CPI PROPERTY GROUP
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254

PRESS RELEASE
Luxembourg, 2 January 2018
 

CPI PROPERTY GROUP - acquisition of four commercial assets in Germany

CPI PROPERTY GROUP (the "Company") announces completion of the acquisition of four commercial properties in Germany, comprising approximately 107,600 sqm.

On 31 December 2017, the Company acquired via its Berlin based subsidiary GSG Berlin a 94.9% stake in a German company, which holds four high quality commercial assets. Two assets are situated in Berlin with a total GLA of approximately 76,100 sqm and two assets are located close to Karlsruhe (Baden-Württemberg) with a total GLA of approximately 31,500 sqm.

This transaction strengthens the position of GSG Berlin as one of Berlin's largest commercial real estate owners with a portfolio close to 1 million sqm.

Martin Nemecek, CEO of CPI PROPERTY GROUP stated: "We see this transaction as a major acquisition into a very attractive market at the right time. Germany is one of our core markets and we have been actively looking for good investment opportunities. We will utilize our successful management platform in Berlin to actively asset manage the newly acquired properties to increase their occupancy and rental income."

GSG Berlin will pro-actively manage and integrate the acquired assets in its existing portfolio and management structure and intends to develop the newly acquired portfolio through active asset management initiatives to core-plus assets over the next years.

Pöllath + Partners acted as legal and tax advisors, Arcadis performed the technical due dilligence for the Company and GSG Berlin.

For further information please contact:

Kirchhoff Consult AG
Andreas Friedemann
Borselstraße 20
20765 Hamburg
T +49 40 60 91 86 50
F +49 40 60 91 86 60
E andreas.friedemann@kirchhoff.de