Global law firm Dentons advised CPI Property Group (“CPIPG”) and its subsidiaries CPI FIM SA and Czech Property Investments on a partnership agreement to sell a 49% common equity stake in CPI Project Invest and Finance (“CPI PIF”), a company holding a portfolio of office and retail assets in Poland to funds managed by Sona Asset Management for €250 million. This significant transaction aims to advance the CPIPG group’s strategy to reduce leverage. Funding and closing occurred on 27 June 2024.
CPI PIF owns a portfolio consisting of 11 office properties in Warsaw and two retail assets in Elbląg and Lublin, Poland with a gross asset value of approximately €1 billion. Following the equity stake sale, CPIPG retains full operational control and will continue to consolidate the portfolio. This transaction is part of CPIPG’s broader asset disposal pipeline initiated in 2022, which has seen the CPIPG group sign over €2.3 billion of sales at average prices close to book value.
Martin Matula, General Counsel of CPIPG, said: “This was a strategic transaction for CPIPG. The guidance and advice from Dentons was pivotal and we are pleased to add this transaction to CPIPG’s list of mutual success stories with Dentons.”
Counsel Kamran Pirani and Partner Rob Irving led the Dentons legal team, supported by Counsel Lukáš Výmola and Partner Petr Zákoucký from the Corporate and M&A team, Partners Jiří Tomola and Pavel Boguský from Banking and Finance and Insolvency and Restructuring teams in Prague, as well as Managing Counsel Łukasz Zwiercan and Partners Monika Sitowicz and Piotr Szafarz from the Real Estate team in Warsaw.
The multijurisdictional and multi-competency team advised the client on corporate, M&A, real estate, financing and tax aspects of the transaction.
Other key team members included:
Budapest: Counsel Sebastian Ishiguro, Associate Brigitta Kovacs and Junior Associate Aliz Wulcz (all Corporate and M&A)
Prague: Counsel Jana Málková Želechovská (Corporate), Lukáš Poulík (Tax), Associates Michal Vik, Tomáš Pavelka, Jan Gerych, and Junior Associate Tomáš Jonáš (all Corporate and M&A).
Warsaw: Associates Paulina Obiedzińska and Weronika Nowosielska, Managing Counsel Jarosław Stąpel, Senior Associate Joanna Popławska (all Real Estate), Partner Cezary Przygodzki and Managing Counsel Tomasz Krasowski (both Tax), Partner Bartosz Nojek, Counsel Jakub Zienkiewicz and Associate Paulina Surma (all Banking and Finance).
London: Partners Nick Hayday and Victoria Wyer (both Capital Markets), Partner Alex Tostevin and Associate Ivan Jelocnik (both Tax) and Partner Thomas Leyland (Dispute Resolution).
Luxembourg: Partner Namik Ramic, Counsel David Paiva and Associate Mebru Bagdadioglu (all Corporate and M&A).
