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Update on Sale of CEE Retail Portfolio by CBRE to CPI

Update on Massive Retail Portfolio by CBRE to CPI

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Clifford Chance and Dentons are reporting that the EUR 650 million sale of a 265,000 square meter CEE retail portfolio by CBRE Global Investors to CPI Property Group that was initially reported in January closed on March 29, 2017, and more information has been learned about the structuring of the deal and the firms involved.

As reported on January 18, 2017, Clifford Chance (advising CBRE) and Dentons (advising CPI) advised on the sale of properties including 11 shopping centers in the Czech Republic, Poland, Hungary, and Romania. As reported in the initial story, Szecsenyi and Partners worked alongside Clifford Chance in advising on the Hungarian part of the transaction.

The portfolio, with a total leasable area of approximately 265 thousand square meters, consists of the Olympia Plzen shopping center and Retail Park, Nisa shopping center and Zlaty Andel in the Czech Republic; the Andrassy Complex, Polus shopping center, Campona shopping center, and two Interspar retail warehouses in Hungary; the Ogrody shopping center in Poland; and the Felicia shopping center in Romania. 

As reported at the time, the Clifford Chance team was led by Partner Emil Holub and Associate Aneta Sosnovcova, who noted: "This has been one of the most challenging and yet rewarding transactions of my career. It had it all: complex, pan-regional due diligence; multi-faceted financing arrangements; antimonopoly clearance in a number of jurisdictions; and, above all, a successful close!"

Also as reported at the time, the Szecsenyi team was led by Daniel Kellner.

The Dentons team advising CPI consisted of Partner Evan Lazar and included Partners Stewart Middleman, Judit Kovari, Monika Sitowicz, Perry Zizzi, and Bogdan Papandopol, Of Counsel Marcell Szonyi, Counsel Marketa Tvrda, and Senior Associate Lukasz Zwiercan, among others.

Dentons is now also reporting that, in addition to the acquisition, it assisted CPI in refinancing of the centers in Poland, the Czech Republic and Hungary with the following banks: Ceskoslovenska obchodni banka, a. s. and Landesbank Hessen-Thuringen Girozentrale in the Czech Republic, Landesbank Hessen-Thuringen Girozentrale in Poland, and UniCredit Bank Hungary Zrt, Raiffeisen Bank Zrt., Sberbank Magyarorszag Zrt. and Sberbank CZ a.s. in Hungary.

The refinancing banks were advised by DLA Piper in Hungary, Kinstellar in the Czech Republic, and BSJP in Poland.

The DLA Piper team was led by Partner Gabor Borbely. 

The Kinstellar team advising Helaba and CSOB on the Czech law aspects of the acquisition financing was led by Partner Klara Stepankova, supported by Partner Kamil Blazek and Managing Associate Leo Javorek.

The BJSP team in Poland advising Landesbank Hessen-Thuringen on financing of the Polish part of the CPI acquisition was led by Partner Katarzyna Domanska-Moldawa, supported by Agnieszka Wolny and Maciej Kurek.

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MPR Partners | Maravela, Popescu & Roman covers all major Romanian regions as well as the Republic of Moldavia, either directly or through carefully selected and closely coordinated correspondent offices. In addition, the firm has the infrastructure required to coordinate advice in multiple countries through highly reputed international networks of specialists ensuring high end services. 

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