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CPI looking ahead to post-pandemic life

Investment & finance
CZECH REPUBLIC CPI Property Group saw its net profit increase by 118 pct y-o-y in Q1 2020 to EUR 62 mln.

The total revenue of the Czech real estate developer and investor remained virtually unchanged at EUR 164 mln, but gross rental income was up 16 pct y-o-y to EUR 90 mln and net rental income up 14 pct to EUR 84 mln. At the end of March, CPI had access to total liquidity of EUR 1 bln.

The company’s assets grew in value by 4 pct over the three months to EUR 11.127 bln, while the value of its property portfolio increased by 7 pct to EUR 9.795 bln. Its acquisitions during this period included several buildings in Warsaw: Moniuszki 1A, Equator I and II and Green Corner. CPI also brought its stake in Romanian developer Globalworth (which owns a EUR 3 bln portfolio of mainly office properties in Poland and Romania) up to just below the 30 pct threshold for a mandatory takeover.

Since Q1, CPI has also bought a 50.3 pct stake in the Chałubińskiego 8 office building in Warsaw. Tenants of the group’s shopping centres have also been able to reopen as pandemic measures are gradually lifted. And on May 12th, CPI issued EUR 750 mln of senior unsecured six-year green bonds at a rate of 2.75 pct. The proceeds from this were used to repurchase app. EUR 800 mln of bonds due to mature in 2022, 2023 and 2024.

“The success of CPIPG’s latest green bond offering demonstrates that investors appreciate the resilience of the group’s business and our commitment to financial policy. Our tenants are getting back to business, our properties are open, and CPIPG is well-prepared for any challenges ahead,” commented David Greenbaum, the CFO of CPIPG.

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