The CPI PROPERTY GROUP announces the finalization of several asset sales

The CPI PROPERTY GROUP, a company based in Luxembourg, communicated on February 28, 2024 information on the program to sell its assets. Three major sales were finalized, generating nearly €80 million in gross proceeds. Among these disposals, Metrogate House in London was sold to a local investor, Concept Tower in Warsaw to WOOD & Company Real Estate Fund, and IMMOFINANZ AG sold Grand Center Zagreb in Croatia. The transactions were carried out at prices close to their June 2023 book value.

In addition, a preliminary agreement was signed with S IMMO AG for the sale of an office and retail real estate portfolio in the Czech Republic, for a total value of approximately 495 million euros. This proposed sale constitutes a transaction between related parties, CPI PROPERTY GROUP having an indirect consolidation with S IMMO AG.

The funds raised through these sales will mainly be used for the early repayment of debts. The company affirms its desire to reduce its short-term debt before maturity, with the objective of fully repaying the group's bridge financing before the end of June 2024.