CPIPG has announced the reacquisition of office and retail assets in Poland, sold only in June 2024, this time by using hybrid bonds.
In June 2024, SONA Asset Management and CPIPG agreed on the sale of a 49% common equity stake in a portfolio comprising high-quality office and retail assets in Poland, which were valued at approximately €1 billion.
SONA’s investment helped CPIPG to reduce leverage and boost liquidity during a time of market uncertainty. However, the key goal of rating agency equity treatment was not achieved.
On 7 October 2025, CPIPG completed the issuance of £300 million of “type A” hybrid bonds. Investor interest in the hybrids exceeded £1.25 billion; the transaction was fully swapped to Euros at a fixed rate of about 7.2%.
On 10 October 2025, proceeds were used to repurchase the 49% stake from SONA by the subsidiary CPI FIM SA. The new hybrid instruments are equity under IFRS and receive 50% equity treatment from S&P and 100% from Moody’s, which supports the CPIPG’s credit metrics. The transaction also simplifies the company’s structure by eliminating a significant joint venture.
