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CPI Property Group Reports Financial Results for Q1 2024
CPI Property Group (CPIPG), a prominent European landlord, has released its unaudited financial results for the first quarter of 2024. The Group reported total assets of €21.5 billion, with an EPRA NRV of €7.0 billion. The property portfolio value stood at €19.2 billion, reflecting disposals and investments.
Key metrics improved despite ongoing disposals. Net rental income rose 6% to €208 million, and consolidated adjusted EBITDA was €199 million. The occupancy rate remained stable at 91.4%, and net debt reduced by over €250 million, lowering the Net Loan-to-Value ratio to 51.9%.
CPIPG completed €600 million in disposals year-to-date and anticipates an additional €600 million in the coming months. Liquidity stood at €1.3 billion, with €600 million expected from ongoing disposals and new financings.
Despite these positive outcomes, S&P Global Ratings downgraded CPIPG from BBB- to BB+ with a negative outlook. The Group aims to stabilize its rating and regain investment-grade status.
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