CPI Property Group, a provider of commercial and hotel real estate in Central and Eastern Europe and in Germany, agreed to acquire IMMOFINANZ, a real estate company, for €2.9bn. "IMMOFINANZ has an excellent property portfolio in the Central European region where CPIPG is an expert. However, despite the best efforts of a high-quality management team, strategic decision-making at IMMOFINANZ has been nearly paralyzed by lack of shareholder leadership and mixed messaging about the future. With CPIPG’s active involvement, we know that IMMOFINANZ can achieve much more as a company," Martin Němeček, CPIPG CEO. On February 23, 2022, CPI Property Group is on the cusp of taking over Immofinanz.