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Eastern Property issues €56M notes for Hamburg asset purchase

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Eastern Property issues €56M notes for Hamburg asset purchase

Eastern Property Holdings Ltd. issued €56 million of subordinated and secured registered notes to finance the acquisition of a 94% ownership interest in a Hamburg office and retail center.

The notes, issued to its two largest shareholders, bear a 1.7% annual interest rate. Pledged shares of Work Life Center's holding company, Cyprus, are offered as security.

Work Life Center was leveled and revamped into a mixed-used building complex, offering about 12,000 square meters of gross leasable area for office, retail and leisure, as well as underground parking lots.

The purchase is slated to close by 2017-end, according to an earlier report.