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CPI Hungary acquires 113,000 sqm portfolio

Industrial

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Luxembourg-based CPI Property Group has expanded its portfolio by acquiring a total of 265,000 square meters of retail and office space in Hungary, the Czech Republic, Poland and Romania, according to a press release sent to the Budapest Business Journal. Almost 40%, or 113,000 sqm, of the acquisition is in Hungary. 

Although the exact purchase price has not been specified, CPI Hungary said the acquired portfolio is worth almost EUR 170 million.

The recently acquired Hungarian portfolio includes Budapest’s Pólus and Campona shopping malls, a property on Andrássy út, and two Interspar retail stores in Zalaegerszeg and Nyíregyháza.

With the transaction, the total Hungarian portfolio of CPI is expanding from 202,000 sqm to 315,000 sqm, which constitutes almost a 60% expansion, increasing the portfolio’s total value to almost EUR 500 mln.

The Hungarian purchase is being financed by a consortium of four banks, led by UniCredit Bank with members Raiffeisen Bank, Sberbank Czech Republic and Sberbank Hungary. 

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