CPI Property Group Announces Progress on Strategic Initiatives

CPI Property Group (CPIPG), a major European landlord, has reported key developments, including asset disposals, board changes, and a share buy-back completion. Recently completed sales generated €273 million, allowing the Group to fully repay a €190 million credit facility. Notably, a property in Milan was sold for over €45 million.

Furthermore, CPIPG has appointed Mirela Covașă to the Board of Directors, reflecting a move towards enhanced independence supported by the Vitek Family Trust. Additionally, Pavel Měchura has been promoted to Group CFO, consolidating senior management.

In financial maneuvers, CPIPG completed a share buy-back offer, acquiring 182,918,766 shares worth €145 million. These shares represent roughly 2.9% of the total outstanding shares and will have their voting rights suspended pending a share capital reduction.