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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-03 00:00:00",
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  "notes": "The slide presents a narrative of a related-party transaction, likely intended to cast doubt on the valuation or the nature of the debt offset.",
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      "text": "Today, CPIPG’s subsidiary Endurance Hospitality Finance S.a.r.l (“EHF”) entered into an agreement with our primary shareholder, Radovan Vitek, concerning the transfer of all the issued share capital of Rising Falcon Holding Limited (“Rising Falcon”), an Abu Dhabi Global Market free zone company, to EHF. Rising Falcon owns 20 residential properties in Dubai, United Arab Emirates which were recently valued at EUR 349 million. The purchase price for the Rising Falcon portfolio was EUR 273 million, or a discount of about 22%. No cash consideration was paid for the transaction; the purchase price has been offset against shareholder loans previously provided to Mr. Vitek. As a result, the year-end shareholder loan balance for 2023 will show a meaningful reduction versus previous reporting periods. The Group intends to benefit from the strong market in Dubai and will gradually dispose of the assets.",
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      "text": "At year end 2023, CPI PG announced the transfer of Rising Falcon Holding Ltd to CPI PG in exchange for an offset of €273 million against Radovan Vitek’s personal debt owed to the Group. Rising Falcon is an Abu Dhabi holding company that owns a portfolio of 20 residential properties in Dubai, UAE. CPI PG initially claimed that the properties were “recently valued at €349 million” and the purchase price of €273 million represented a 22% discount.",
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      "kind": "source-note",
      "text": "1 CPI PG December 29, 2023 press release “Addition of Residential Properties”, https://cpipg.com/storage/app/uploads/public/658/eb7/6a4/658eb76a4b017666750751.pdf",
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      "kind": "title",
      "text": "CPI PG Acquires Rising Falcon from Radovan Vitek",
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