E&O Boosts International Growth Engine With Latest London Acquisition
Date：2014/11/09
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KUALA LUMPUR -- Eastern & Oriental Bhd (E&O) is strengthening its international growth with the addition of another prime freehold property to its cache in Central London.
The property developer announced to Bursa Malaysia Thursday that via its proposed purchase of a 100 per cent equity interest in Loxley Holdings Management Ltd, it would own the 1919-built ESCA House in Bayswater London.
Loxley had earlier contracted to purchase it for 27,650,000 (RM147,374,500).
"The acquisition of ESCA House follows E&O's objective of expanding our overseas growth engine in prime areas of London. The location and the property have excellent potential for redevelopment, whilst respecting ESCA's existing facade and redbrick structure," said E&O Managing Director Datuk Terry Tham Ka Hon.
ESCA House is a building of about 27,000 square feet gross internal area comprising offices and residential units.
"Subject to planning permission, our intention is to redevelop the building into a six-level residential development comprising 28 private residential units with a net internal area of about 36,000 square feet and underground car parks," Tham said.
He added that E&O expects to submit its application to the planning authorities as soon as the property acquisition is completed.