CPI Property Group explained

CPI Property Group
Type:S.A.
Industry:Real estate
Founded:1991
Hq Location City:Luxembourg City
Hq Location Country:Luxembourg
Owner:Radovan Vítek (93.59%)
Num Employees:2,278 (2020)

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.[1]

The company's headquarters are in Luxembourg, and its shares are listed on the Frankfurt Stock Exchange.[2]

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.[3] Clerius Properties (affiliate of Apollo Funds) owing 5.58%.[4]

CPIPG's owned real estate portfolio is valued at €18.6 billion (as at 30 June 2024),[5] 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; 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.[6] 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%.[7]

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.[8] [9]

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).[10]

CPIPG has credit ratings from international rating agencies Standard & Poor's (BB+), Moody's Investors Service (Ba1).[11]

CPIPG has issued more than €8.7 billion (equivalent) of bonds in eight different currencies on the international capital markets.[12]

Sustainability is central to CPIPG, and the Group has made bold ESG commitments including environmental targets which are aligned to the Paris agreement.[13]

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.[14]

History

The company's history dates back to the foundation of Czech Property Investments a.s. (CPI a.s.) in 1991.[15] [16] 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,[17] 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.

Key historical milestones

Notes and References

  1. Web site: 1 June 2021. CPI Property Group 2020 Annual Report. live. https://web.archive.org/web/20210508062131/https://www.cpipg.com/uploads/978888d5c758951080cb5df37f933fb0436326d4.pdf . 2021-05-08 .
  2. Web site: Company Overview of CPI Property Group S.A.. www.bloomberg.com. 2019-02-19.
  3. Web site: CPI PROPERTY GROUP S.A. . Boerse Frankfurt.
  4. Web site: Shareholder's corner CPIPG . 2024-10-29 . cpipg.com.
  5. Web site: Portfolio . CPI Property Group.
  6. Web site: 29 March 2024 . Financial Results for 2023 . 29 October 2024 . CPI Property Group.
  7. Web site: 1 September 2024 . Investor Presentation H1 2024 September 2024 . 29 October 2024 . cpipg.com.
  8. Web site: CPIPG unveils new CEO and changes in senior management . 2024-10-29 . www.property-forum.eu . en.
  9. Web site: About us CPIPG . 2024-10-29 . cpipg.com.
  10. https://www.cpipg.com/uploads/eac2de341c994aadd130fb99ffeed5fe797ba935.pdf
  11. Web site: Moody's - credit ratings, research, and data for global capital markets . 2024-10-29 . www.moodys.com.
  12. https://cpipg.com/uploads/978888d5c758951080cb5df37f933fb0436326d4.pdf CPI Property Group Management Report, 2020
  13. Web site: About us CPIPG . 2024-10-29 . cpipg.com.
  14. Web site: 24 February 2023 . CPI PROPERTY GROUP – Improved MSCI ESG Rating . 29 October 2024 . cpipg.com.
  15. Web site: CPI - Czech Property Investments, a.s.. www.cpias.cz. 2019-02-19.
  16. Web site: About us. CPI - Czech Property Investments, a.s.. en. 2019-02-19.
  17. Web site: ABLON Group Ltd Company profile. www.bloomberg.com. 2019-02-19.
  18. Web site: CPI PG acquires €650 million retail portfolio from CBRE GI . 2024-10-29 . www.property-forum.eu . en.
  19. Web site: CPI Property Group takes over PM of Warsaw office building . 2024-10-29 . www.property-forum.eu . en.
  20. Web site: North . Nathan . CPI launches Globalworth takeover EurobuildCEE . 2024-10-29 . eurobuildcee.com . en.
  21. Web site: CPI Property Group completes green bond issue and tender offers . 2024-10-29 . www.property-forum.eu . en.
  22. Web site: CPIPG goes greener EurobuildCEE . 2024-10-29 . eurobuildcee.com . en.
  23. Web site: CPIPG: "We are focused on the integration of Immofinanz and S Immo" . 2024-10-29 . www.property-forum.eu . en.
  24. Web site: CPI Property Group issues sustainability-linked bonds . 2024-10-29 . www.property-forum.eu . en.
  25. News: 2024-04-25 . Property Tycoon Vitek Is Trimming €20 Billion Empire to Cut Debt . 2024-10-29 . Bloomberg.com . en.
  26. Web site: 2024-09-17 . CPI follows downgrade with strong bond market return . 2024-10-29 . GlobalCapital . en.
  27. Web site: Dentons advises CPIPG on strategic 250 million equity investment . 2024-10-29 . www.dentons.com . en.

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