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31.08.2016 21:51:06
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DGAP-News: CPI PROPERTY GROUP
DGAP-News: CPI PROPERTY GROUP: Boost in Group Portfolio, Equity Reinforcement and Finance Optimisation
31.08.2016 / 21:51 The issuer is solely responsible for the content of this announcement.
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Press Release
Luxembourg, 31 August 2016
Boost in Group Portfolio, Equity Reinforcement and Finance Optimisation
Corporate news
Increase of share capital in amount of EUR 370.3 million In H1 2016 the CPI Property Group (the "Company" or together with subsidiaries the "Group") issued several issuances in aggregate 3,698,030,051 new ordinary shares. The new shares, having a par value of EUR 0.10 each, were issued in reserved capital increases under the Company's authorised share capital.
The aggregate subscription price of EUR 370.3 million was partially paid by cash contributions amounting to EUR 73.5 million in total and partially by contributions in kind amounting to EUR 296.8 million in total, through contributions of bonds issued by the Company and the Company's subsidiary Czech Property Investments, a.s. The contributed bonds were valued at their nominal value inclusive of the accrued interest as of the date of contribution.
The extraordinary general meeting (the "EGM") held on 26 May 2016 resolved to decrease the corporate capital of the Company by the amount of EUR 55,069,491.50 by means of cancellation of 550,694,915 shares held in treasury by the Company as of the date of the EGM.
The corporate share capital of the Company amounts to EUR 645,110,343.60 represented by 6,451,103,436 shares.
Portfolio highlights
Acquisition of 97% stake in ORCO Property Group On 8 June 2016 CPI PROPERTY GROUP through its wholly owned subsidiary Nukasso indirectly acquired 1,279,080,996 shares in ORCO Property Group a public limited liability company (société anonyme) incorporated under the laws of Luxembourg and registered with the Luxembourg Trade and Companies Register (RCS) under number B 44 996 ("OPG"), representing 97.31% stake in OPG.
Pursuant to article 6 (2) of the Luxembourg law of 19 May 2006 on takeover bids (the "Takeover Bid Law") NUKASSO has submitted a draft offer document for approval to the CSSF in its capacity as competent supervisory authority in accordance with article 4 (2) (a) of the Takeover Bid Law. Once approved the Offer Document will be published on the websites of CPI PROPERTY GROUP: www.cpipg.com and the Luxembourg Stock Exchange: www.bourse.lu.
On 2 August 2016, the Company filed with the Czech Office for the Protection of Competition a request to obtain merger clearance concerning the acquisitions made on 8 June 2016, resulting in obtaining of direct and indirect ownership of approximately 97.31% of OPG's share capital. The Czech Office for the Protection of Competition granted the merger clearance on 23 August 2016.
OPG is an investor, developer and asset manager in the Central European real estate market. Based in Luxembourg, it is a public company listed on the Luxembourg Stock Exchange. Orco Property Group operates in a number of countries in Central Europe with main focus on the Czech Republic, Germany and Poland.
Acquisition of major stake in Suncani Hvar On 19 May 2016 the Group indirectly acquired 12,029,250 shares of SUNCANI HVAR d.d. (hereinafter as "SHH"), hotel company operating on the Island of Hvar, Croatia, representing 61.95% of the shareholding and voting rights in SHH. During the mandatory buyout procedure, shareholders of SHH tendered in aggregate 5,924,081 SHH shares at the price of HRK 24 per share. The tendered shares include 5,880,849 SHH shares previously held by the Restructuring and Sale Center of the Republic of Croatia, which decided to sell them on 27 July 2016. Following the acquisition of the tendered shares completed on 8 August 2016, the Group now indirectly holds approximately 92.45% of the SHH shares. Subject to legal and regulatory requirements, the Group intends to proceed with the delisting of SHH shares from the regulated market of the Zagreb Stock Exchange.
Acquisition of hotel operator CPI Hotels
On 31 August 2016 the Group acquired 100% stake at CPI Hotels, a.s. (the "CPI Hotels") a long-term business partner of the Group that operates 24 hotels owned by the Group. The aggregate acquisition price was CZK 1,219 million (approx. EUR 45 million). Since 1997 CPI Hotels has been the exclusive representative of the international hotel chain Choice Hotels International known as the Clarion brand in the Czech Republic and Slovakia. In 2009 CPI Hotels introduced the unique project of the five-star Buddha Bar Hotel Prague, the first hotel of the international chain Buddha- Bar Hotels & Resorts. CPI Hotels operates own brand Fortuna Hotels and brand Spa & Kur Hotels. In 2014 the portfolio operated by CPI Hotels expanded to Mamaison Hotels & Residences.
