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CPI in the money

Nathan North 05 October 2017

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

CPI in the money
Martin Němeček, the CEO and managing director of CPI Property Group
CEE REGION Czech real estate investor CPI Property Group has issued EUR 600 mln of seven-year notes on the Irish Stock Exchange.

The notes, accepted for clearance through Euroclear and Clearstream, Luxembourg, have a Baa3 (stable) rating and have been issued at a price of 99.039 pct of their nominal amount under the company’s EUR 1.25 bln Euro Medium Term Note (EMTN) programme. The notes were oversubscribed by more than three times with the order-book closing at EUR 1.9 bln with 137 investors. The main demand came from the UK (41 pct), followed by Germany (22 pct), France (16 pct), the Benelux (10 pct), the Nordics (3 pct), Southern Europe (4 pct) and rest of world (4 pct), while 84 pct of the issue was placed with fund managers, with insurance/pension funds taking 7 pct and banks and hedge funds 6 pct.

“This is a historic milestone for the company, which lays the foundation for us to become a regular issuer on the international capital markets. We have achieved the largest amount raised in the capital markets with the best pricing outcome among all CEE real estate issuers. (…) The success of this debut drawdown encourages us to consider new issues under our EMTN Programme to further decrease the costs of financing and increase our activity on the international capital markets.” declared Martin Němeček, the CEO and managing director of CPI Property Group.

CPI has also announced the refinancing of portfolios in Hungary and Slovakia. K&H Bank has opened a EUR 50 mln facility for four properties in Hungary – the Gateway (35,900 sqm) and Business Center 99 (17,370 sqm) office parks in Budapest as well as the BuyWay retail parks in Dunakeszi and Soroksár (21,600 sqm and 11,500 sqm, respectively). Tatra Banka has granted a EUR 20.5 mln loan for the refinancing of six hypermarkets in Slovakia totalling 35,000 sqm, with tenants including Kaufland, Tesco and Terno.

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