Property Tycoon Vitek Is Trimming €20 Billion Empire to Cut Debt [BNN Bloomberg (Canada)]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: BNN Bloomberg
The global property industry has been in turmoil in the past few years, with high interest rates pressuring valuations and forcing landlords to raise funds by divestments. Vitek's CPI Property Group SA will need to navigate the turbulent market with a new disposal pipeline worth about €2 billion ($2.1 billion) over the next two years. That amount would match sales completed or agreed since 2022 as the company seeks to avoid a credit score downgrade to junk. The conglomerate, which owns a portfolio of mostly offices and retail space valued at €19.5 billion, has been selling non-core assets, such as a hotel group in Croatia and a ski resort in Switzerland. The deals have been so far priced at around book value on average, according to Chief Executive Officer David Greenbaum. “We've been able to choose things that sell well,” he said in an interview in Prague. “The next €2 billion of disposals is about saving the ratings.” A former Deutsche Bank AG investment banker, Greenbaum has
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SPGI
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- 4/26/24 - Miss
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- 4/25/24 - Form 10-Q
- 4/25/24 - Form 8-K
- SPGI's page on the SEC website