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
(Thomson Reuters ONE) -
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:
http://hugin.info/139905/R/2053770/768697.pdf
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
Unternehmensinformation / Kurzprofil:
Datum: 02.11.2016 - 19:10 Uhr
Sprache: Deutsch
News-ID 504532
Anzahl Zeichen: 3665
contact information:
Town:
Geneva
Kategorie:
Business News
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