CPI PG acquires €650 million retail portfolio from CBRE GI

30
Mar
2017
News - CPI PG acquires €650 million retail portfolio from CBRE GI #CBRE GI #CPI #Czech Republic #Hungary #investment #Poland #portfolio #retail

by Ákos Budai | Investment

CPI Property Group announced that its subsidiaries have acquired a retail portfolio with the value of approx. €650 million consisting of predominantly 11 shopping centres located in the Czech Republic, Hungary, Poland and Romania with a total leasable area of approximately 265,000 sqm from two funds managed by CBRE Global Investors. The closing of the deal was completed on 29 March, 2017. 

The portfolio consists of (major shopping centres Olympia Plzeň and Nisa Liberec in the Czech Republic, Ogrody in Poland, Polus and Campona in Hungary and Felicia in Romania; (multifunctional complexes Zlatý Anděl in Prague and Andrássy Complex in Budapest; and two Interspar stores in Hungary.

The bank financing has been arranged through several loans at a total of €440 million, with CPI Property Group providing the remaining amount from its own funds. In the Czech Republic, financing has been provided by a bank syndicate composed of Helaba and ČSOB; in Poland, solely provided by Helaba; in Hungary by UniCredit Bank, Raiffeisenbank and Sberbank; and in Romania by HypoNoe Bank. ČSOB was also covering the whole transaction as the escrow agent. 
 
CPI Property Group as the buyer has been advised throughout the transaction by CBRE (commercial), Dentons (legal), Sentient (technical) and KPMG (financial and tax).

CBRE GI CPI Czech Republic Hungary investment Poland portfolio retail


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