Property Tycoon Vitek Is Trimming €20 Billion Empire to Cut Debt
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Czech real estate billionaire Radovan Vitek is doubling his asset-sale target, in a bid to curb debt after a buying spree that made him one of Europe’s largest landlords.
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.