CPI PROPERTY GROUP (“CPIPG”, the “Company” or the “Group”) – Addition of Residential Properties
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EQS-Ad-hoc: CPI PROPERTY GROUP / Key word(s): Real Estate Luxembourg, 29 December 2023 CPI PROPERTY GROUP (“CPIPG”, the “Company” or the “Group”) – Addition of Residential Properties Today, CPIPG’s subsidiary Endurance Hospitality Finance S.a.r.l (“EHF”) entered into an agreement with our primary shareholder, Radovan Vitek, concerning the transfer of all the issued share capital of Rising Falcon Holding Limited (“Rising Falcon”), an Abu Dhabi Global Market free zone company, to EHF. Rising Falcon owns 20 residential properties in Dubai, United Arab Emirates which were recently valued at EUR 349 million. The purchase price for the Rising Falcon portfolio was EUR 273 million, or a discount of about 22%. No cash consideration was paid for the transaction; the purchase price has been offset against shareholder loans previously provided to Mr. Vitek. As a result, the year-end shareholder loan balance for 2023 will show a meaningful reduction versus previous reporting periods. The Group intends to benefit from the strong market in Dubai and will gradually dispose of the assets. The transaction qualifies as a related party transaction, since Mr Vitek holds 88.67% of CPIPG. Notifying Person: David Greenbaum d.greenbaum@cpipg.com For further information please contact: Investor Relations Moritz Mayer m.mayer@cpipg.com End of Inside Information Information and Explanation of the Issuer to this announcement: Important Information: This announcement has been issued by CPI PROPERTY GROUP solely for information purposes. This announcement may contain statements, assumptions, opinions and predictions about the anticipated future development of CPI PROPERTY GROUP. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should not therefore be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute appropriate indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this announcement was issued to its recipients. It is the responsibility of the recipients of this announcement to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. CPI PROPERTY GROUP accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the announcement, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. CPI PROPERTY GROUP does not provide any warranties, guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this announcement. CPI PROPERTY GROUP is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this announcement or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this announcement. Contact: Martin Matula, General Counsel, +352 26 47 67 67 m.matula@cpipg.com
29-Dec-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| 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: | 1805931 |
| End of Announcement | EQS News Service |
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1805931 29-Dec-2023 CET/CEST
P R O D U C T S U G G E S T I O N S