Update: 2/05/2024 14:57
Issued by: 2/05/2024, 14:57
Luxembourg/Prague – Billionaire Radovan Vítek’s CPI Property Group (CPIPG) has sold the Crans Montana ski resort in Switzerland. The company stated this in today’s press release. The gross value of the transaction is over 100 million Swiss francs (more than 2.5 billion CZK). The company will use the money to reduce debt. The new owner of the ski area is the American company Vail Resorts.
In addition to the 84 percent stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which owns and operates the ski lifts in Crans Montana, the deal also includes several assets and properties related to mountain activities, according to CPIPG. The group expects to announce further asset sales soon.
The firm has recently been selling off assets heavily to reduce debt following the costly acquisition of Austrian real estate firms Immofinanz and S Immo. At the end of April, she signed a contract for the sale of six properties in the Czech Republic.
CPI Property Group owns properties in Germany, the Czech Republic, Poland and elsewhere in Central and Eastern Europe. Its seat is in Luxembourg and its shares are traded on the stock exchange in Frankfurt am Main.
According to this year’s ranking of Forbes magazine, Vítek is the fifth richest person in the Czech Republic with assets worth 6.7 billion dollars (roughly 157 billion CZK). It has a roughly 90 percent stake in CPI Property Group.
