23 April 2012
E&O buys Princes Hotel from Glasgow City Council in London for RM100.9mil
Eastern & Oriental Bhd (E&O) is acquiring a freehold office cum retail building in central London known as the Princes House for £20.25mil (RM100.9mil).
E&O said on Monday it had entered into an asset sale contract with the Glasgow City Council to acquire the property.
"The property is intended to be continued for the current mixed use but offers the opportunity in the future, subject to obtaining all relevant consents, for either a substantial refurbishment of the existing building or potential redevelopment into serviced suites or residential apartments," it said.
E&O said the property had the consent to increase the existing floor area by infilling the southern lightwell and general rationalisation of services.
The vendor had acquired the property in March 2006 for £21.70mil.