CPI Property Group (CPIPG) and its subsidiaries CPI FIM SA and Czech Property Investments formed a partnership agreement to sell a 49% common equity stake in CPI Project Invest and Finance (CPI PIF), a company holding a portfolio of office and retail assets in Poland, to funds managed by Sona Asset Management for €250m. This significant transaction aims to advance the CPIPG group's strategy to reduce leverage. Funding and closing occurred on 27 June 2024.
CPI PIF owns a portfolio consisting of 11 office properties in Warsaw and two retail assets in Elblag and Lublin, Poland with a gross asset value of c. €1b. Following the equity stake sale, CPIPG retains full operational control and will continue to consolidate the portfolio.
Martin Matula, General Counsel of CPIPG, said: “This was a strategic transaction for CPIPG. The guidance and advice from Dentons was pivotal and we are pleased to add this transaction to CPIPG’s list of mutual success stories with Dentons.”
Dentons advised CPIPG and its subsidiaries on this transaction.
Image source - Pexels.
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