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Acquisition of Immofinanz shares by CPIPG

CATEGORY
Investment Deal of the Year, CEE
As a result of the purchase of IMMOFINANZ shares on May 30, 2022, CPIPG became the owner of 76.8% of the shares in that company. Following this acquisition, CPI Property Group became a European leader in the commercial real estate market. Its portfolio is now valued at €18 billion and it has significantly expanded its geographic reach. The Group has acquired strong platforms across Europe, in highly dynamic markets. In terms of office real estate, CPIPG's existing portfolio has expanded by 44 buildings. The enlarged, high-quality and well-diversified portfolio continues to be concentrated in CPIPG's leading locations in Europe – Berlin, Prague and Warsaw, where it is the segment leader. CPIPG has also gained market share in Austria (Vienna) and Hungary (Budapest). The office portfolio is worth €8,913 million. The average occupancy of all office properties in Europe is 90.9%. In terms of retail properties, CPIPG has expanded its portfolio by 112 locations in 6 countries and the Adriatic region. With the acquisition of the IMMOFINANZ shares, the Group is now the undisputed leader on the Czech market, with all types of large-format retail outlets. CPIPG has also added platforms in Central and Eastern Europe – in Poland, Romania, Slovakia, the Adriatic countries and Italy. The geographically diversified portfolio includes major regional shopping centers and retail parks. All of the retail establishments in CPIPG's portfolio fit the needs of local communities and are popular shopping destinations. They are characterized by a well-chosen, strong tenant portfolio and a stable occupancy rate of 98%. In Q1 2022, the collection rate was 98%. The value of the retail portfolio is €4,398 million.
Name of the deal
Acquisition of Immofinanz shares by CPIPG
The date of closing the deal
May 30, 2022
Value of the transaction (in EUR)
non shared data
Yield
none
Seller, plus brief information about the company
The core business of IMMOFINANZ is the management and development of retail and office properties in selected countries in Western and Eastern Europe. In the office sector, it concentrates on the capital cities and major office locations in Germany, with the international myhive brand. The office portfolio is responsible for approx. 63% of the total portfolio value. Activities in the retail sector are based on the STOP SHOP brand for retail parks and VIVO! for shopping centers, which are designed, above all, for secondary and tertiary cities. The retail portfolio is responsible for roughly 36% of the total portfolio value. In addition to the management of these properties, IMMOFINANZ focuses on growth through own development projects and acquisitions. The property portfolio had a carrying amount of €5.0 billion and covered roughly 210 properties as of September 30, 2021. Core markets: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary, Romania and the Adriatic region.
Consultancy which advised Seller
no data
Purchaser, plus brief information about the company
CPI Property Group is a family-owned company founded in the Czech Republic more than 30 years ago. We are experts in owning and managing income-generating real estate. CPIPG owns a property portfolio valued at over €18 billion, focused on the Czech Republic, Berlin, Poland and the CEE region. With more than 570 commercial properties, over 4,000 international and local tenants, and exposure to multiple geographies and property segments, CPIPG's portfolio is large and well-diversified. We are proud of our active asset management and local teams, and in every country where we operate, our teams have daily contact and close relationships with tenants. Our property portfolio is supported by a conservative, investment-grade capital structure, with superb access to the international bond and bank markets. CPI Property Group is registered in Luxembourg and listed on the Frankfurt stock exchange.
Consultancy which advised Purchaser
no data
Financing institution
Financed from own funds
Current occupancy level
Office: 90.9% Retail: 98%
Please say why this deal should be considered for the award
CPIPG's acquisition of IMMOFINANZ is an unprecedented event in the commercial real estate market – both in terms of scale and growth vision. With the acquisition, CPIPG has gone from being a regional leader to owning one of Europe's largest platforms, with a portfolio value of €18 billion. The platform assumes full synergy of activities in the development and operation of both portfolios. It draws on the best strategic and operational experience of the combined teams. The new enlarged portfolio guarantees the best possible geographic diversification of both office, retail and other facilities (hotels, residential, specialty facilities). In terms of product, CPIPG offers a full range of high-quality solutions in the best locations of Central and Eastern European cities, meeting all the needs of tenants and customers.