DGAP-News

CEFC and CPI entered into Heads of Terms Concerning Na Prikope (former Zivnobanka) Building in the Centre of Prague

DGAP-News: CPI PROPERTY GROUP / Key word(s): Agreement/Real Estate
CEFC and CPI entered into Heads of Terms Concerning Na Prikope (former
Zivnobanka) Building in the Centre of Prague

02.09.2015 / 08:45

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CEFC and CPI entered into Heads of Terms Concerning Na Prikope (former
Zivnobanka) Building in the Centre of Prague.

Luxembourg, 2 September 2015. CEFC China Energy Company Limited ("CEFC")
and CPI Property Group ("CPIPG") agreed in principle that CEFC will
purchase from CPIPG the former Zivnobanka building located at Na Prikope
street in the very downtown of Prague and both CEFC and CPIPG will
co-operate on the unique Glass Experience Museum currently being developed
by CPIPG and its partners. The transaction is subject to final agreement.

For CEFC, the acquisition of a landmark building is yet another step in its
major expansion plan in Europe. CEFC has selected the Czech Republic as a
key country for its European operations. The former Zivnobanka building has
been chosen to best serve the purpose of the firm's European headquarters.

"We truly value the unique architecture, excellent location as well as the
spirit of the building which served as a seat of a bank for a long time.
CEFC is a financial institution and as such it wishes to follow up with the
legacy of the building," commented Chan Chauto, the President of CEFC.

CPIPG acquired the building in 2011 from UniCredit Bank. It has planned a
unique redevelopment of the building into prime offices, retail space as
well as an exceptional museum of glass called ZIBA Glass Experience Museum.
The Glass Experience Museum shall present exhibitions of the Czech and
international modern glass and until now it has gained support of the art
community as well as city officials. CEFC and CPIPG agreed to continue with
the development of the Glass Experience Museum and to co-operate with
artists and companies that have taken part in the project.

"We are proud that CEFC selected the offices at the Zivnobanka building for
its corporate seat in Europe. We wished to find a prime company which would
be able to adequately use the premises. No less important is the fact that
CEFC will join us as a partner for the Glass Experience Museum and there is
potential for further business co-operation between our firms in the
future," added Zdeněk Havelka, the Executive Director of CPIPG.

About Zivnobanka building
The building was designed by architect Osvald Polívka for the former Land
Bank (Zemska banka) and was erected in 1896. Designed in opulent