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CEE Property Development Portfolio

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CEE Property Development Portfolio B.V. (CPDP) is a closed-end real estate investment fund registered in the Netherlands.[1] It is part of consolidated financial statements of Erste Group's subsidiary Česká spořitelna.[2] In October 2015 Česká spořitelna announced it intends to liquidate the fund.[3]

Since its launch in September 2004 its assets are managed by company CEE Asset Management (CEE AM).[4][5][6] CEE AM used to be a subsidiary of real estate development company Sekyra Group managed by Luděk Sekyra, since April 2008 it was owned by Jersey-based CEE ASSET MANAGEMENT LIMITED.[5]

After its incorporation CPDP purchased company Roztyly Centrum, owner of administrative building leased by T-Mobile Czech Republic, and company Gallery MYŠÁK owning a real estate in downtown of Prague. In August 2006 the fund founded a subsidiary CPDP Jungmannova, which in turn acquired from Sekyra Group company Mrázovka II, owning administrative building Golden Cross on Jungmann square in Prague.[7] In April 2007 CPDP acquired 20% stake in project Central Park Praha.[8] In February 2009 the fund subscribed newly issued shares of company CPP Lux and as a result increased its share in project Central Park Praha to 99,9%.[9][10][11][12]

In December 2009 Česká spořitelna recognised a provision of CZK 1.8 billion against its ownership interest in CPDP.[2] In August 2010 daily E15 reported about attempt of CPDP to sell companies from its real estate portfolio.[13][14]

Subsidiaries of CPDP, brutto equity investment in million CZK[12][15][16]
subsidiary share acquired in investment real estate notes
Gallery MYŠÁK a. s. 100% 2004 307 building in Vodičkova street in Prague sold in 2016[17]
CPDP 2003 s.r.o. 100% 2004 579 headquarters of T-Mobile ČR in Prague-Roztyly bank loans gradually decreased from CZK 2.7 bn at the end of 2005 to CZK 1.1 bn at the end of 2023, ownership stake pledged to Česká spořitelna[18]
CPDP Polygon s.r.o. 100% 2006 253 building in Prague sold in 2014[19]
CPDP Prievozska, a.s. 100%[20] 2006 266 building in Prievozská street in Bratislava sold in May 2017
TAVARESA a.s. 100%[21] 2006 34 sewage and water connections in Prague-Stodůlky sold in 2013 for approx. CZK 3 mio. to Unistav[22]
Campus Park a.s. 100%[23] 2006 51 Campus Park Stodůlky spun off from TAVARESA, sold in October 2016
CPDP Jungmannova s.r.o. 100% 2006 169 administrative building on Jungmann square in Prague sold in 2013[24]
CPDP Shopping Mall Kladno, a.s. 100% 2007 470 OAZA Kladno sold in September 2015 for CZK 13 mio. to Qidong Heng[25][26]
CP Praha s.r.o. 99,9% 2007 1,038 unsold flats in project Central Park Praha declared insolvency in January 2015.[27][28]
ČS Technické centrum s.r.o. 100% 2007 300 building in Prague bought for CZK 300 mio. crowns from Dutch companies Allafon Holding B.V. and Allafon Holding II N.V. owned by entrepreneur Luděk Sekyra,[29][30] sold to Česká spořitelna in 2010
CPDP Logistics Park Kladno I a.s. 100% 2008 189 land plot by Buštěhrad and project[31] liquidation completed in September 2017[32]
CPDP Logistics Park Kladno II a.s. 100% 2008 182 land plot by Buštěhrad and project[33] liquidation completed in September 2017[34]
Total     3,837    

