Eastern Property ends first half of 2015 with $37 million cash, $421 million long-term debt

By Lisa Kerner

Charlotte, N.C., Sept. 23 – Eastern Property Holdings Ltd. announced its interim unaudited results for the first half of 2015.

During the first half of 2015, the company’s focus was on the integration of four acquired properties: Berlin House, Geneva House, Polar Lights and Hermitage Plaza. The integration contributed to an increase in net rental income, to $38 million for the first half of the year, from $4 million in the prior-year period, according to the company’s interim report.

Also during the first half of the year, Eastern Property streamlined its external financing structure. In the beginning of June, the company’s subsidiaries repaid several third-party loan facilities, replacing them with a successful bond issue at a lower interest rate, the report stated.

At June 30, Eastern Property had cash and cash equivalents of about $37 million and long-term borrowings of $421 million. This compares to $26.5 million and $402 million, respectively, at Dec. 31.

Eastern Property is a Swiss-listed, British Virgin Islands-based real estate development and investment company focusing on Russia. It is managed by Valartis International Ltd., a wholly owned subsidiary of Valartis Group AG.

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