OREANDA-NEWS. Eastern Property Holdings announces the signing of the share purchase agreement to acquire 94% ownership interest in office and retail complex CityGate, located in Stuttgart, Germany, from The Carlyle Group.

The property has been acquired through a competitive tender process on market terms. The closing of the transaction is expected by the end of September 2016 subject to various customary closing conditions.

CityGate is a newly constructed Class A office and retail complex with an underground parking garage perfectly located in the center of Stuttgart, in close proximity to the main railway station. The building with a total area of approx. 17,300 sqm on 11 floors (including more than 15,000 sqm of office space) is rented out to reputable national and international tenants. For further information on CityGate please refer to http://citygate-stuttgart.de/.

CityGate is EPH' first core commercial real estate asset in Germany, this transaction follows the strategy of the Company to focus on investments in premium quality income producing commercial property assets. Given its key investment parameters such as excellent location, reputable tenants with long-term leases and highest construction quality, the acquisition of CityGate will further diversify the Company's portfolio and strengthen sustainability of its long-term performance.