Thursday, January 17, 2013

Equity Two in Rs. 175mn project to develop Colombo 01 property

* Sees growing demand for office space in the heart of Colombo

Equity Two PLC said it was planning to refurbish and renovate prime property in the heart of Colombo to be rented out as office space, after the building on the site was damaged by the LTTE bomb attack on the Central Bank in 1996, with security restrictions in the area now lifted.

The Rs. 175 million project, financed mainly through bank borrowings, would add nearly 40,000sqft resulting in a total rentable office space of around 82,000sqft, the company said in a stock exchange filing.

In 2005, the company acquired property located at Janadhipathi Mawatha, Colombo 01, located at Nos. 51-53 and 55. The building situated on No. 55 was damaged by the 1996 terrorist attack on the Central Bank.

"With the opening of the access road via Chatham Street, the developments in the vicinity, together with the relaxed security restrictions across the city of Colombo, the board anticipates increasing demand in the future of rentable office premises in the area," the company said.

Equity Two currently owns and manages rentable office space of 41,123sqft at its property located at No. 61, Janadhipathi Mawatha.

source -

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