Coffee with Craig Show – daily CRE news covering the CEE region, Thursday, September 8, with Winston Norman, Editor and Chief of EuropaProperty.com.
Dentons advises CPI Property Group on €1.852 billion refinancing loans for acquisitions of Immofinanz and S Immo
Dentons advised CPI Property Group on a €1.852 billion forward start facility to refinance the two-year bridge loans for the acquisitions of IMMOFINANZ and S IMMO. The new facility was provided by a syndicate of international banks, including Banco Santander, Raiffeisen Bank International, Société Générale, Komerční Banka and ERSTE Group Bank.
Dentons has advised the group on numerous high-value financing, capital markets and real estate transactions in recent years, including most recently the €2.5 billion financing of its takeover offer for Immofinanz in December 2021 and €1.25 billion financing of its takeover offer over S IMMO AG in April 2022.
Commenting on the transaction, partner Jiří Tomola said: “Recent acquisitions of IMMOFINANZ and S IMMO bring considerable scale to CPIPG. The new facility further strengthens the group´s liquidity position and provides the flexibility to bring its strategic objectives to life.”
Trigea enters the Polish logistics market
Czech investor Trigea has acquired Panattoni Tricity North, an urban logistics park developed and managed by Panattoni. The asset was selected by Trigea for its first logistics investment in Poland.
Panattoni Tricity North is the developer’s fifth warehouse park in Tricity and the first in the vicinity of Gdynia and the nearby port. The distribution park comprises a single class A warehouse hall totalling 46,000 sqm. Panattoni Tricity North is 100 percent let.
This transaction is evidence of the strength of the Polish logistics market and of Tricity as an attractive investment destination for international institutional investors.
Robert Dobrzycki, Panattoni CEO and co-owner of Europe and India said: “Our successful sale of this well-located standing asset demonstrates the continuing strong investor appetite for modern logistics properties with high sustainability credentials in the Polish market.”
“Logistics has been one of the most appealing asset classes over the past couple of years,” said Tomáš Trčka, Chairman of the board of Trigea nemovitostní fond.
Cushman & Wakefield was assisting the purchaser in this transaction. “I would like to congratulate Trigea on its successful expansion onto the Polish logistics market,” concluded Bartłomiej Sutkowski, Associate, Capital Markets, Cushman & Wakefield.
Immofinanz sells Prague office building to Passerinvest Group
Immofinanz has successfully closed the sale of the BBC Gamma office building in Prague 4 to Passerinvest Group. The seller announced that the transaction was concluded at a premium to the book value.
The building has roughly 31,000 sqm and is rented in total to a single tenant through a long-term lease.
“As part of our portfolio strategy, we are concentrating on retail properties and my hive office solutions. This also includes the sale of properties with a combined value of roughly €1 billion and the investment of the proceeds in properties to strengthen our brands or for the repayment of the debt,” commented Radka Doehring, member of the Immofinanz Executive Board.
Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, September 27, with Winston Norman, Editor and Chief of EuropaProperty.com. Multi celebrates 40th anniversary with additional...
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