Acquisition of the shopping centre in Mladá Boleslav On 1 February 2016 the Group acquired Bondy Centrum, the largest shopping centre in Mladá Boleslav, Czech Republic. The shopping centre with a leasable area of approximately 16,800 sqm comprises of 80 shops, food court, multiplex cinema and other amenities, as well as a 400 capacity car park. The centre also includes an office section, with floor area of approximately 2,800 sqm.
Acquisition of the shopping centre in Ceské Budejovice In March 2016 the Group acquired Gécko shopping centre in Ceské Budejovice, Czech Republic. The shopping centre with 11,000 sqm of rentable area comprises of 50 shopping units, food court and other amenities, as well as parking for approximately 450 cars.
The Group begun work on the New IGY Centre in Ceské Budejovice The Group has started the construction of the retail project New IGY Centre in Ceské Budejovice, which involves the upgrade and modernisation of the existing IGY shopping centre and the construction of the new building, IGY2. Investment in the construction of IGY2 will reach EUR 16 million and the renovation of the current IGY is expected to be an additional EUR 12 million.
Capital market financing
EUR 50 million Bonds issue On 26 February 2016 the subsidiary CPI Finance Slovakia, a.s. issued new bonds with the nominal amount of EUR 1,000 each and the aggregate amount of up to EUR 50 million. The bonds, due in 2020, are registered under ISIN code SK4120011487 and carry a fixed rate coupon of 5.00% p.a. The prospectus, which since has been approved by the National Bank of Slovakia on 22 February, 2016 is available in electronic form at www.cpifinanceslovakia.sk.
EUR 49 million Bonds redeemed During Q1 2016 bonds CPI 6.05/16 in the total amount of EUR 46 million were repaid and bonds CPI VAR/19 (EUR) in the total amount of EUR 3 million were prepaid before maturity.
Amendment of terms of CZK 2 billion of Czech Property Investments, a.s. bonds The Bondholders meeting, held on 22 January, 2016 approved the amendment of the terms and conditions of CPI VAR CZK 2019 bonds. The approved amendment entails, inter alia, the decrease in the interest from 6M PRIBOR plus 6.5% to the fixed 5.1% p.a. has enabled a 2 year extension of maturity of bonds until 2021. The amendment of the terms and conditions has been in effect since 25 January, 2016.
Financial highlights Gross rental income grew by 7% to EUR 114 million compared to EUR 107 million in H1 2015. The increase was principally driven by the new acquisitions performed by the Group over the last 6 months as well as by improved property performance.
The increase in total revenue has been driven by the strong performance of the recently acquired Suncani Hvar hotel group and mountain resort in Switzerland. The operating result improved slightly from EUR 94 million in H1 2015 to EUR 95 million. Net profit for the period amounted to EUR 44 million (H1 2015 - EUR 58 million) as in the comparative period the Group recorded a single impact of property revaluation amounting to EUR 18 million.
Total assets increased by EUR 580 million (13%) to EUR 4,903 million as at 30 June 2016 (2015 - EUR 4,323 million). This upturn is primarily associated with the expansion in property portfolio which rose by EUR 426 million (from 3,822 million as at 31 December 2015) to EUR 4,248. EPRA NAV increased from EUR 1,732 million as at 31 Dec 2015 to EUR 2,085 million as a result of the performance of the Group during H1 2016 and debt-to-equity transaction described above.
For full Interim Management Report as of 30 June 2016, including Condensed Consolidated Interim Financial Statements as at 30 June 2016 please refer to our website at www.cpipg.com.
