Eastern Property Holdings Limited (EPH) announces closing of the acquisition of 94% of the office and retail complex CityGate...
November 02 2016 - 2:10PM
Eastern Property Holdings Limited (EPH) / Eastern Property
Holdings Limited (EPH) announces closing of the acquisition of 94%
of the office and retail complex CityGate in Stuttgart, Germany
from The Carlyle Group . Processed and transmitted by Nasdaq
Corporate Solutions. The issuer is solely responsible for the
content of this announcement.
2 November 2016,
Road Town, Tortola, BVI
Eastern Property Holdings ("EPH"
or the "Company") announces the closing of the transaction
regarding the acquisition of 94% ownership interest in the office
and retail complex CityGate, located in Stuttgart, Germany, from
The Carlyle Group. The property has been acquired through a
competitive tender process on market terms. The parties to the
transaction agreed not to disclose the acquisition price to the
public.
CityGate is a newly constructed
Class A office and retail complex with an underground parking
garage perfectly located in the center of Stuttgart, in close
proximity to the main railway station. The building with a total
area of approx. 17,300 sqm on 11 floors (including more than 15,000
sqm of office space) is rented out to reputable national and
international tenants. The forecasted annual net operating income
of CityGate amounts to EUR 4.3m with an overall weighted average
lease term of 10 years.
For further information on
CityGate please refer to http://citygate-stuttgart.de/.
CityGate is EPH' first core
commercial real estate asset in Germany, this transaction follows
the strategy of the Company to focus on investments in premium
quality income producing commercial property assets. Given its key
investment parameters such as excellent location, reputable tenants
with long-term leases and highest construction quality, the
acquisition of CityGate will further diversify the Company's
portfolio and strengthen sustainability of its long-term
performance.
Although Russia remains to be the
prime focus for the Company's investments and EPH is fully
satisfied with its current real estate portfolio, on the back of
current uncertainty in Russian real estate sector the Company
searches for alternative destinations for investments that remains
consistent with general EPH aims and objectives. Germany remains
one of the most attractive, safe and liquid real estate markets in
Europe.
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 Closing City Gate
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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