One of the richest Czechs, Radovan Vítek, continues his foreign expansion with his CPI Property Group. In Italy, it agreed with the banking group UniCredit Bank and the debtors to take over their receivables and real estate. It includes the new Maximo shopping center in Rome.
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The center, opened in October 2020, is the first shopping complex in the Italian capital to be completed in the last 15 years. It also includes the first store of the Irish clothing chain Primark in Rome. The transaction also includes over 40 hectares of land in the Rome area suitable for further construction. The total value of the acquired real estate is 318 million euros. The company did not disclose the exact purchase price.
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“CPI’s expansion into Italy will be guided by careful asset selection and pricing discipline,” said Martin Němeček, CEO of the group.
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Vítek’s group also strengthened in Germany. It bought a plot of almost 82,000 square meters near Berlin Schönefeld Airport through its subsidiary GSG. At the same time, it acquired half a stake in three development projects in Berlin for more than 15 million euros.
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“Investor competition for assets is very strong, but GSG remains very selective,” said GSG Berlin CEO Oliver Schlink.
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The total value of CPI assets reached almost 12 billion euros in the first quarter. The group’s rental income increased by six percent year-on-year to 88 million euros.
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