The Q3 25 trading statement held no surprises for us. CPI debt has moved out of the stressed universe, and the company recently placed
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The bank debt is moving with the assets (we estimate bank debt LTV of c25%). The deal involved just under €900m of assets moving from
Read MoreCPI’s cost of debt has risen, like everyone else’s. Despite a 250bp rise of the 2.75% coupon on the SUNs that are being called, the private
Read MoreBuying back the Sona stake in CPI FIM SA is rational, as the newly issued Hybrid will receive 50% equity treatment. CPI needs
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The tender offer was a resounding success. CPI increased the maximum tender offer from EUR100m to EUR180m, and over
Read MoreThe tender price of 107.75 is nearly 2 points above the offer price for the 7% May/2029 SUNs over the last couple of weeks, and we would expect
Read MoreDemonstrating that the CEE markets are open for Real Estate sales is an important plank for CPI. The €55m (gross asset value) retail park
Read MoreThe sale price is undisclosed, but we estimate the gross value to be around €82 million. The hotel has 364 rooms, and we estimate the
Read MoreManagement has said it needs to issue Hybrids as it doesn’t have public equity as a currency. The Exchange Offer is attractive,
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The FY results were in line with our forecast. Property write-downs were 1.8% in FY 24, but the picture differed across the various portfolios. Office valuations
Read MoreThe disposal is small but in line with CPI's focus on its larger markets. Immofinanz has total investments in Slovakia of €431m. We estimate the total value of the
Read MoreCPI will need to regain an IG rating to issue new hybrids, but this will require two things at a minimum. Firstly, an LTV of 40% (currently 50%) will be necessary. This will
Read MoreNeither the size of the sale nor the valuation is public, but the disposal is in line with concentrating on markets where
Read MoreCPI has plans for Immofinanz and was unlikely to want to involve a potentially hostile shareholder. Petrus’ 11% stake in Immofinanz didn’t
Read MoreThe cash up to CPI for its S Immo shares will be around €100m, and the remainder is via a €500m intercompany loan. CPI had
Read MorePetrus taking an 11% stake in Immofinanz is irritating, but ultimately CPI’s 75% stake gives it control. Petrus claims the stock could be
Read MoreCPI should be pleased with the pricing of its deal to yield 6.875%; we had expected >7%. Our point from yesterday stands with debt of
Read MoreThe €600m of new debt to finance the tender offer for the 2.75% 2026 and 1.625% 2027 bonds (€1.24bn outstanding) will cost around 550bp more
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Our main takeaway from the Q2 call was tidying up CPI's capital structure. CPI is selling its stake in S Immo to Immofinanz, leaving Immofinanz with
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