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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]
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.
