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|
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,
. 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.
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
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
durchschnittliche Punktzahl: 0|