For further information please contact:
Kirchhoff Consult AG Andrew Stammler Herrengraben 1 20459 Hamburg T +49 40 60 91 86 18 F +49 40 60 91 86 60 E andrew.stammler@kirchhoff.de
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31.08.2016 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. Archive at 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: +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 End of News DGAP News Service ---------------------------------------------------------------------------
497941 31.08.2016
DGAP-News: CPI PROPERTY GROUP / Key word(s): Half Year Results CPI PROPERTY GROUP: Boost in Group Portfolio, Equity Reinforcement and Finance Optimisation
31.08.2016 / 21:51 The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Press Release
Luxembourg, 31 August 2016
Boost in Group Portfolio, Equity Reinforcement and Finance Optimisation
Corporate news
Increase of share capital in amount of EUR 370.3 million In H1 2016 the CPI Property Group (the "Company" or together with subsidiaries the "Group") issued several issuances in aggregate 3,698,030,051 new ordinary shares. The new shares, having a par value of EUR 0.10 each, were issued in reserved capital increases under the Company's authorised share capital.
The aggregate subscription price of EUR 370.3 million was partially paid by cash contributions amounting to EUR 73.5 million in total and partially by contributions in kind amounting to EUR 296.8 million in total, through contributions of bonds issued by the Company and the Company's subsidiary Czech Property Investments, a.s. The contributed bonds were valued at their nominal value inclusive of the accrued interest as of the date of contribution.
The extraordinary general meeting (the "EGM") held on 26 May 2016 resolved to decrease the corporate capital of the Company by the amount of EUR 55,069,491.50 by means of cancellation of 550,694,915 shares held in treasury by the Company as of the date of the EGM.
The corporate share capital of the Company amounts to EUR 645,110,343.60 represented by 6,451,103,436 shares.
Portfolio highlights
Acquisition of 97% stake in ORCO Property Group On 8 June 2016 CPI PROPERTY GROUP through its wholly owned subsidiary Nukasso indirectly acquired 1,279,080,996 shares in ORCO Property Group a public limited liability company (société anonyme) incorporated under the laws of Luxembourg and registered with the Luxembourg Trade and Companies Register (RCS) under number B 44 996 ("OPG"), representing 97.31% stake in OPG.
Pursuant to article 6 (2) of the Luxembourg law of 19 May 2006 on takeover bids (the "Takeover Bid Law") NUKASSO has submitted a draft offer document for approval to the CSSF in its capacity as competent supervisory authority in accordance with article 4 (2) (a) of the Takeover Bid Law. Once approved the Offer Document will be published on the websites of CPI PROPERTY GROUP: www.cpipg.com and the Luxembourg Stock Exchange: www.bourse.lu.
On 2 August 2016, the Company filed with the Czech Office for the Protection of Competition a request to obtain merger clearance concerning the acquisitions made on 8 June 2016, resulting in obtaining of direct and indirect ownership of approximately 97.31% of OPG's share capital. The Czech Office for the Protection of Competition granted the merger clearance on 23 August 2016.
OPG is an investor, developer and asset manager in the Central European real estate market. Based in Luxembourg, it is a public company listed on the Luxembourg Stock Exchange. Orco Property Group operates in a number of countries in Central Europe with main focus on the Czech Republic, Germany and Poland.
Acquisition of major stake in Suncani Hvar On 19 May 2016 the Group indirectly acquired 12,029,250 shares of SUNCANI HVAR d.d. (hereinafter as "SHH"), hotel company operating on the Island of Hvar, Croatia, representing 61.95% of the shareholding and voting rights in SHH. During the mandatory buyout procedure, shareholders of SHH tendered in aggregate 5,924,081 SHH shares at the price of HRK 24 per share. The tendered shares include 5,880,849 SHH shares previously held by the Restructuring and Sale Center of the Republic of Croatia, which decided to sell them on 27 July 2016. Following the acquisition of the tendered shares completed on 8 August 2016, the Group now indirectly holds approximately 92.45% of the SHH shares. Subject to legal and regulatory requirements, the Group intends to proceed with the delisting of SHH shares from the regulated market of the Zagreb Stock Exchange.
Acquisition of hotel operator CPI Hotels
On 31 August 2016 the Group acquired 100% stake at CPI Hotels, a.s. (the "CPI Hotels") a long-term business partner of the Group that operates 24 hotels owned by the Group. The aggregate acquisition price was CZK 1,219 million (approx. EUR 45 million). Since 1997 CPI Hotels has been the exclusive representative of the international hotel chain Choice Hotels International known as the Clarion brand in the Czech Republic and Slovakia. In 2009 CPI Hotels introduced the unique project of the five-star Buddha Bar Hotel Prague, the first hotel of the international chain Buddha- Bar Hotels & Resorts. CPI Hotels operates own brand Fortuna Hotels and brand Spa & Kur Hotels. In 2014 the portfolio operated by CPI Hotels expanded to Mamaison Hotels & Residences.
