A new entity is also to be called GSG Group and is to be headquartered in Luxembourg, while its shares are to be traded on the Frankfurt stock exchange. “Our goal is to continue to grow and gradually become one of the largest real estate investors in Europe, with a portfolio in the CEE region, Germany and Western Europe. For both groups, the connection marks a significant step forward and strengthens our market position,” said Martin Němeček, who becomes CEO of GSG. The merger, which has been made possible by Radovan Vítek’s moves to take over the board of Orco Property Group and becoming the largest shareholder of the former Orco Germany, which facilitated the sale of Orco Germany shares to Vítek vehicles for EUR 55 mln. The money raised from the sale is to be used to buy the acquisition of receivables on Orco’s Złota 44 skyscraper project. The merger with CPI Group raises Vítek’s holding in GSG Group up to 94 pct. The strategy of the new company will be to continue to invest in commercial real estate, especially office and retail, but also in housing, hotel accommodation and logistics centres. As well as its office, residential and hotel properties, CPI Group has the largest portfolio of retail space in the Czech Republic, with more than 600,000 sqm.
Source: english.eurobuildcee.com
Publisher: english.eurobuildcee.com