Top Qs
Timeline
Chat
Perspective
CPI Property Group
Real Estate Company From Wikipedia, the free encyclopedia
Remove ads
CPI Property Group (“CPIPG”) is a real estate landlord of income-generating commercial properties focused on the Czech Republic, Berlin, Warsaw and the Central & Eastern European (CEE) region. It was founded in the Czech Republic in 1991.[2]
 | This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
|
Remove ads
The company's headquarters are in Luxembourg, and its shares are listed on the Frankfurt Stock Exchange.[3]
Radovan Vítek is the founder and majority shareholder of the company, holding approximately 89.29% of CPIPG's voting rights directly and through vehicles controlled by him.[4] Clerius Properties (affiliate of Apollo Funds) owing 5.58%.[5]
CPIPG's owned real estate portfolio is valued at €18.6 billion (as at 30 June 2024),[6] comprising more than 600 commercial properties, over 8,000 international and local tenants, and exposure to multiple geographies and property segments. CPIPG’s portfolio is split as follows: office assets (46% of the total portfolio by value), primarily in central European capital cities such as Berlin (GSG Berlin) Prague, Warsaw, Bucharest and Budapest; retail assets (26%), primarily in the Czech Republic;[2] residential assets (7%), mainly in the Czech Republic; hotels and resorts (5%); and complementary assets (16%), primarily comprising land bank, development properties and industrial and logistics properties. CPIPG's properties generated over €796 million of net rental income the full year ended 31 December 2023, up 25.9% up from the previous year, net business income rose to €874 million.[7] As at the end of H1 2024, properties had high occupancy rate of 91.3% across the portfolio reflecting tenant and asset quality. Retail remains virtually fully occupied at 96.5%, offices are at 87.8%, and the residential segment at 90.5%.[8]
In November 2023, CPI Property Group appointed David Greenbaum, CFO of the Group since 2018, to CEO and managing director and was co-opted to CPIPG’s Board of Directors.[9] [10]
CPIPG's Board of Directors consists of three independent directors (Edward Hughes, Omar Sattar, and Jonathan Lewis), two non-executive members (Philippe Magistretti, Tim Scoble as Apollo representative) and three members of management (David Greenbaum, Tomas Salajka, and Oliver Schlink).[11]
CPIPG has credit ratings from international rating agencies Standard & Poor's (BB+), Moody's Investors Service (Ba1).[12]
CPIPG has issued more than €8.7 billion (equivalent) of bonds in eight different currencies on the international capital markets.[13]
Sustainability is central to CPIPG, and the Group has made bold ESG commitments including environmental targets which are aligned to the Paris agreement.[14]
CPIPG has a Second Party Opinion rating from Sustainalytics with a Low Risk score of 12.0/100 as of June 2024, and a BBB ESG rating score (on a scale of AAA-CCC) with MSCI ESG Rating.[15]
Remove ads
History
The company's history dates back to the foundation of Czech Property Investments a.s. (CPI a.s.) in 1991.[16][17] Throughout the 1990s the company expanded its business abroad through acquisitions in Central Eastern Europe, across multiple real estate segments, including the acquisition of a residential portfolio in the Czech Republic in 2003.
In 2013, CPI a.s. acquired ABLON Group Limited,[18] which owned a significant property portfolio in the CEE region. In 2014, CPI a.s. combined with Orco Property Group, the majority owner of Orco Germany, which owned a portfolio of office properties in Berlin. Following the company's name change to GSG Group, the company was renamed again to CPI Property Group. Since then, CPIPG has grown to become a leading European landlord with total assets exceeding €21 billion. The Group operated a well-diversified, large portfolio, which is supported by a conservative, investment-grade capital structure, with access to the international bond and bank markets.
Remove ads
Key historical milestones
- Founded in 1991 as CPI a.s.
- 1999 - Start of residential portfolio acquisitions
- 2002 - Issuance of bonds in the Czech Republic. CPI a.s. moves to the forefront of the most significant Czech real estate investors
- 2003 - Residential portfolio expansion through purchase of residential assets which today comprise CPI BYTY's portfolio
- 2013 - International expansion with the acquisition of ABLON Group, which owned
- a significant property portfolio in the CEE region
- 2014 - Integration of CPI a.s. and GSG and establishment of CPIPG. This step created an extraordinarily strong Luxembourg-based European property group with a diversified portfolio in the Czech Republic, Berlin and the CEE region
- 2016 - Local bond leader with the active issuance in local bond markets to capture strong credit appetite, further enhancing our funding profile
- 2017 - Acquisition of retail portfolio from CBRE Global Investors[19]
- 2018-2019 - Capital structure transformation - Hybrid bonds, senior unsecured bonds in EUR, CHF, JPY, HKD and USD; inaugural green bond
- 2019-2020 - Office expansion in Warsaw and CEE creating a leading position in Warsaw office market;[20] acquisition of a 29.6% stake acquired in Globalworth.[21]
- 2020 - Green bond champion with four green bonds issued in three currencies[22]
- 2021-2022 - CPIPG revises its environmental strategy and increased ambition for GHG intensity reduction target of 30% (2021) and to 32.4% (2022), which is validated by SBTi.[23]
- 2022 - A €20 billion+ European market leader, CPIPG’s portfolio is transformed through the acquisitions of controlling stakes of IMMOFINANZ and S IMMO.[24] That same year, CPIPG issues inaugural Sustainability-Linked Bond.[25]
- 2022-2024 - Portfolio optimisation and leverage reduction with the disposal of mainly lower-yielding assets with €2 billion target achieved.[26]
- 2024 – Issued €500 million of bonds in May after a two-year absence from the market; transaction received €3 billion of demand and issued €700 million of bonds in with an orderbook of €4.6 billion in September.[27]
- Minority equity investment of €250 million by Sona Asset Management for a 49% stake in a subsidiary consisting of 11 office properties in Warsaw and two retail assets in Elbląg and Lublin, Poland.[28]
Remove ads
References
Wikiwand - on
Seamless Wikipedia browsing. On steroids.
Remove ads