Acquisition of the shopping centre in Mladá Boleslav On 1 February 2016 the Group acquired Bondy Centrum, the largest shopping centre in Mladá Boleslav, Czech Republic. The shopping centre with a leasable area of approximately 16,800 sqm comprises of 80 shops, food court, multiplex cinema and other amenities, as well as a 400 capacity car park. The centre also includes an office section, with floor area of approximately 2,800 sqm.
Acquisition of the shopping centre in Ceské Budejovice In March 2016 the Group acquired Gécko shopping centre in Ceské Budejovice, Czech Republic. The shopping centre with 11,000 sqm of rentable area comprises of 50 shopping units, food court and other amenities, as well as parking for approximately 450 cars.
The Group begun work on the New IGY Centre in Ceské Budejovice The Group has started the construction of the retail project New IGY Centre in Ceské Budejovice, which involves the upgrade and modernisation of the existing IGY shopping centre and the construction of the new building, IGY2. Investment in the construction of IGY2 will reach EUR 16 million and the renovation of the current IGY is expected to be an additional EUR 12 million.
Capital market financing
EUR 50 million Bonds issue On 26 February 2016 the subsidiary CPI Finance Slovakia, a.s. issued new bonds with the nominal amount of EUR 1,000 each and the aggregate amount of up to EUR 50 million. The bonds, due in 2020, are registered under ISIN code SK4120011487 and carry a fixed rate coupon of 5.00% p.a. The prospectus, which since has been approved by the National Bank of Slovakia on 22 February, 2016 is available in electronic form at www.cpifinanceslovakia.sk.
EUR 49 million Bonds redeemed During Q1 2016 bonds CPI 6.05/16 in the total amount of EUR 46 million were repaid and bonds CPI VAR/19 (EUR) in the total amount of EUR 3 million were prepaid before maturity.
Amendment of terms of CZK 2 billion of Czech Property Investments, a.s. bonds The Bondholders meeting, held on 22 January, 2016 approved the amendment of the terms and conditions of CPI VAR CZK 2019 bonds. The approved amendment entails, inter alia, the decrease in the interest from 6M PRIBOR plus 6.5% to the fixed 5.1% p.a. has enabled a 2 year extension of maturity of bonds until 2021. The amendment of the terms and conditions has been in effect since 25 January, 2016.
Financial highlights Gross rental income grew by 7% to EUR 114 million compared to EUR 107 million in H1 2015. The increase was principally driven by the new acquisitions performed by the Group over the last 6 months as well as by improved property performance.
The increase in total revenue has been driven by the strong performance of the recently acquired Suncani Hvar hotel group and mountain resort in Switzerland. The operating result improved slightly from EUR 94 million in H1 2015 to EUR 95 million. Net profit for the period amounted to EUR 44 million (H1 2015 - EUR 58 million) as in the comparative period the Group recorded a single impact of property revaluation amounting to EUR 18 million.
Total assets increased by EUR 580 million (13%) to EUR 4,903 million as at 30 June 2016 (2015 - EUR 4,323 million). This upturn is primarily associated with the expansion in property portfolio which rose by EUR 426 million (from 3,822 million as at 31 December 2015) to EUR 4,248. EPRA NAV increased from EUR 1,732 million as at 31 Dec 2015 to EUR 2,085 million as a result of the performance of the Group during H1 2016 and debt-to-equity transaction described above.
For full Interim Management Report as of 30 June 2016, including Condensed Consolidated Interim Financial Statements as at 30 June 2016 please refer to our website at www.cpipg.com.
For further information please contact:
Kirchhoff Consult AG Andrew Stammler Herrengraben 1 20459 Hamburg T +49 40 60 91 86 18 F +49 40 60 91 86 60 E andrew.stammler@kirchhoff.de
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31.08.2016 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. Archive at 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: +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 End of News DGAP News Service ---------------------------------------------------------------------------
497941 31.08.2016
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