CPI Property Group
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254
Press Release – Corporate News
Luxembourg, 25 April 2024
CPI PROPERTY GROUP – Disposal of Czech Portfolio to S IMMO AG
CPI PROPERTY GROUP (“CPIPG” or the “Group”) is pleased to announce the signing of a binding agreement for the sale of a portfolio totalling 6 properties located in the Czech Republic to S IMMO AG.
Today, a subsidiary of CPIPG signed a contract with a subsidiary of S IMMO AG for the sale of two office buildings, two shopping centres, a mixed-use property and a single-tenant retail building with a total lettable area of around 136,000 m², located in the Czech Republic. The transaction property value is EUR 463 million and annual rental income of around EUR 28.3 million. After the deduction of financial liabilities (approx. EUR 236 million), other balance sheet adjustments (approx. EUR 10.5 million) and commercial deductions (approx. EUR 40.5 million), the net consideration is approx. EUR 176 million, subject to standard balance sheet adjustments. Approximately EUR 76 million of the net proceeds will be financed initially by a vendor loan.
The transaction qualifies as a related party transaction given that CPIPG indirectly consolidates S IMMO AG.
For further information, please contact:
Investor Relations
Moritz Mayer
m.mayer@cpipg.com
For more on CPI Property Group, visit our website: www.cpipg.com
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