Eastern Property Holdings (EPH) has bought a 94% stake in the office & retail complex Work Life Center in Hamburg, Germany, from DWI Group.
The deal represents EPH's second purchase in the country. The transaction price was not disclosed.
Work Life Center, which was originally constructed in 1883-1887 as a postal administration building, is in the middle of an extensive redevelopment into an office, retail and leisure complex, retaining the historical facade.
The project is located close to Hamburg's city centre, opera and botanical gardens. On completion, its 12,000 m2 area will be leased to a portfolio of tenants including a well-known media company.
Work Life Center is EPH’s second real estate asset acquisition in Germany. The company said that while Russia remained its prime focus, it is still looking for alternative destinations for investments in the light of 'current uncertainty in the Russian real estate sector'.
The deal is expected to close by the end of 2017 subject to completion of the construction and various customary closing conditions.
