An unknown funds managed by Sona Asset Management (UK) LLP agreed to acquire 49% stake in Portfolio of office and retail assets in Poland from CPI Property Group (XTRA:O5G) for ?250 million on June 24, 2024. Following the equity stake sale, CPIPG will retain full operational control and will continue to consolidate Vulcanion. CPIPG and subsidiaries, CPI FIM SA and Czech Property Investments, a.s., signed a partnership agreement through which the Group will sell a 49% common equity stake in Vulcanion, a.s. Vulcanion is a holding company owning eleven office properties in Warsaw and two retail assets in Elblag and Lublin, Poland.

The portfolio?s gross asset value is about ?1 billion; three of the office properties will remain encumbered by a green loan from Aareal Bank which matures in 2028. On a pro-forma basis, the transaction will reduce the Group?s Net LTV by about 1.3%. Funding and closing are expected by the end of June.

CPIPG was advised on structuring and ratings matters by Barclays, Société Générale and KingsRock Advisors. Dentons served as CPIPG?s legal advisor.