Global law firm Dentons advised CPI Property Group (CPIPG) in connection with a €1.852 billion forward start facility to refinance the two-year bridge loans for the acquisitions of IMMOFINANZ and S IMMO, extending their maturity until H1 2025. The new facility was provided by a syndicate of international banks, including Banco Santander as a global coordinator and underwriter, as well as Raiffeisen Bank International, Société Générale, Komerční Banka and ERSTE Group Bank.
CPI Property Group is one of the largest owners of income-generating real estate in Europe, focused primarily on the Czech Republic, Berlin and the CEE region. 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.
Prague-based partner Jiří Tomola and counsel Martin Manduľák led Dentons’ legal team on the transaction with assistance from associate Ondřej Valeš. The team also included partner Stéphane Hadet and associate Jinjing Zheng in Luxembourg.
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. We were pleased to have had the opportunity to continue supporting their success and play a part in CPIPG’s growth story.”
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