Billionaire Vitek’s Property Firm Eyes Sales After Vienna Deals
- CPIPG plans assets sales of over $2 billion to cut leverage
- CEO pledges to consider interests of minority shareholders
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Fresh from a buying spree which has made CPI Property Group SA one of Europe’s largest real-estate investors, the landlord is now looking to cut debt through selling some of its property.
The company owned by Czech billionaire Radovan Vitek plans asset sales of “significantly more” than 2 billion euros ($2 billion) -- roughly a 10th of its property portfolio -- over the next two years, according to Chief Financial Officer David Greenbaum.