# CPI Property Group

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**CPI Property Group** (“CPIPG”) is a real estate landlord of commercial property 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](/source/Frankfurt_Stock_Exchange).[2]

[Radovan Vítek](/source/Radovan_V%C3%ADtek) 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](https://de.wikipedia.org/wiki/Gewerbesiedlungs-Gesellschaft)) Prague, Warsaw, Bucharest and Budapest; retail assets (26%), primarily in the Czech Republic;[1] 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%.[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 issued more than €8.7 billion (equivalent) of bonds in eight different currencies on the international capital markets.[11]

## History

The company's history dates back to the foundation of Czech Property Investments a.s. (CPI a.s.) in 1991.[12][13] 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.[citation needed]

In 2013, CPI a.s. acquired ABLON Group Limited,[14] which owned a significant property portfolio in the CEE region. In 2014, CPI a.s. combined with [Orco Property Group](/source/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.[citation needed]

## 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[15]
- 2018-2019 - [Capital structure](/source/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;[16] acquisition of a 29.6% stake acquired in Globalworth.[17]
- 2020 - Green bond champion with four green bonds issued in three currencies[18]
- 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.[19]
- 2022 - A €20 billion+ European market leader, CPIPG’s portfolio is transformed through the acquisitions of controlling stakes of [IMMOFINANZ](/source/Immofinanz) and S IMMO.[20] That same year, CPIPG issues inaugural Sustainability-Linked Bond.[21]
- 2022-2024 - Portfolio optimisation and leverage reduction with the disposal of mainly lower-yielding assets with €2 billion target achieved.[22]
- 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.[23]
- 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.[24]

## References

1. ["CPI Property Group 2020 Annual Report"](https://www.cpipg.com/uploads/978888d5c758951080cb5df37f933fb0436326d4.pdf). 1 June 2021. [Archived](https://web.archive.org/web/20210508062131/https://www.cpipg.com/uploads/978888d5c758951080cb5df37f933fb0436326d4.pdf) 2021-05-08 at the Wayback Machine.

1. ["Company Overview of CPI Property Group S.A."](https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=36769828). *www.bloomberg.com*. Retrieved 2019-02-19.

1. ["CPI PROPERTY GROUP S.A."](https://www.boerse-frankfurt.de/equity/cpi-property-group-s-a/company-details). *Boerse Frankfurt*

1. ["Shareholder's corner | CPIPG"](https://cpipg.com/en/for-investors/shareholders). *cpipg.com*. Retrieved 2024-10-29.

1. ["Portfolio"](https://cpipg.com/en/portfolio). *CPI Property Group*

1. ["Financial Results for 2023"](https://www.cpipg.com/storage/app/uploads/public/660/61a/35d/66061a35db88a293388670.pdf). *CPI Property Group*. 29 March 2024. Retrieved 29 October 2024.

1. ["Investor Presentation H1 2024 September 2024"](https://www.cpipg.com/storage/app/uploads/public/66d/afc/588/66dafc5884cd1175644593.pdf). *cpipg.com*. 1 September 2024. Retrieved 29 October 2024.

1. ["CPIPG unveils new CEO and changes in senior management"](https://www.property-forum.eu/news/cpipg-unveils-new-ceo-and-changes-in-senior-management/17331). *www.property-forum.eu*. Retrieved 2024-10-29.

1. ["About us | CPIPG"](https://www.cpipg.com/en/about-us). *cpipg.com*. Retrieved 2024-10-29.

1. ["Extraordinary General Meetings of Shareholders held on 16 December 2021"](https://web.archive.org/web/20220127182651/https://cpipg.com/uploads/eac2de341c994aadd130fb99ffeed5fe797ba935.pdf). *CPI Property Group*. 17 December 2021. Archived from [the original](https://cpipg.com/uploads/eac2de341c994aadd130fb99ffeed5fe797ba935.pdf) on 27 January 2022.

1. ["CPI Property Group Management Report, 2020"](https://web.archive.org/web/20220131163549/https://cpipg.com/uploads/978888d5c758951080cb5df37f933fb0436326d4.pdf). Archived from [the original](https://cpipg.com/uploads/978888d5c758951080cb5df37f933fb0436326d4.pdf) on 2022-01-31. Retrieved 2022-03-16.

1. ["CPI - Czech Property Investments, a.s."](https://www.cpias.cz/). *www.cpias.cz*. Retrieved 2019-02-19.

1. ["About us"](https://cpipg.com/about-us-en). *CPI - Czech Property Investments, a.s.*. Retrieved 2019-02-19.

1. ["ABLON Group Ltd Company profile"](https://www.bloomberg.com/profiles/companies/0231286D:LN-ablon-group-ltd). *www.bloomberg.com*. Retrieved 2019-02-19.

1. ["CPI PG acquires €650 million retail portfolio from CBRE GI"](https://www.property-forum.eu/news/cpi-pg-acquires-eur650-million-retail-portfolio-from-cbre-gi/562). *www.property-forum.eu*. Retrieved 2024-10-29.

1. ["CPI Property Group takes over PM of Warsaw office building"](https://www.property-forum.eu/news/cpi-property-group-takes-over-pm-of-warsaw-office-building/5534). *www.property-forum.eu*. Retrieved 2024-10-29.

1. North, Nathan. ["CPI launches Globalworth takeover | EurobuildCEE"](https://eurobuildcee.com/en/news/31110-cpi-launches-globalworth-takeover). *eurobuildcee.com*. Retrieved 2024-10-29.

1. ["CPI Property Group completes green bond issue and tender offers"](https://www.property-forum.eu/news/cpi-property-group-completes-green-bond-issue-and-tender-offers/5946). *www.property-forum.eu*. Retrieved 2024-10-29.

1. ["CPIPG goes greener | EurobuildCEE"](https://eurobuildcee.com/en/news/31044-cpipg-goes-greener). *eurobuildcee.com*. Retrieved 2024-10-29.

1. ["CPIPG: "We are focused on the integration of Immofinanz and S Immo""](https://www.property-forum.eu/news/cpipg-we-are-focused-on-the-integration-of-immofinanz-and-s-immo/15736). *www.property-forum.eu*. Retrieved 2024-10-29.

1. ["CPI Property Group issues sustainability-linked bonds"](https://www.property-forum.eu/news/cpi-property-group-issues-sustainability-linked-bonds/11074). *www.property-forum.eu*. Retrieved 2024-10-29.

1. ["Property Tycoon Vitek Is Trimming €20 Billion Empire to Cut Debt"](https://www.bloomberg.com/news/articles/2024-04-25/property-billionaire-hit-by-muddy-waters-short-plans-asset-sales-to-cut-debt). *Bloomberg.com*. 2024-04-25. Retrieved 2024-10-29.

1. ["CPI follows downgrade with strong bond market return"](https://www.globalcapital.com/article/2drw2dhgvqclt9hxcl2io/emerging-markets/cpi-makes-strong-post-downgrade-return). *GlobalCapital*. 2024-09-17. Retrieved 2024-10-29.

1. ["Dentons advises CPIPG on strategic 250 million equity investment"](https://www.dentons.com/en/about-dentons/news-events-and-awards/news/2024/july/dentons-advises-cpipg-on-strategic-250-million-equity-investment). *www.dentons.com*. Retrieved 2024-10-29.

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Adapted from the Wikipedia article [CPI Property Group](https://en.wikipedia.org/wiki/CPI_Property_Group) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/CPI_Property_Group?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.