Value of CPI portfolio grows to €9.8 billion
During the first of half of 2020, CPI Property Group property portfolio increased to €9.8 billion (up 8% from year-end 2019) with the group making €928m of acquisitions, primarily offices in Warsaw and a 29.4% stake in the property company Globalworth. That result brings its total assets to €11 billion, including a 2.8 % fall in its valuation of €252 million. Net rental income was €164 million during the first half of the year, which was up 13% versus the first half of 2019, once again because of acquisitions, while occupancy stood at 94.8%. CPI's net business income was €168 million (unchanged from H1 2019). Consolidated adjusted EBITDA was €164 million, up 15%, while funds from operations (FFO) was €115 million (up 12%). The group's net LTV currently stands at 42.5 percent, which is well within its financial policy.