CPI Property Group portfolio reaches €9.1bn
CPI's portfolio grew by €1.6bn during 2019 to €9.1bn, driven in large part by acquisitions of €700,000 as well as upwards valuations of its existing properties. As of the end of the year, 46 percent of its assets were located in the Czech Republic while Berlin made up another 27 percent. Polish assets increased to 10 percent following more than €580m of office properties in the last quarter of the year. CPI produced gross rental income of €319m in 2019, which was up 6 percent compared to 2018, while the overall vacancy level of its assets was steadyat 94.3 percent. CPI's average cost of funding remained stable at 1.6 percent as of the end of 2019, while it's net LTV fell slightly from 36.7 percet to 36.1 percent. The company had €1.3bn in cash or undrawn revolving credit facilities availale to it as of the end of 2019.