CPI Property Group (CPIPG) has announced updated information regarding the Group´s efforts in reducing and preserving cash, with a focus on disposals.
CPIPG decided to regularly announce updated information about disposals both small and large to their stakeholders. In this latest announcement, the company first mentioned transactions in the real estate market in Italy. In the Lambrate district of Milan, the Group completed the disposal of a brownfield site covering an area of almost 45,000 sqm. The land was bought by one of the largest global private real estate investors. Another transaction was done by Immofinanz in Turkey, where the company successfully closed the sale of a landbank with about 197,000 sqm of land area. The buyer was a local real estate investor. Gross proceeds from the two sales were about €55 million.
According to the CPIPG announcement, the Group’s disposal plans are on track as nearly €850 million of gross sales have been achieved since the group announced their €2 billion disposal pipeline in August 2022. The first quarter of 2023 was particularly active, with approximately €400 million in sales signed. The second quarter is expected to be more moderate in terms of total sales, with a significant increase in Q3-Q4 2023. As a result, the Group expects to make significant progress in deleveraging and reaffirms its LTV target of 45-49% for the end of 2023.
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