E&O agreed to acquire Princes House as its first major overseas property, which is a prime freehold office-cum-retail building.
Malaysia’s lifestyle property development group Eastern & Oriental Berhad (E&O) has purchased Princes House, a prime free-hold office cum retail building in central London for £20.25 million (US$32.75).
The neoclassical building along Kingsway will continue to be let for office use but still let E&O have the opportunity to harness its redevelopment potential in the future.
“This may include E&O branded serviced suites or resi- dential apartments which would find a ready rental and sale market given its proximity to the University of London, London School of Economics as well as the Inns of Court where student accommodation and legal offices are always in demand,” said E&O Managing Director, Datuk Terry Tham Ka Hon. “Presently, a section of the property is already tenanted by a well-known retail brand and is immediately generating rental income.”
The purchase of Princes House will be funded by internal funds and bank borrowings.
Princes House was contracted in the early 1920′s and is a significant mixed-use building of approximately 46,087 square feet of office and retail/showroom space. It is in close proximity to to London landmarks such as Covent Garden, the Royal Opera House, and the Lyceum.
Source : PropertyAsia 8 May 2012
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