CPI Property Group announced the signing of a binding agreement for the sale of a portfolio totalling 11 properties located in the Czech Republic to S Immo. The transaction property value is €481 million.
A subsidiary of CPI Property Group (CPIPG) signed a contract with a subsidiary of S Immo for the sale of seven office properties, three commercial properties and a plot of land with a total lettable area of around 138,000 sqm, located in the Czech Republic. The transaction property value is €481 million and the annual rental income of around €29 million.
After the deduction of bank liabilities (approx. €213 million), an intra-group liability towards a subsidiary of CPIPG (approx. €29.5 million) and commercial deductions (approx. €51 million), the preliminary consideration is approx. €187 million. The transaction qualifies as a related party transaction given that CPIPG indirectly consolidates S Immo.
