CPI Property Group - comment
The disposal is small but in line with CPI's focus on its larger markets. Immofinanz has total investments in Slovakia of €431m. We estimate the total value of the assets sold to be €150m. The 70k sqm sold represents 28% of the 260k sqm owned in the country, and we place a premium on the assets as they are in the capital. Assuming 65% debt, the equity in the assets is about €53m.
The sale will occur in two parts; in H1 2025 a JV will be formed, and an equity transaction will take place (we assume 50/50 => €27m to CPI), and by the end of 2026, Wood & Co will buy the rest (€27m equity plus the debt of €98m)