DGAP-News: CPI PROPERTY GROUP - Positive Early Signs Regarding the Impact of COVID-19
CPI PROPERTY GROUP ("CPIPG" or the "Group") has prepared the following update for our stakeholders regarding the Group's performance following the outbreak of COVID-19.
DGAP-News: CPI PROPERTY GROUP / Key word(s): Real Estate CPI PROPERTY GROUP - Positive Early Signs Regarding the Impact of COVID-19 23.04.2020 / 20:40 The issuer is solely responsible for the content of this announcement. CPI PROPERTY GROUP
Preliminary data for April is available only from the Group's Berlin office portfolio, where collections were about 91% of normal. CPIPG's asset management teams are in active dialogue to reclaim any unpaid rents; in some cases, tenants are waiting for government support. Our efforts to support tenants are being considered on a case-by-case basis and can include the retention of security deposits. Costs, Capital Structure and Financing The Group acted quickly to cut costs following the outbreak of COVID-19 by reducing headcount, salaries, administrative costs and capex spending. CPIPG has about EUR 1 billion of liquidity consisting of cash and undrawn revolving credit facilities; the Group's remaining acquisition pipeline is small in scale. CPIPG has substantial headroom under all financial covenants, is committed to our financial policy and credit ratings and intends to maintain a strong track record in the senior unsecured and hybrid bond markets. Opportunities to enhance the Group's capital structure, maturity profile and interest expense will continue to be explored. For more on CPI PROPERTY GROUP, visit our website: www.cpipg.com For further information please contact: INVESTORS CPI PROPERTY GROUP David Greenbaum Chief Financial Officer [email protected] CPI PROPERTY GROUP Joe Weaver Director of Capital Markets [email protected] MEDIA/PR Kirchhoff Consult AG Andreas Friedemann T +49 40 60 91 86 50 F +49 40 60 91 86 60 E [email protected]
23.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | CPI PROPERTY GROUP |
40, rue de la Vallée | |
L-2661 Luxembourg | |
Luxemburg | |
Phone: | +352 264 767 1 |
Fax: | +352 264 767 67 |
E-mail: | [email protected] |
Internet: | www.cpipg.com |
ISIN: | LU0251710041 |
WKN: | A0JL4D |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart |
EQS News ID: | 1028883 |
End of News | DGAP News Service |
|
1028883 23.04.2020