Eastern Property Holdings Announces Real Estate...

Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Announces Real Estate Joint Venture and Concludes USD 
40,000,000 Loan Facility 
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Eastern Property Holdings (EPH) has entered into an agreement to create a real
estate joint venture on the basis of its two prime Moscow properties, Geneva
House and Berlin House.  A real estate investment group will acquire the
majority stake in this joint venture in two stages - 80% at first stage and 10%
at second stage - and has agreed to make a substantial advance payment.  EPH
would retain a 10% interest in this joint venture, subject to a shareholders'
agreement with the majority shareholder.  The transaction valuation is in excess
of EPH's carrying value at 30 June 2010, and consistent with the appraised value
used for its 31 December 2010 financial statements which will be released at the
end of March.

Completion of the transaction is expected mid-year 2011 and remains subject to
the consent of financial lenders and other customary conditions.

EPH also announces that its fully-owned subsidiary has entered into a two-year,
non-recourse USD 40,000,000 investment loan facility with OAO "Nomos Bank"
secured by a mortgage in Geneva House.

The  proceeds from these transactions are expected  to be used for such purposes
as  providing further investment for  development projects, repaying debt, share
buy-backs and/or paying dividends.



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Eastern Property Holdings Ltd. is an SIX Swiss Exchange-listed real estate
development and investment company focusing on Russia. The company holds
interests in office, residential, retail and parking properties and
developments, principally in Moscow and St. Petersburg. EPH is managed by
Valartis International Ltd. a wholly-owned subsidiary of Valartis Group AG.
Additional information on Eastern Property Holdings is available by contacting
Terry Olin, Tel: [phone].


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Eastern Property Holdings Limited (EPH)
Valartis Asset Management SA/Case Postale 3458 Geneva Switzerland

WKN: 250817;ISIN: VGG290991014;

Media Release (PDF): 


http://hugin.info/139905/R/1493145/428901.pdf




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Source: Eastern Property Holdings Limited (EPH) via Thomson Reuters ONE

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