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  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-22 00:00:00",
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  "notes": "The slide argues that the valuation increase is not justified by the minor increase in GLA (square footage) and suggests the valuations are unrealistic.",
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      "text": "However, we believe the overall valuation gains taken during this period are well in excess of realistic views of the market for its properties.",
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      "kind": "chart",
      "text": "CPI PG Berlin Top 9 properties Changes in PP Value (Eur/SQM) vs. cdp Property Price Index",
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      "text": "property value change: 45%",
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      "kind": "paragraph",
      "text": "Note that we use the Top Nine because CPI PG consistently presented nine properties from 2018 – onward. Note also that Helmholtzstraße and Franklinstraße (also among Top 5, cover) added 14,000 sqm during this period, representing an increase of only 6.5% of the GLA for the Top 5 and 3.6% for the Top 9. These appear to rent at a premium to the existing square meterage in these buildings. However, we believe the overall valuation gains taken during this period are well in excess of realistic views of the market for its properties.",
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      "kind": "source-note",
      "text": "1 vdp Property Price Index 2003 - Q3 2023... 2 CPI PG Management Report 2018, Pg. 37 and Management Report 1H 2023, p. 20.",
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      "kind": "title",
      "text": "CPI PG's Berlin Office Portfolio Valuation Seems to Defy Market Realities",
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      "kind": "title",
      "text": "Below: Valuation Gains at CPI PG's Top 9 Berlin Properties vs. VDP 3Q23 German Office Property Price Index1,2",
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      "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
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