DGAP-News
CPI PROPERTY GROUP - Announcement of Major Acquisitions
DGAP-News: CPI PROPERTY GROUP / Key word(s): Acquisition
CPI PROPERTY GROUP - Announcement of Major Acquisitions
02.10.2014 / 18:07
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CPI PROPERTY GROUP - Announcement of Major Acquisitions
Luxembourg, 2 October 2014. CPI PROPERTY GROUP (the "Company") announces
the following major acquisitions in line with the expanded investment
strategy of the Company announced on 14 May 2014:
(i) Spojené farmy;
(ii) Postová Office Center in Bratislava;
The Company has entered into agreements concerning the acquisition of
Spojené farmy ("SF"), one of the largest owners of farmland and producers
of high-quality organic food in the Czech Republic. SF operates almost
20,000 hectares of land and has additional investments in the Czech
Republic, Germany, Poland and Slovakia.
The transaction is being structured as an acquisition of shares. The seller
of SF is a larger group of private individuals. The Company has paid EUR
43.5 million to acquire SF. The completion of the transaction is subject to
approval by the anti-monopoly authority. Additional investments in the
expansion of SF are pre-contracted in the following two years with the
approximate value of EUR 20 million and secured by the Company's corporate
guarantee.
SF was founded in 1992 and since then it has united 24 primary production
farms, and a number of related service, retail and processing
organizations. It produces high-quality organic beef, chicken and lamb with
various certifications (kosher, halal and bio) and supplies to EU as well
as Middle East countries. SF is one of the largest suppliers of
international retail chains in the Czech Republic and Slovakia, including
Albert, Billa, Globus, IKEA, Kaufland, Makro, and Tesco but also of
restaurants, hotels and independent retailers.
Mr. Martin Nemecek, CEO of the Company stated: "The entry into agricultural
business is an important move for our company. Farmland is one of the
safest investments in real estate and yet there is a high potential for
growth in value, in particular in the Czech Republic. We have worked hard
to put together a transaction of such a scale which is incomparable with
any other transaction in the region. We also value the fact we could buy a
well operated farming business with professional management. We will
continue to produce high-quality organic food for which there is a
continued strong demand."
The Company also acquired Postová Office Center, refurbished office
building located in the prime downtown area of Bratislava, Slovakia. The
acquisition follows the completion of insolvency restructuring procedure of
the holding entity of this building. In a share deal the Company paid EUR
8.5 million. As part of its restructuring, Postová Office Center obtained
a favorable bank financing amounting to EUR 3.5 million.
Contact:
Kirchhoff Consult AG
Sebastian Bucher
Herrengraben 1
D-20459 Hamburg
T +49 40 60 91 86 18
F +49 40 60 91 86 60
sebastian.bucher@kirchhoff.de
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02.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: CPI PROPERTY GROUP
40, rue de la Vallée
L-2661 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 (0)30 440123120
Fax: +49 (0)30 390 93 199
E-mail: InvestorRelations@gsg-group.de
Internet: www.gsg-group.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
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290144 02.10.2014
Luxembourg, 2 October 2014. CPI PROPERTY GROUP (the "Company") announces
the following major acquisitions in line with the expanded investment
strategy of the Company announced on 14 May 2014:
(i) Spojené farmy;
(ii) Postová Office Center in Bratislava;
The Company has entered into agreements concerning the acquisition of
Spojené farmy ("SF"), one of the largest owners of farmland and producers
of high-quality organic food in the Czech Republic. SF operates almost
20,000 hectares of land and has additional investments in the Czech
Republic, Germany, Poland and Slovakia.
The transaction is being structured as an acquisition of shares. The seller
of SF is a larger group of private individuals. The Company has paid EUR
43.5 million to acquire SF. The completion of the transaction is subject to
approval by the anti-monopoly authority. Additional investments in the
expansion of SF are pre-contracted in the following two years with the
approximate value of EUR 20 million and secured by the Company's corporate
guarantee.
SF was founded in 1992 and since then it has united 24 primary production
farms, and a number of related service, retail and processing
organizations. It produces high-quality organic beef, chicken and lamb with
various certifications (kosher, halal and bio) and supplies to EU as well
as Middle East countries. SF is one of the largest suppliers of
international retail chains in the Czech Republic and Slovakia, including
Albert, Billa, Globus, IKEA, Kaufland, Makro, and Tesco but also of
restaurants, hotels and independent retailers.
Mr. Martin Nemecek, CEO of the Company stated: "The entry into agricultural
business is an important move for our company. Farmland is one of the
safest investments in real estate and yet there is a high potential for
growth in value, in particular in the Czech Republic. We have worked hard
to put together a transaction of such a scale which is incomparable with
any other transaction in the region. We also value the fact we could buy a
well operated farming business with professional management. We will
continue to produce high-quality organic food for which there is a
continued strong demand."
The Company also acquired Postová Office Center, refurbished office
building located in the prime downtown area of Bratislava, Slovakia. The
acquisition follows the completion of insolvency restructuring procedure of
the holding entity of this building. In a share deal the Company paid EUR
8.5 million. As part of its restructuring, Postová Office Center obtained
a favorable bank financing amounting to EUR 3.5 million.
Contact:
Kirchhoff Consult AG
Sebastian Bucher
Herrengraben 1
D-20459 Hamburg
T +49 40 60 91 86 18
F +49 40 60 91 86 60
sebastian.bucher@kirchhoff.de
---------------------------------------------------------------------
02.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: CPI PROPERTY GROUP
40, rue de la Vallée
L-2661 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 (0)30 440123120
Fax: +49 (0)30 390 93 199
E-mail: InvestorRelations@gsg-group.de
Internet: www.gsg-group.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
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290144 02.10.2014
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