CEE focused property investor CPI Property Group has announced plans to issue a €1.25 bn senior unsecured bond with a medium term maturity.
CPI, an investment and development company majority owned by Czech billionaire Radovan Vitek, has mandated Deutsche Bank, SG CIB and UniCredit to act as joint global coordinators and joint bookrunners, and UBS Investment Bank as joint bookrunner to arrange a series of fixed income investor meetings in Continental Europe and the UK commencing this week.
News of the financing programme comes as CPI received a first-time Baa3 long-term issuer rating from Moody's.
'The achievement of the investment grade rating for CPI is a historical milestone for the company. It reflects the leading position of CPI Property Group among real estate companies in the CEE region and Berlin, diversification of its high quality portfolio in attractive locations and overall credibility,' said Martin Nemecek, CEO & managing director of CPI. 'The investment grade rating provides CPI with access to international capital markets and further strengthens its position on local markets.'
CPI has been active with a number of acquisitions this year. In July, it bought a mall in Brno from European fund manager Aerium for an estimated price of CZK 1.6 bn (€100 mln).
Built in 2004, Kralovo Pole Shopping Centre comprises a two-level gallery with 78 shops and a food court, providing a total of 26,500 m2 GLA plus 900 parking spaces. It is anchored by a Tesco Hypermarket.
In March, it bought a portfolio of 11 retail assets from funds of CBRE Global Investors for €650 mln.
The 265,000 m2 portfolio of mainly shopping centre properties included Olympia Plzen Shopping Centre and Retail Park, and Nisa Liberec Shopping Centre in the Czech Republic; Ogrody Shopping Centre in Poland (pictured); Polus Shopping Centre and Campona Shopping Centre in Hungary; Felicia Shopping Centre in Romania; a multifunctional complex Zlatý Andel in Prague; Andrássy Complex in Budapest and two Interspar stores in Hungary.
