Czech property developer CPI raises capital by EUR 50.7mn.

By bne IntelliNews December 23, 2011
Czech Property Investments (CPI) has raised its share capital by CZK 1.3bn (EUR 50.7mn) to CZK 4.4bn, CTK newswire reported. The capital hike was made through a shares issue of a nominal value of CZK 800. CPI has said it plans a EUR 250mn to EUR 300mn bond programme in 2012 to raise money for real estate projects development. CPIs total assets increased 9.1% ytd to CZK 43.3bn as end-June 2011. The company expects its assets to reach CZK 55bn by end-2011, while its debt is seen at between CZK 25bn and CZK 27bn. CPI, controlled by Czech billionaire Radovan Vitek, reported a first-half net profit of CZK 401.1mn, a fivefold increase compared to a year earlier, as sales surged 134% y/y to CZK 1.03bn. It owns 12,600 flats for lease, which makes it the second biggest flat owner on the domestic market after RPG Byty, controlled by entrepreneur Zdenek Bakala. CPI group also owns and administers 500,000 square metres of retail area, 180,000 square metres of new offices and 17 hotels.

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