{
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  "docSlug": "3112e2e7b808",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-22 00:00:00",
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  "pageNumber": 21,
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  "notes": "The slide uses a map to contextualize the landbank's location relative to Prague's CBD.",
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      "kind": "paragraph",
      "text": "The 201,000 sqm brownfield known as the Bubny landbank is a significant asset in CPI PG’s Czech portfolio. The site is located in Prague’s Bubny neighborhood, a former industrial area across the Vltava from Old Town. The landbank was still under a construction ban in 2022—and we have seen no indication that the ban has since been lifted.",
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      "kind": "source-note",
      "text": "Source: CPI PG 2022, Annual Report",
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      "kind": "source-note",
      "text": "1 CPI PG Management Report 2022, Pg.56\n2 CPI FIM Consolidated Financials 2022, Pg. 36. As a brownfield the landbank may require clean-up or remediation.\n3 CPI FIM Consolidated Financials 2022, Pg. 21.",
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      "kind": "title",
      "text": "What is the Bubny Landbank?",
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      "evidence": "The deck presents evidence of overvaluation, including the case of the Bubny landbank and Polygon BC and MQM Czech.",
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