CPI Property Group has agreed to sell a portfolio totalling 11 properties located in the Czech Republic to S Immo AG.
S Immo AG signed a contract for the acquisition of the portfolio from Czech Property Investments, a.s., a subsidiary of CPI Property Group, in the Czech Republic.
The portfolio comprises seven office properties, three commercial properties, and a plot of land with a total lettable area of around 138,000 sqm.
The transaction property value is €481 million and annual rental income of around €29 million.
”After deduction of bank liabilities (approx. €213 million), an intra-group liability towards a subsidiary of CPI Property Group (approx. €29.5 million) and commercial deductions (approx. €51 million), the preliminary consideration is approx. €187 million,” said CPI Property Group in a press release.
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