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EQS-News: CPI PROPERTY GROUP / Key word(s): Miscellaneous
CPI PROPERTY GROUP - Update on strategic initiatives
2024-05-24 / 17:56 CET/CEST
The issuer is solely responsible for the content of this announcement.
CPI Property Group
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B
102 254
Press Release - Corporate News
Luxembourg, 24 May 2024
CPI PROPERTY GROUP - Update on strategic initiatives
CPI PROPERTY GROUP ("CPIPG" or the "Group"), a leading European landlord, has prepared a brief update for our
stakeholders regarding the Group's strategic initiatives.
Group simplification
Earlier today, IMMOFINANZ AG ("IMMOFINANZ") announced the commencement of preparations for a squeeze-out of S IMMO AG
("S IMMO"). Together with CPIPG, IMMOFINANZ holds a stake of approximately 88.37% in the share capital of S IMMO
(taking into account the treasury shares of S IMMO, the effective stake in S IMMO amounts to approximately 92.54%). The
intended squeeze-out is the Group's first step towards reducing complexity. We intend to further review the structure
of our Group in the coming months. The announcement by IMMOFINANZ is available on the website of IMMOFINANZ (
www.immofinanz.com).
Financing updates
At the beginning of the month, CPIPG issued new EUR500 million of 5-year senior unsecured green bonds which received high
demand resulting in a six-times oversubscribed orderbook. Proceeds from the bond issuance were used to fully repay the
remaining EUR460 million of bridge loans. With that, CPIPG successfully completed the repayment of around EUR2.7 billion in
acquisition financing since 2022 as part of our IMMOFINANZ and S IMMO acquisitions. Finally, with the bridge repayment,
the Group's fixed-rate debt ratio increased to over 90%.
Governance review
In 2023, CPIPG engaged the global law firm White & Case to review the Group's governance procedures, compliance
policies and procedures, and related matters, with a focus on related party transactions and policies. The final report
is expected this summer; CPIPG expects to release a summary. We have already received helpful preliminary suggestions
on further strengthening our governance and expect to describe any new procedures during the summer.
For further information, please contact:
Investor Relations
Moritz Mayer
Manager, Capital Markets
m.mayer@cpipg.com

For more on CPI Property Group, visit our website: www.cpipg.com
2024-05-24 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Archive at www.eqs-news.com  
Language:     English 
Company:      CPI PROPERTY GROUP 

40, rue de la Vallée
L-2661 Luxembourg
Luxemburg

Phone:        +352 264 767 1 
Fax:          +352 264 767 67 
E-mail:       contact@cpipg.com 
Internet:     www.cpipg.com 
ISIN:         LU0251710041 
WKN:          A0JL4D 
Listed:       Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart 
EQS News ID:  1911037 

End of News EQS News Service
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1911037 2024-05-24 CET/CEST

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END) Dow Jones Newswires

May 24, 2024 11:56 ET (15:56 GMT)