The first quarter of 2026: the implementation period for the Development Strategy
The first quarter of 2026 was a period during which the CPD Group continued to implement its 2025–2028 Development Strategy, which focuses on building a real estate portfolio in Poland and the United States.
In the first quarter of 2026, CPD Capital LLC completed two transactions to acquire residential rental properties in Jacksonville, Florida, with a total value of
approximately $8.6 million. These transactions represented the next stage in the Group’s expansion into the U.S. market.
After the end of the first quarter of 2026, events occurred within the CPD Group related
to its operations in the U.S. market, which resulted in the loss of control over the acquired assets.
In light of this situation, measures were taken to protect the Company’s rights and to resolve operational and legal issues related to the investments made in the U.S.
In the first quarter of 2026, CPD also concluded negotiations regarding the potential acquisition of shares in the company that owns the Wratislavia Tower property in Wrocław. The decision was due to the inability to agree on satisfactory terms for the transaction.
“We are expanding our operations in line with our adopted Strategy and consistently building our asset portfolio. The U.S. market remains one of the Group’s key growth areas,” notes Rafał Kijonka, President of the Management Board of CPD S.A.
The Group’s growth is reflected in its balance sheet—the value of its assets rose from 0.07 mln PLN at the end of 2023 to 25.6 mln PLN, representing a more than 365-fold increase in just two years.
In the first quarter of 2026, the Group began generating rental revenue and recorded revenue
of 68,000 PLN, with a net loss of -13.09 million PLN.
This result was primarily influenced by impairment tests performed on assets and the revaluation of financial instruments related to operations in the U.S. These transactions were non-cash in nature and resulted from adopting a conservative approach to asset valuation in connection with an ongoing dispute regarding control over U.S. entities.
Despite the temporary impact of events related to the investment in the U.S., the Group continues to implement its Development Strategy and pursue activities aimed at further expanding its real estate portfolio and increasing the scale of its leasing operations.
Read also:
2025 marks a turning point in the Company’s transformation and the start of the implementation of the 2025–2028 Development Strategy
The year 2025 was a pivotal period for CPD S.A., marked by the completion of a review of strategic options and the launch of its new Development Strategy for 2025–2028. The company focused on building a diversified portfolio of properties generating stable rental income, comprising commercial properties in Poland and residential rental properties in the United States.
Acquisition of Another Property in the U.S.
On February 20, 2026, CPD Capital LLC, a subsidiary of CPD S.A. based in Jefferson, Louisiana, USA, acquired 100% ownership interest in JJTA 19 LLC, based in Jacksonville, Florida, USA.
The company is launching operations in the real estate rental segment in Florida, U.S.
On January 26, 2026, CPD Capital LLC, headquartered in Jefferson, Louisiana, USA (“CPD Capital”), a subsidiary of CPD S.A., acquired 100% ownership interest in Jacksonville Rental Properties LLC, headquartered in Jacksonville, Florida, USA, which owns the “Arbor Oaks Apartments” residential property located in Jacksonville, Florida.
