ARTICLES LABELLED WITH TAG CPIPG

The board of real estate group Immofinanz has approved a framework with CPI Property Group (CPIPG), which holds 75% of the company, which paves the way for future consolidation of the two groups.

CPIPG has announced further progress in the Group’s strategy to reduce leverage. CPIPG and its subsidiaries, CPI FIM SA and Czech Property Investments have signed a partnership agreement through which CPIPG is going to sell a 49% common equity stake in Vulcanion for €250 million to funds managed by Sona Asset Management.

CPIPG has published unaudited financial results for the three months ending 31 March 2024. Total assets have reached €21.5 billion, and CPIPG’s property portfolio is equal to €19.2 billion (versus €19.5 billion at year-end 2023).

S&P Global Ratings has downgraded CPIPG’s rating from BBB- to BB+ with a negative outlook. CPIPG has communicated an update for its stakeholders concerning recent events and news.

CPIPG has announced the Group’s strategic initiatives including group simplification, financing updates and governance review.

CPI Property Group has announced an important step in its disposal programme. The company has completed the sale of its ski resort business in Crans Montana, Switzerland.

CPIPG has signed a commitment agreement with Sona Asset Management LLP regarding a proposed equity investment of €250 million in Poland.

CPIPG has announced the signing of a binding agreement for selling a portfolio totalling 6 properties located in the Czech Republic to S Immo.

CPI Property Group has published its audited financial results for the financial year ended 31 December 2023, confirming a stable market environment with high occupancy figures. On the other side, the figures have shown a considerable net loss of €877 million, driven predominantly by a non-cash negative revaluation result. Property Forum asked CPIPG spokesman Jakub Velen to comment on the figures and provide an outlook for the year ahead.

CPI Romania has named Cushman & Wakefield Echinox as manager of Expo Business Park in Bucharest.