After securing a long-term issuer rating of Baa3 with stable outlook from Moody’s, CPI PG is planning to place up to €1.25bn worth of Euro Medium Term Note on the European market. CPI Property Group will list the new bonds on the Dublin Stock Exchange and will for the first time target European markets and institutional investors. Deutsche Bank, SG CIB, UniCredit, and UBS Investment Bank have been appointed by CPI Property Group to launch the bond program. Approximately half of the capital raised will be used to refinance senior debt, which will further reduce management costs. Part of the capital will be invested into the company’s existing portfolio as well as the reconstruction and modernization of properties, especially shopping centers. The remaining funds will be allocated for new acquisitions.
