Dentons advises CPI Property Group on debt refinancing

London—Dentons, the world’s largest global law firm, has advised CPI Property Group (CPIPG) on the issuance of £300 million 8.875% Fixed Rate Resettable Undated Type A Subordinated Notes (the Notes) under its Euro Medium Term Note (EMTN) Programme, as well as its repurchase of US$272 million of US private placement notes maturing between 2027 and 2029.

CPIPG is one of the largest owners of income-generating real estate in Europe, with a focus on long-term, sustainable investments in office, retail, residential and hotel properties across the Czech Republic, Germany, Poland and other key markets.

The new issuance, which closed on 7 October 2025, marks CPIPG’s first Type A hybrid transaction denominated in sterling, and its first sterling notes of any kind for more than five years, under its EMTN Programme. This transaction represents an important opportunity for CPIPG to engage with sterling investors and enable continued diversification of its funding base. The Notes attracted exceptionally strong investor demand and were heavily oversubscribed.

The net proceeds of the issue will be used for general corporate purposes, including repurchasing a minority stake in a group company, CPI Project Invest and Finance, A.S., held by funds managed by Sona Asset Management.

Partners Nick Hayday and Neil Dixon led the Dentons Debt Capital Markets team advising CPIPG on the new issuance, supported by senior lawyer David Ferris and associate Tom Day.

Capital markets and US securities partner Cameron Half led advice to CPIPG on the note repurchase, supported by associate Kristin Da Costa and trainee Alexandra Edwards.

Neil Dixon, partner at Dentons, who led on structuring the hybrid product, said:

“Hybrid notes remain a valuable financing instrument for issuers like CPIPG, offering an attractive blend of equity characteristics and debt flexibility. As with CPIPG’s previous hybrid offering, we worked with all transaction participants to structure the new hybrid bonds so that they achieve 100% equity credit from Moody’s, following the February 2024 update to its rating methodology for hybrid equity credit for high-yield issuers. This product is an extremely valuable option which we can build into EMTN Programmes, or deliver as a standalone bond, to ensure issuers get full ratings credit for their subordinated debt issuances.”

Nick Hayday, Head of Banking and Financial Services UK, and Global Co-Chair of Banking and Finance, said:

“We are delighted to be able to support CPIPG in bringing this technical product to investors at speed, allowing CPIPG to carry out the transaction during an advantageous market window. We are pleased that CPIPG achieved such a fantastic result.”

The transactions underscore Dentons’ continued leadership in advising on complex capital markets and hybrid financing transactions.

For more information about hybrid notes which receive full equity credit, please see our Dentons DCM Quick Guide.