The equity investment would consist of a significant minority stake in a CPIPG subsidiary holding a portfolio of eleven office properties in Warsaw and two retail assets located in Elblag and Lublin. The gross asset value of the portfolio is over €1 billion.

In connection with the commitment agreement, both CPIPG and Sona jointly acknowledged that transaction terms, definitive transaction documentation and due diligence were in an advanced state and that both parties intended to conclude the transaction with a target closing by the end of H1 2024. CPIPG will use the proceeds to repay debt and reduce leverage.

“Sona will be an excellent partner for CPIPG as we focus on capital structure priorities for 2024 and beyond,” said David Greenbaum, CEO. “By investing alongside CPIPG in Poland, Sona will benefit directly from one of CEE’s strongest economies and most vibrant real estate markets.”