CPI sells €700 million in Central European RE assets

CPI

Robert McLean

#cee, #proptech, #development a #architecture

Having warned the market over the summer that it would be selling off around €1 billion in non-core property assets, CPI Property Group has gone and done it. Or at least a big portion of it. According to an official filing, the company signed off on disposals worth around €700 million, with net proceeds following debt payoffs coming to about €550 million. The disposals include the Prague headquarters of Generali (to Generali Česká Pojišťovna) and BB Centrum E (the CEZ HQ building) to a real estate fund in the Czech Republic. The latter deal is due to close in February 2022. On the Czech retail front CPIPG sold Gečko Shopping Centre in Ceske Budejovice (to a Slovak buyer) and will be completing the sale of another two retail properties in the country in the coming weeks.

In Berlin, CPIPG is in the process of selling off 33,000 sqm of its 896,000 sqm portfolio in that city to a “global real estate investor” following what the vendor described as a bidding process that attracted more than 30 potential buyers. That deal should close in Q1 2022. The same is true for the sale of Airport City, a logistics asset in Budapest (again, to a local Hungarian buyer).

 

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