Eastern Property Holdings Limited (EPH) announces the financing for the upcoming closing of the acquisition of 94% of the pro...
07 December 2017 - 4:56AM
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Eastern Property Holdings Limited (EPH) / Eastern Property
Holdings Limited (EPH) announces the financing for the upcoming
closing of the acquisition of 94% of the property Work Life Center
in Hamburg, Germany . Processed and transmitted by Nasdaq Corporate
Solutions. The issuer is solely responsible for the content of this
announcement.
6 December 2017,
Road Town, Tortola, BVI
After completion of the
construction and meeting of various customary closing conditions,
the closing of the acquisition of 94% ownership interest in the
office and retail complex Work Life Center, located in Hamburg,
Germany, will take place in the coming days. An amount of EUR 56
million is financed by issuance of subordinated & secured
registered notes of Eastern Property Holdings Ltd. to its two
largest shareholders at an interest rate of 1.7% p.a. and secured
by pledged shares of the Cyprus holding company of Work Life
Center.
Work Life Center was originally
constructed in 1883-1887 as a postal administration building, then
it has been gutted and now has been rebuilt. The central building
and the historic central hall has been developed and holds modern
office and retail areas, while the historic façade remained. The
project has prime location close to Hamburg's city centre, the
opera and the botanical gardens. It is a mixed-use building complex
(office, retail, leisure/fitness studio and underground parking
lots with a gross leasable area of approx. 12,000 sqm).
Work Life Center is EPH's second
real estate asset acquisition in Germany.
This transaction follows the
strategy of the Company to focus on investments in premium quality
income producing commercial property assets in Europe. Given its
key investment parameters such as good location in the city center,
impressive architectural design and expected high construction
quality, the acquisition of Work Life Center diversifies the
Company's portfolio and strengthens sustainability of its long-term
performance.
Eastern Property Holdings Ltd. is
an investment company listed on SIX Swiss Exchange which holds
interest in office, residential and retail properties. EPH is
managed by Valartis International Ltd. a wholly-owned subsidiary of
Valartis Group AG.
Additional information on Eastern
Property Holdings is available by contacting Anna Bernhart Tel: +41
44 503 5400.
EPH announces financing for WLC
acquisition
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Eastern Property Holdings Limited (EPH) via
Globenewswire
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Eastern Property Holdings Limited (EPH)
Valartis Asset Management SA Geneva Switzerland
WKN: 250817;ISIN: VGG290991014;
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