Leading European landlord CPI Property Group (CPIG) has published unaudited financial results for the three months ending 30 June 2024. Total assets have reached €21.2 billion and CPIPG’s property portfolio is equal to 18.6 billion (versus €19.5 billion at year-end 2023) reflecting disposals, a modest decline in valuations (-0.8%) and FX movements, partially offset by CapEx investments.
“CPIPG’s consistent growth in rental income demonstrates once again the benefits of our diversified, resilient and high-quality portfolio,” said David Greenbaum, CEO. “Further reducing leverage and complexity remain our key priorities.”
The Group, one of the largest owners of income-generating real estate in the European continent, has closed more than €980 million of disposals year-to-date. In addition, nearly €400 million of signed disposals are expected to close in the next 2-3 months. Net rental income increased by 5% to €4.18 million, supported by a strong rental income growth of 4.4% on a like-for-like basis. Net business income rose to €443 million.
Consolidated adjusted EBITDA was €395 million; FFO1 was €200 million. Occupancy remained solid at 91.3% with a stable WAULT of 3.4 years. Net debt/EBITDA declined by 1.3x to 11.8x on an annualised basis versus year-end. Total available liquidity was €1.7 billion at the end of H1 2024, covering bond maturities over the next two years.
Frankfurt-listed CPIPG was founded in 1991 in the Czech Republic and is headquartered in Luxembourg. It owns a property portfolio valued at over €19 billion, focused on the Czech Republic, Berlin, Poland and the CEE region. Nearly half of the portfolio consists of offices in key central European capital cities of Berlin, Prague, and Warsaw. The Group also owns retail properties in the Czech Republic and Central Europe, along with hotels, residential units and land.
