U.S. Apollo pumps EUR 300 mn into CPI group
CPI Property Group issued 487,012,987 new ordinary shares priced at EUR0.616 per share. CPI and the Apollo Funds managed by affiliates of Apollo Global Management, Inc. have agreed upon Apollo’s subscription for new shares for a total amount of EUR 300 million. Subject to the satisfaction of certain closing conditions, CPI expects that the new shares will be issued to the Apollo Funds before the end of 2021, resulting in a stake of about 5.5%.
The Group’s majority shareholder and founder Radovan Vitek also subscribed to 243,506,494 new ordinary shares of, increasing the Group’s equity by a further EUR 150 million. Following this capital increase, Vitek owns 7,902,846,980 shares, representing 93.9% of share capital.
CPI said the investment by the Apollo funds diversifies and strengthens the real estate firm’s access to external sources of equity and “underscores the company’s commitment to corporate governance”.
