CPI Property Group, owned by Czech billionaire Radovan Vítek, plans to enter the Italian property market by building 15 high-end villas in Sardinia. Construction on the CZK 820m project should start before the end of this year. CPI PG acquired the site as part of the Porto Cervo resort development in Sardinia. Martin Němeček, CEO of CPI PG, told Forbes that Italian banks have recently been offloading bad debts, selling portfolios at what he calls interesting prices. He also says that Italy is less attractive for institutional investors than Spain, and CPI wants to take advantage of this niche.
In France, the company is refurbishing the high-end residential project Palais Maeterlinck on the French Riviera, while Vítek recently acquired the mansion of Ringo Starr in Surrey. CPI Property Group has €4.22bn worth of assets. Its net profit jumped 78 percent to €137.435m in 2014.
