have opted to suspend the Net Asset Value, and no redemptions in the fund are possible at this time.

In the course of preparing the Financial Statements for the period ending 31st December 2021, it has also been resolved by the board of directors and again following the advice obtained to use the existing and last valuation and NAV we had for the period ending 31st December 2020.

In the meantime we are informing you that notwithstanding the negativity as a result of the war, the occupancy level of the Hotel in Novosibirsk and St Petersburg are at 65% and 50% respectively.


Mr Ian Zammit
Brickstone Real Estate SICAV plc