CPI Property Group (CPI), owned by the Czech billionaire Radovan Vítek, has partnered with the Czech construction company Agile to take over five Polish retail properties. Zdeněk Havelka, deputy CEO at CPI, told Hospodářské noviny the deal cost the company approximately CZK 500m.
CPI PG is the largest owner of retail properties in the Czech Republic. It is shifting its focus to the Polish market, which, according to Havelka, is larger and less saturated. He says the developer was able to build just five to six retail parks annually in the Czech Republic, but will be able to build 10 times more on the Polish market. In addition to the new portfolio, CPI also owns one shopping center in Poland: Galeria Orkana in Lublin. The company is hoping to acquire still larger shopping centers in Poland.
