EPH buys in Stuttgart
Eastern Property Holdings (EPH) acquires 94 percent of the shares in the CityGate office and retail complex in Stuttgart. The seller is The Carlyle Group.
The property was purchased in a competitive bidding process at market conditions, says EPH, which is listed on the SIX Swiss Exchange. The transaction is still subject to various conditions and is expected to be completed by the end of September 2016.
CityGate is a newly built "Class A" office and retail complex with underground parking, located in the center of Stuttgart in the immediate vicinity of the train station. The building comprises around 17,300 sqm on eleven floors, 15,000 sqm of which is office space.
CityGate is EPH's first core asset in Germany. The company invests primarily in Russia and other countries of the Commonwealth of Independent States (CIS) as well as Europe. EPH is managed by Valartis International, a subsidiary of Valartis Group AG. (ah)
