CPI Property Group Poland has successfully concluded a green refinancing transaction with Aareal Bank amounting to more than €277 million for three office properties in Warsaw.

Immofinanz Group generated strong growth in rental income during the 2023 financial year. This development was based primarily on the full consolidation of S Immo, the purchase of retail properties, and solid growth in like-for-like rental income. However, due to revaluation effects, the company recorded a decline in net profit to €-229.5 million in 2023.

S Immo has signed a contract to sell Zagrebtower to the OTP Group. The office building comprises a total net area of almost 26,000 sqm and has a BREEAM International In-Use Excellent certificate. The transaction is expected to close in the third quarter of 2024, subject to the necessary regulatory approvals.

Immofinanz is taking another step in optimising its portfolio by selling two office properties in Vienna. The properties in the 20th district of Vienna have been sold to an Austrian real estate investor. This sale follows several others executed by CPI Property Group, Immofinanz' majority owner, in a bid to raise cash for repaying debts.

CPI Property Group has sold the Concept Tower office building in Warsaw to Wood & Company Real Estate Fund. The price has not been discolsed.

Immofinanz Romania, part of CPI Property Group (CPIPG), is reportedly negotiating a partial sale of its Iride Business Park office complex located in northern Bucharest.

CPI Property Group executed €731 million of disposals during the first three quarters of 2023. During the period, the Group has also signed multiple secured bank loans and continued to raise senior unsecured debt, contributing to a total of almost €1.2 billion in new external financing year to date.

CPI Property Group announced the signing of a binding agreement for the sale of a portfolio totalling 11 properties located in the Czech Republic to S Immo. The transaction property value is €481 million. 

CPI Property Group has announced changes to the company’s Board of Directors and senior management team. David Greenbaum, CFO of the Group since 2018, has been appointed CEO and managing director and was co-opted to CPIPG’s Board of Directors. David replaces Martin Němeček, who resigned from his roles of CEO, managing director, and member of the board of directors. After a short break, Martin will remain with CPIPG in a newly created senior role focused on high-value projects.

Barbara Topolska, Country Manager for Poland at CPI Property Group has talked to Property Forum about the acquisition of Immofinanz, ESG contributions and the current financing conditions.