EQS-News: CPI PROPERTY GROUP – Update on Distributions and Disposals 24.05.2023, 18:20 Uhr von EQS News Jetzt kommentieren: 0

Werte zum Artikel
Name Aktuell Diff. Börse
CPI PROPERTY GROUP 0,74 EUR +2,42 % L&S Exchange

EQS-News: CPI PROPERTY GROUP / Key word(s): Real Estate
CPI PROPERTY GROUP – Update on Distributions and Disposals

24.05.2023 / 18:20 CET/CEST
The issuer is solely responsible for the content of this announcement.


CPI Property Group
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254                                                                                                                             

Press Release - Corporate News

Luxembourg, 24 May 2023

CPI PROPERTY GROUP – Update on Distributions and Disposals

CPI Property Group (“CPIPG”, or together with its subsidiaries, the “Group”) has prepared an update for our stakeholders regarding the Group’s efforts to reduce leverage and preserve cash.

Reduced Shareholder Distributions

CPIPG is proud to be a family-owned company. While a small portion of our shares are listed in Frankfurt, trading volume is limited.

In order to support a minimum level of liquidity and provide reasonable returns to existing and future shareholders, CPIPG has established a distribution policy targeting 65% of total FFO1. Distributions are made via share buybacks once a year, typically in Q4.

In recognition of market sentiment in 2022, CPIPG’s board agreed to reduce our payout ratio from 65% to 55%. Many of our peers in the sector have followed suit.

While the Group continues to see positive developments in terms of our operations, rents, occupancy, disposals and financing, CPIPG has decided to go a step further and announce an early cut to our distribution target for 2023.

Today, the board approved management’s recommendation to reduce the Group’s distribution target for 2023 from 65% to less than 25%, with the final payout to be decided by the board in Q4 2023.

In future years, CPIPG will consider similar measures to adjust the payout ratio depending on the real estate environment and considering our commitment to investment-grade credit ratings and our long-term financial policy.

Disposals
In the interest of transparency, CPIPG intends to regularly update our stakeholders about disposals both small and large. Recently, CPIPG completed the disposal of a brownfield site with a land area of almost 45,000 m2 in the Lambrate district of Milan, Italy. The buyer is one of the largest global private real estate investors. In addition, IMMOFINANZ also successfully closed the sale of landbank in Turkey with about 197,000 m2 of land area. The buyer was a local real estate investor. Gross proceeds from the two sales were about €55 million.

The Group’s disposal plans are on track: nearly €850 million of gross sales have been achieved since CPIPG announced our €2bn disposal pipeline in August 2022. Q1 2023 was especially active, with about €400 million of disposals signed. Q2 is expected to be lighter in terms of total sales, with a significant increase in Q3/Q4 2023. As a result, the Group expects to make meaningful progress on deleveraging and reaffirms our LTV target of 45-49% for year-end 2023.

Other Initiatives
CPIPG continues to explore other measures to preserve cash including significant reductions to discretionary capex and accelerated cuts to administrative expenses. More details will be announced when available.

For further information, please contact:

Investor Relations
David Greenbaum    Moritz Mayer
Chief Financial Officer    Manager, Capital Markets
d.greenbaum@cpipg.com   m.mayer@cpipg.com

For more on CPI Property Group, visit our website: www.cpipg.com

Follow us on Twitter (CPIPG_SA) and LinkedIn



24.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


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: 1641223

 
End of News EQS News Service

1641223  24.05.2023 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1641223&application_name=news&site_id=boersennews
Kommentare (0) ... diskutiere mit.
Werbung

Handeln Sie Aktien bei SMARTBROKER+ für 0 Euro!* Profitieren Sie von kostenloser Depotführung, Zugriff auf 29 deutsche und internationale Börsenplätze und unschlagbar günstigen Konditionen – alles in einer innovativen, brandneuen App. Jetzt zu SMARTBROKER+ wechseln und durchstarten!

*Ab 500 EUR Ordervolumen über gettex. Zzgl. marktüblicher Spreads und Zuwendungen.

k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
Schreib den ersten Kommentar!

Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer