The Rome City Hall has not approved the plan to build a new stadium for the AS Roma football club on a brownfield site, which until recently was the favourite for this development and which is owned by the CPIPG group. According to the Italian media, the group wanted to invest €5 billion there. Its further Italian expansion is thus slowing down. Alongside the impact of the Covid pandemic and the war in Ukraine, this is another blow to the group's business plans in Italy, writes E15.cz.
CPI Property Group had been planning to build a stadium for the AC Rome football club in the Italian capital already for some time. It first offered the Rome City Hall a giant 124-hectare plot of land on the former racecourse in Tor di Valle in the south of the capital for the stadium. And when that failed, the group came up with the land of the former Mercati Generali market in the Ostiense district. According to Italian media, CPIPG owner Radovan Vitek was prepared to invest up to €5 billion there and the site was also favoured by the owner of the AS Roma football club, American Dan Friedkin. However, even this offer did not work out for the group, because this summer the Rome City Hall decided to build a stadium for 55,000 to 65,000 spectators elsewhere, on municipal land in the Pietralata district in the northeast of the capital, which offers better transport accessibility, reports E15.cz.
CPIPG is building its Italian empire through Next RE. This company was created by renaming the Italian company Nova RE, which CPIPG gradually took over. This year, Next RE planned to raise at least €1 billion in capital. In the end, according to information in its annual report, Next RE now plans to raise only €80 million. By 2024, it had intended to increase its capital by €2 billion. A year ago, CPIPG valued its Italian portfolio at €773 million. Next RE wants to become the largest real estate company in Italy, according to the daily E15.cz. It has large territories, particularly in Rome, where CPIPG has bought a number of assets in recent years from local developers who have run into financial difficulties.
