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What is CEE Property Development Portfolio mean?
CEE Property Development Portfolio B.V. (CPDP) is a closed-end real estate investment fund registered in the Netherlands. It is part of consolidated financial statements of Erste Group's subsidiary Česká spořitelna. In October 2015 Česká spořitelna announced it intends to liquidate the fund.
Since its launch in September 2004 its assets are managed by company CEE Asset Management (CEE AM). 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.
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. In April 2007 CPDP acquired 20% stake in project Central Park Praha. 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%.
In December 2009 Česká spořitelna recognised a provision of CZK 1.8 billion against its ownership interest in CPDP. In August 2010 daily E15 reported about attempt of CPDP to sell companies from its real estate portfolio.
referencePosted on 29 Apr 2022, this text provides information on Miscellaneous in Community related to Community. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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