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CPI Property Group

From Wikipedia - Reading time: 7 min
CPI Property Group
Company typeS.A.
FWB: O5G
ISINLU0251710041 Edit this on Wikidata
IndustryReal estate
Founded1991
Headquarters
Luxembourg City
,
Luxembourg
Area served
  • Czech Republic
  • Germany
  • Poland
  • Hungary
  • Italy
  • Other CEE
  • Western Europe
Key people
  • CEO Martin Němeček
  • COO Zdeněk Havelka
  • CFO David Greenbaum
Revenue
  • Decrease €623 million (2020)
  • €672 million (2019)
  • Decrease €403.6 million (2020)
  • €816.1 million (2019)
  • Decrease €243.6 million (2020)
  • €684.6 million (2019)
Total assets
  • Increase €11,801 million (2020)
  • €10,673 million (2019)
OwnerRadovan Vítek (93.59%)
Number of employees
2,278 (2020)
Subsidiaries
  • ORCO
  • Czech Property Investments
  • Gewerbesiedlungs-Gesellschaft mbH
  • SUNČANI HVAR d.d
Websitecpipg.com
Footnotes / references
[1]

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]

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]

History

[edit]

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.

Key historical milestones

[edit]
  • 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]

References

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