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CPI arranges €440m CEE financing

Central and eastern Europe-focussed investor CPI Property Group has sourced a €440 million financing of a portfolio purchase which covers retail assets across the Czech Republic, Poland, Hungary and Romania.

Central and eastern Europe-focussed investor CPI Property Group has sourced a €440 million financing of a portfolio purchase which covers retail assets across the Czech Republic, Poland, Hungary and Romania.

Ogrody, Elblag, Poland

The portfolio was bought from real estate funds managed by CBRE Global Investors with a total value of around €650 million.

German bank Helaba has provided a €354 million loan to fund four assets in the Czech Republic and Poland. The portfolio consists of the shopping centres Nisa in Liberec and Olympia Plzen in Pilsen – both in the Czech Republic – the office and commercial building Zlaty Andel in Prague, and the Ogrody shopping centre in Elblag, Poland.

Czech bank ČSOB is participating in a 40 percent share of the element of the financing which is secured by the three Czech assets.

In addition, the purchase includes the Polus and Campona shopping centres in Hungary and Felicia in Romania, plus mixed-use complex Andrássy Complex in Budapest and two Interspar stores in Hungary.

The Hungarian financing was provided by UniCredit Bank, Raiffeisenbank and Sberbank. A Romanian loan was provided by HypoNoe Bank.

“This transaction, which might be the region’s largest real estate deal of the year, represents yet another milestone for the CPI Property Group that underscores our ability to deliver exceptional transactions within the current competitive environment,” said Martin Němeček, CEO of the CPI Property Group.

“Helaba has been active in the region for more than a decade and has built up a substantial track record. We have been able to establish valuable relationships, such as with CPI and CSOB. This transaction once again confirms the stable outlook for CE markets, which is also an integral part of Helaba’s strategy,” added Michael Kröger, head of real estate finance international at Helaba.

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