Clifford Chance

Clifford Chance London advises E&O on first major international property purchase

Clifford Chance Real Estate has advised Malaysian property company Eastern & Oriental Bhd (E&O) on its first significant property purchase overseas. E&O has agreed to acquire the freehold Central London office and retail building, known as Princes House on the Kingsway, for £20.25m.

London Real Estate partner, Franc Peña, led the transaction and was supported by senior associate, Anna Budd with assistance from tax colleagues Etienne Wong and Allegra Feltz.

Commenting on the deal, Franc, said: "We are very pleased to have been able to advise our first-time client, E&O, on this significant purchase, particularly as they have expressed their desire to find profitable opportunities in the UK as part of their strategy to grow their business overseas".

The prime building, which has redevelopment potential, comprises 46,087 sq ft of office and retail space in the borough of Westminster. The purchase is due to complete in June this year.

As well as being a property developer for both residential and commercial properties, E&O is engaged in the management and operations of hotels and restaurants.