Eastern Property Holdings Completes Second Stage of Real Estate Transaction
Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Completes Second Stage of Real Estate Transaction
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Eastern Property Holdings Ltd ('EPH') has completed the second stage of the
transaction in which a private real estate investment group has acquired a
majority stake in two properties located on Petrovka Street in Moscow. The first
stage was completed on 29 June 2011.
Berlin House and Geneva House were formerly 100% owned by EPH. Following the
first stage in the multi-stage transaction, EPH became 20% owner of the two
properties. Completion of this  second stage, in which another 10% was sold to
the same investor using the same valuation, brings EPH's ownership in each
building to 10%. EPH will retain these stakes in the two trophy properties in
order to participate in their potential future appreciation.
In February 2011, the former EPH subsidiary which owned Geneva House drew a US$
40 million investment loan facility secured by the property. The two-year loan,
which was at an interest rate of 9.75%, has now been repaid. EPH and the new
majority owner have each paid their pro rata share of the loan amount.
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Eastern Property Holdings Ltd. is an SIX Swiss Exchange-listed real estate
development company focusing on Russia. The company holds interests in office,
residential, retail and parking properties and developments, principally in
Moscow and St. Petersburg. 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 Terry Olin, Tel: +41 22 716 1035.
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Eastern Property Holdings Limited (EPH)
Valartis Asset Management SA/Case Postale 3458 Geneva Switzerland
WKN: 250817;ISIN: VGG290991014;
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Source: Eastern Property Holdings Limited (EPH) via Thomson Reuters ONE
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