E&O makes overseas debut with UK buy

Eastern & Oriental Bhd (E&O), Malaysia’s premier lifestyle property development group, has agreed to acquire Princes House, a prime freehold office cum retail building in central London for £20.25 million (RM99.63 million).

In a filing to Bursa Malaysia, E&O said the acquisition was expected to be completed by June 2012.

The property was acquired through Oriental Light (Guernsey) Ltd, a wholly-owned unit of E & O Properties (Guernsey) Ltd, which in turn is a wholly-owned unit of E & O.

The vendor was Glasgow City Council, which acted as the administering authority for the Strathclyde Pension Fund.

The proposed acquisition was in line with E & O’s intention to set up an office in London to create a presence for the group to showcase and market its projects as well as for business development to explore business opportunities in the United Kingdom, it said.

Part of the property may also be considered to house the E & O Group’s office in the UK in a sought-after West End London address, it added.

By Bernama