Vítek sold the property for more than 17 billion crowns to reduce the debt burden

The company stated that it had signed agreements on the sale of assets, which, after deducting fees and repayments of some loans, will ensure a net proceeds of approximately 550 million euros (13.9 billion crowns).

“The Prague office real estate market continues to be characterized by relatively low occupancy, stable rents, strong demand from foreign and domestic investors and limited construction. CPIPG in Prague sees rich long-term opportunities, but recently received two offers that were attractive enough to consider sales.” the company said.

CPI Property thus gets rid of, for example, the office building, which Generali Česká pojišťovna buys from it. The building now serves as Generali’s headquarters in the Czech Republic. In the third quarter, CPIPG also agreed to sell the BB Centrum E building, which serves as ČEZ’s headquarters in Prague. The new owner will be a real estate fund from the Czech Republic, whose name CPIPG does not state.

The company also sells the Géčko shopping center in České Budějovice, as well as real estate in Germany, Hungary and Italy.

CPI Property Group is headquartered in Luxembourg and its shares are traded on the Frankfurt Stock Exchange. Own real estate in the Czech Republic, Hungary, Poland, Slovakia, Croatia, Switzerland, France, Romania, Russia and Britain.

In the spring, Vítek owned 87.8 percent of CPI Property Group. According to Forbes magazine, he is one of the eight Czech dollar billionaires.

Last year, the company’s EBITDA increased by 15.9 percent to 338 million euros, but sales fell by 7.3 percent to 623 million euros. Net trading income stagnated at EUR 344 million.

In August, the company’s board of directors approved a plan to sell assets worth up to a billion euros over the next six to twelve months. He wants to use the proceeds from the sale to reduce debt and improve the financial profile, so that the company is better prepared for further growth.

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