CPI Property Group owns a property portfolio valued at over €20 billion, focused on the Czech Republic, Germany, Romania, Poland and the CEE region. Nearly half of the portfolio consists of office buildings in the key central European capital cities of Berlin, Prague, Bucharest, Budapest, and Warsaw. At present CPIPG owns 77% of IMMOFINANZ and 92% of the share capital of S IMMO. IMMOFINANZ has a majority investment of 50% plus one share in S IMMO.
Romania represents 8% of the company’s portfolio, with a total of approximately 365,000 sqm of offices, 269,000 sqm retail and 1 hotel. Starting with 2018, Fulga Dinu occupied the position of Country Manager Operations at IMMOFINANZ and since September 2022, she has taken over the management of CPI Romania, having overseen the refurbishments of several office buildings and retail centers, the last being the Victoria Park office building, which was refurbished under the myhive concept .
What can we expect from CPI Romania’s portfolio changes in clean up?
CPI Romania’s strategy is in line with the group strategy, that of being long-term value-creating investors. We currently intend to spin off certain properties that are not core assets for our portfolio. In addition, we constantly upgrade and refurbish our properties. In recent years, we made significant investments in our office buildings and shopping centers both from an aesthetical point of view, as well as for ESG compliant norms for replacing and upgrading technical and equipment components.
What are the further planned CPI Romania’s refurbishments in the office portfolio?
We currently envision several upgrades in our office buildings which are still in the planning phase, and we shall provide details once plans are completed. However, in the recent years, we refurbished four of our office properties in order to transform them into myhive buildings. Furthermore, we are fully committed and aligned with CPI Property Group’s key sustainability principles. As a result, we have implemented a number of measures, including the usage of e-car charging stations, green mobility bike stations, extensive LED usage, enlarging green areas, selective recycling or rainwater usage for irrigation. We are also currently assessing the installation of photovoltaic equipment on our rooftops. Consequently, all our buildings are BREEAM certified; moreover, we are very active in terms of the social component of ESG, as we have recently finalized the access4You certification for our office buildings.
myhive Victoria Park office building occupancy rate is 94%?
This is correct.
The Home leased 3,070 sqm for 10 years in myhive Victoria Park office building, what where the key requirements deciding the location?
myhive Victoria Park building was chosen by The Home based on its very good visibility and access, as well as its location close to the premium residential neighborhoods in northern Bucharest, as well as to the Băneasa shopping pole.
CPI Romania’s has seen medical clinics open in 2 locations, can we expect more and how important are they?
We definitely affirm that we are the trend setters on the local market in terms of leasing our space to medical providers. At the moment, we have two private hospitals in our buildings:: the first one is Provita that opened this month a multidisciplinary hospital in an entire building in IRIDE Park with an area of over 11,000 sqm. The second one will be the Leventer hospital, currently under full refurbishment works in myhive Victoria Park, with an area of over 6,500 sqm, which will open during the course of this year to feature the first dermatology and oncology surgery private hospital in Romania.
We will continue to innovate and attract tenants in our portfolio that will ensure high degrees of occupancy and good returns for our portfolio.
