CPIPG has announced the signing of a binding agreement for selling a portfolio totalling 6 properties located in the Czech Republic to S Immo.
A subsidiary of CPIPG signed a contract with a subsidiary of S Immo for the sale of two office buildings, two shopping centres, a mixed-use property and a single-tenant retail building with a total lettable area of around 136.000 sqm, located in the Czech Republic. The transaction property value is €463 million and the annual rental income is around €28.3 million.
After the deduction of financial liabilities (approx. €236 million), other balance sheet adjustments (approx. €10.5 million) and commercial deductions (approx. €40.5 million), the net consideration is approximately €176 million, subject to standard balance sheet adjustments.
Approximately €76 million of the net proceeds will be financed initially by a vendor loan. The transaction qualifies as a related party transaction given that CPIPG indirectly consolidates S Immo.
