Eastern Property Holdings Limited (EPH) announces the successful signing of the acquisition of a further promising office asset in Vienna, Austria
22 June 2020, Road Town, Tortola, BVI
Eastern Property Holdings (“EPH” or “Company”) announces the signing of the acquisition of the property in Lassallestrasse 1 in Vienna, a prominent and centrally located office property which is currently under refurbishment. The parties to the transaction agreed to not disclose the acquisition price to the public. The closing of the transaction is expected for the coming weeks and subject to various closing conditions.
The mixed-use building was originally built in 1993 and is currently undergoing a refurbishment that is expected to be completed in 2022. The property will be spread across nine floors and after refurbishment and construction of the top floor will comprise a total of approx. 29,000 sqm with 150 underground and 70 outdoor parking spaces. It is located near Vienna’s city centre in the most promising and upcoming 2nd district with excellent transport links. Tenants of the building will include City of Vienna, the State Police and the supermarket Merkur, with an average lease of 10 years.
The building is part of the Quartier Lassalle, a selection of intelligent office concepts and a variety of restaurants and supermarkets that help to create a diverse, modern working environment. During the refurbishment and redesign of the office buildings, future-oriented, customisable workspaces are being created in line with the latest technological advances. Quartier Lassalle is next to Praterstern which is Vienna's largest inner-city urban development area with an excellent infrastructure and upscale local supply. The Grüner Prater and numerous restaurants, bars and cafés guarantee an optimal work-life balance. The growing office location in the 2nd district offers excellent transport connections to the city centre, the airport and the Vienna Trade Fair Centre.
The Company’s strategy is to diversify its portfolio across major Western European markets, adding attractive real estate investments in stable markets with a strong long-term economic outlook. The Company has confidence in the stability of Vienna’s prime office rents and believes that the addition to the EPH portfolio will create long-term value for its shareholders.
Vienna is the capital of Austria and one of its nine states. It has a population of about 1.87m and is the cultural, economic, and political centre of Austria, which ranks among the EU's richest countries. Around 938,000 people were employed in Vienna in 2017, which represents 20.9% of the total national active population. The Mercer study named Vienna as the city with the highest quality of life for the eighth time in a row.
Issuance of subordinated notes to the Company’s shareholders
Eastern Property Holdings Ltd. has received EUR 19.4 million by issuance of subordinated notes to its largest shareholder at an interest rate of 3.5% p.a. Unless previously redeemed, EPH undertakes to repay all outstanding notes at par of their aggregate principal amount, without further notice on 22 June 2023. At any time on or after 10 July 2020, the Issuer may redeem all but not only some of the Notes for the time being outstanding at par with interest accrued to the day of redemption.
Eastern Property Holdings Ltd. is an investment company listed on SIX Stock Exchange which holds an extensive property portfolio with a total value of around EUR 1.3 billion. As part of its geographical diversification and strategic intentions to stablise values and cash flows, the company currently invests exclusively in Western Europe. 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.
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