References

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  1. ^ "About company". cpdp.eu. Archived from the original on 2009-06-16.
  2. ^ a b Annual report of Česká spořitelna for 2009, page 178
  3. ^ E15, Česká spořitelna vyprodává reality, front page
  4. ^ Klára Gajdušková (Česká spořitelna), Petra Zdeňková (Sekyra Group), Na trh vstupuje první český realitní fond CPDP (press release), 22 September 2004
  5. ^ a b Commercial register at justice.cz, identification number (IČ) 27102203, CEE Asset Management s.r.o.
  6. ^ Annual report of Česká spořitelna for 2004, pages 24 and 69
  7. ^ Annual reports of CPDP Jungmannova and Mrázovka II for years 2006-2007
  8. ^ Česká spořitelna, Nabídkový program investičních certifikátů a warrantů, 21. May 2007, table no. 10
  9. ^ Minutes from extraordinary general meeting of CPP Lux S.ar.l. assembled on 12 February 2009. CPDP subscribed 15.000.000 shares with nominal value 1 euro and increased its stake to 99,93 % (15.002.500/15.012.500)
  10. ^ Vladimír Kaláb, Olga Skalková, Central Park Praha - od "projektu snů" utíkají klienti, HN.IHNED.CZ 15 January 2010, ("180 out of 340 clients cancelled the purchase contrants for flats in projects Central Park Praha.")
  11. ^ Kateřina Menzelová, Deset tisíc neprodaných bytů v Praze. Proč masově nezlevní?, Česká pozice, 2. February 2011 ("Only a third from the 540 flats is sold. The prices decreased from more than CZK 100 thousand per square meter to CZK 64 - 85 thousand per square meter.")
  12. ^ a b "Private investors" (PDF). Archived from the original (PDF) on 2012-03-22. Retrieved 2011-03-30.
  13. ^ Denisa Novotná, Tereza Zavadilová, Spořitelna se zbavuje budov za miliardy korun, No 690, 16 August 2010, front page
  14. ^ "Česká spořitelna prodává nemovitosti za miliardy". 16 August 2010.
  15. ^ Commercial register at justice.cz and corresponding annual reports published there
  16. ^ "Archived copy". Archived from the original on 2012-03-22. Retrieved 2011-03-30.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ Commercial register at justice.cz, identification number (IČ) 63999731
  18. ^ Commercial register at justice.cz, identification number (IČ) 27076750
  19. ^ Commercial register at justice.cz, identification number (IČ) 27567249
  20. ^ Commercial register at orsr.sk identification number (IČ) 36358843
  21. ^ Commercial register at justice.cz, identification number (IČ) 27061949
  22. ^ Accounting statements of UNISTAV Vinoř II, s.r.o. for calendar year 2013
  23. ^ Commercial register at justice.cz, identification number (IČ) 24244210
  24. ^ Commercial register at justice.cz, identification number (IČ) 27593274
  25. ^ Annual report of CEE Property Development Portfolio 2 a.s. for 2015, page 13, section Revenues from sale of securities and shares
  26. ^ Commercial register at justice.cz, identification number (IČ) 26504731
  27. ^ Insolvency register at isir.justice.cz, MSPH 60 INS 851 / 2015
  28. ^ Commercial register at justice.cz, identification number (IČ) 27640965
  29. ^ Annual report of Sekyra Group, a.s. for 2008, auditor KPMG, quit. "... v souladu se smlouvou o převodu obchodních podílů společnosti ČS Technické centrum s. r. o. uzavřené dne 15. 12. 2006 mezi Allafon Holding B.V. a Allafon Holding II N.V. (jakožto prodávajícími) a CPDP IT Centrum s. r. o. a CEE Property Development Portfolio B.V. (jakožto kupujícími), na základě kterých společnost Sekyra Group, a.s. ručí za splnění veškerých závazků prodávajících obchodních podílů ve prospěch kupujících a dále se Sekyra Group, a.s. zavázala společně s prodávajícími k odškodnění proti veškerým ztrátám ..."
  30. ^ Contract about transfer of ownership dated 28. August 2007, published at justice.cz, C 103851/SL13/MSPH and C 103851/SL14/MSPH
  31. ^ Annual report of CPDP Logistics Park Kladno I a.s. for calendar year 2014
  32. ^ Commercial register at justice.cz, identification number (IČ) 27903931
  33. ^ Annual report of CPDP Logistics Park Kladno II a.s. for calendar year 2014
  34. ^ Commercial register at justice.cz, identification number (IČ) 27920747
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