CPI Property Group has agreed to sell a minority stake in a €1 bn portfolio of office and retail properties in Poland to alternative asset manager Sona Asset Management.
Under the share deal, Sona will invest €250 mln of equity in a CPIPG subsidiary holding a portfolio of 11 office properties in Warsaw and two retail assets located in Elblag and Lublin.
In a statement, CPIPG and Sona said that the transaction is in an advanced state, and that they are targeting 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 CEO David Greenbaum. 'By investing alongside CPIPG in Poland, Sona will benefit directly from one of CEE’s strongest economies and most vibrant real estate markets.'
In April CPI also sold a portfolio of eight mixed use properties in the Czech Republic to Vienna-based CEE-focused property investor S Immo for a property value of €463 mln.
