Eastern Property Holdings Limited (EPH) acquires "Work Life Center" in Hamburg
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Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Limited (EPH) acquires "Work Life Center" in Hamburg
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Eastern Property Holdings Ltd. announces signing of the share purchase agreement
regarding acquisition of 94% of office and retail complex "Work Life Center" in
Hamburg, Germany
22 August 2016, Road Town, Tortola, BVI
Eastern Property Holdings ("EPH" or the "Company") announces the signing of the
share purchase agreement to acquire 94% ownership interest in the office &
retail complex "Work Life Center", located in Hamburg, Germany from DWI Group.
The closing of the transaction is expected by the end of 2017 subject to
completion of construction and various customary closing conditions.
Work Life Center was originally constructed in 1883-1887 as a postal
administration building, then it has been gutted and is currently rebuilt. The
central building and the historic central hall will be developed and will hold
modern office and retail areas, while the historic façade will remain. The
project has prime location close to Hamburg's city centre, the opera and the
botanical gardens. After completion of the construction works, there will be a
mixed-use building complex (office, retail, leisure/fitness studio and
underground parking lots with a gross leasable area of approx. 12,000 sqm, where
4,200 sqm is already rented out to well-known media company and the rest is
currently marketed by the seller.
Work Life Center is EPH's second real estate asset acquisition in Germany.
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 which benefits from its strong demand due
to diversified economy, growing reputation of technology center, young
generation, increasing population, diverse investment environment and attractive
risk adjusted returns.
This new 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 will further diversify the Company's portfolio
and strengthen 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 acquires Work Life Center:
http://hugin.info/139905/R/2036356/758575.pdf
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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
Unternehmensinformation / Kurzprofil:
Datum: 22.08.2016 - 06:00 Uhr
Sprache: Deutsch
News-ID 490270
Anzahl Zeichen: 4129
contact information:
Town:
Geneva
Kategorie:
Business News
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