CPI PROPERTY GROUP Announces Sale of Czech Property Portfolio to S IMMO AG

CPI PROPERTY GROUP, a leading real estate company, has officially announced the disposal of a significant property portfolio in the Czech Republic to S IMMO AG. The transaction encompasses the sale of six properties, including two office buildings, two shopping centers, a mixed-use property, and a single-tenant retail building. The total lettable area amounts to approximately 136,000 square meters.

The deal is valued at EUR 463 million, with an annual rental income projected at around EUR 28.3 million. After accounting for financial liabilities and other balance sheet adjustments, the net proceeds come to about EUR 176 million. Notably, a portion of the net proceeds, specifically EUR 76 million, will be financed via a vendor loan.

This transaction is categorized as a related party transaction since S IMMO AG is indirectly consolidated by CPI PROPERTY GROUP. This strategic sale is part of CPIPG’s ongoing portfolio optimization and capital reallocation strategy.