CEE Property Development Portfolio

CEE Property Development Portfolio B.V. was incorporated as a Netherlands-registered closed-end real estate investment fund and launched in September 2004. Its investment strategy involved acquiring or financing companies that owned commercial buildings and participating in larger Czech development projects. The fund's assets were managed by CEE Asset Management, an investment-management company that had previously been associated with Sekyra Group, the Czech real estate development company managed by Luděk Sekyra. Following incorporation, CPDP acquired Roztyly Centrum, which owned an administrative building leased to T-Mobile Czech Republic. It also acquired Gallery MYŠÁK, a company owning real estate in central Prague. These early acquisitions established the fund's emphasis on income-generating commercial assets in the Czech capital. In August 2006, CPDP created CPDP Jungmannova as a subsidiary. CPDP Jungmannova acquired Mrázovka II from Sekyra Group; Mrázovka II owned the Golden Cross administrative building on Jungmann Square in Prague. In April 2007, CPDP acquired a 20 percent stake in the Central Park Praha project. In February 2009, the fund subscribed for newly issued shares in CPP Lux, increasing its interest in Central Park Praha to 99.9 percent. The ownership of the fund's asset manager changed in April 2008. CEE Asset Management, formerly a subsidiary of Sekyra Group, became owned by CEE ASSET MANAGEMENT LIMITED, a Jersey-based company. The available material does not identify the ultimate beneficial owner of that Jersey company or provide a complete account of CPDP's governance. The fund encountered financial difficulties or valuation pressure during the global financial crisis period. In December 2009, Česká spořitelna recognized a CZK 1.8 billion provision against its ownership interest in CPDP. In August 2010, E15 reported that the fund was seeking to sell companies from its property portfolio. In October 2015, Česká spořitelna stated that it intended to liquidate CPDP. The referenced material does not document whether liquidation was completed, nor does it provide a later operating history. Accordingly, CPDP's current legal status cannot be confirmed from the available sources.

• 2015

  Intended liquidation announced

  [1]CEE Property Development Portfolioen.wikipedia.org

  Česká spořitelna announced its intention to liquidate the fund.

• 2009

  Central Park Praha interest increased

  [1]CEE Property Development Portfolioen.wikipedia.org

  Through a subscription for newly issued CPP Lux shares, CPDP increased its interest in Central Park Praha to 99.9 percent.

• 2009

  Provision recognized against fund interest

  [1]CEE Property Development Portfolioen.wikipedia.org

  Česká spořitelna recognized a CZK 1.8 billion provision against its ownership interest in CPDP.

• 2008

  Asset manager ownership changed

  [1]CEE Property Development Portfolioen.wikipedia.org

  CEE Asset Management became owned by Jersey-based CEE ASSET MANAGEMENT LIMITED after previously being associated with Sekyra Group.

• 2007

  Investment in Central Park Praha

  [1]CEE Property Development Portfolioen.wikipedia.org

  CPDP acquired a 20 percent interest in the Central Park Praha project.

• 2006

  CPDP Jungmannova established

  [1]CEE Property Development Portfolioen.wikipedia.org

  CPDP founded CPDP Jungmannova, which acquired Mrázovka II and its Golden Cross office building.

• 2004

  Fund launched

  [1]CEE Property Development Portfolioen.wikipedia.org

  CEE Property Development Portfolio was launched in September as a closed-end real estate investment fund.

• 2004

  Initial Prague property acquisitions

  [1]CEE Property Development Portfolioen.wikipedia.org

  The fund acquired Roztyly Centrum and Gallery MYŠÁK through property-holding companies.

A closed-end property investment vehicle focused on Czech commercial real estate and development assets, particularly in Prague.

• Administrative and office property · 2004

  Roztyly Centrum

  A CPDP-owned property-holding company acquired after the fund's incorporation. Its principal asset was an administrative building leased by T-Mobile Czech Republic, giving the portfolio exposure to contracted office income in Prague.

• Central Prague real estate · 2004

  Gallery MYŠÁK

  A company acquired by CPDP that owned real estate in central Prague. The holding formed part of the fund's early portfolio of urban commercial property.

• Administrative and office property · 2006

  Golden Cross

  The administrative building on Jungmann Square in Prague was held through Mrázovka II, acquired by CPDP Jungmannova in 2006. It represented a central-city office asset within the fund's property portfolio.

• Real estate development project · 2007

  Central Park Praha

  A Prague development project in which CPDP first acquired a 20 percent interest in 2007. After subscribing for newly issued shares in CPP Lux in 2009, the fund increased its interest in the project to 99.9 percent.

• 2015

  Intended fund liquidationStrategy

  Background

  After portfolio-sale reporting in 2010 and a substantial provision recognized against Česká spořitelna's interest in 2009, the fund remained associated with financial pressure and portfolio restructuring.

  Action taken

  Česká spořitelna announced that it intended to liquidate CPDP.

  Aftermath

  The available reference does not establish whether the liquidation was completed or when the fund ceased to exist legally.

  Source

• 2009

  Consolidation of Central Park Praha interestStrategy

  Background

  CPDP already held a 20 percent interest in Central Park Praha after its 2007 investment.

  Action taken

  The fund subscribed for newly issued shares in CPP Lux, increasing its interest in Central Park Praha to 99.9 percent.

  Aftermath

  The transaction made CPDP the dominant investor in the project, although the available material does not describe the project's subsequent outcome.

  Source

1. 1CEE Property Development Portfolioen.wikipedia.org