Real estate investor Radovan Vítek incorporated the CPI Group into the German GSG Group (former Orco Germany). This step represents a great opportunity for expansion in the European real estate market. A united group called GSG Group has the Luxembourg parent company, whose shares are traded on the Stock Exchange in Frankfurt am Main. "Our goal is to continue to grow and gradually become one of the largest real estate investors in Europe, with a portfolio in CEE, Germany and Western Europe. For both groups, the connection means a significant step forward and strengthen our market position,“ said Martin Němeček, who becomes CEO of GSG Group. Connecting of two major real estate groups took place in the form of deposit CPI Group in exchange for shares. Radovan Vítek, previously the sole shareholder of a real estate holding CPI, with this transaction and other share purchases became a 94% shareholder GSG Group. It has connections for the balance sheet total over €4.4 billion and expected turnover for 2014 amounts to €250 million, which puts it in third place among Central European real estate groups. Radovan Vítek held 279 million shares GSG Group acquired by purchase and now has acquired nearly 2.5 billion new shares against 100% of CPI Group. Shares were issued under the approved share capital increase GSG Group, the subscription value per share amounted to €0.47. The priority axes of expansion will again invest in commercial real estate, especially offices and retail, but also in housing, hotel accommodation and logistics centres. "Our strategy for the future is to continue to provide the best service in the rental and property management,“ said Zdeněk Havelka, who will have the position of Deputy CEO executive role within the whole group. CPI Group brings to the German real estate group GSG a valuable portfolio of real estate. Major projects include a multifunctional complex Quadrio, office park Meteor, a historic former Živnobanka in Prague or luxury residential project Palais Maeterlinck in the French resort of Nice. CPI Group, with more than 600,000 m², is the largest owner of retail space in the Czech Republic and has a significant share in the apartments where post occupies the second-largest landlord.
