About the Company
CPD S.A. is a company with over 26 years of experience in the real estate market, whose operations have focused from the outset on the construction and management of residential, office, and warehouse projects. The company has operated as a holding company, conducting its business through subsidiaries and providing real estate management services to third parties as well.
The Beginnings of the Business
CPD’s roots date back to 1999, when Celtic Asset Management sp. z o.o. was founded to build a real estate portfolio and manage assets in Poland and on European markets, including the Czech Republic, Lithuania, Romania, Hungary, and Germany. In 2005, the company expanded its operations to include real estate development projects carried out in cooperation with investment funds.
Consolidation and International Expansion
In 2007, the Company’s operations were consolidated under Celtic Property Developments S.A., which took over the existing business activities. From 2008 to 2010, the Company’s shares were listed on the Freiverkehr market of the Frankfurt Stock Exchange.
Poland, particularly Warsaw, was the Company’s most important market; however, CPD also developed and managed projects in many European countries, such as Montenegro, Hungary, Italy, Belgium, the United Kingdom, the Netherlands, Germany, and Spain. During its period of rapid growth, the value of the Company’s assets—consisting mainly of its own real estate—reached several hundred million zlotych, while the value of the real estate under its management exceeded 2 billion zlotych.
Listing on the Warsaw Stock Exchange and Name Change
A key milestone in the Company’s history was its listing on the Warsaw Stock Exchange in 2010. In 2014, the Company adopted its current name—CPD S.A.
Completion of Projects
One of the Company’s most important undertakings was a real estate development project carried out in Warsaw’s Ursus district. The process of monetizing this project was completed in 2023 with the sale of all residential and commercial units.
By the end of 2023, the Company had sold all of its assets and completed its ongoing projects. From the proceeds of the asset sales, the Company distributed a total of PLN 577 million (approx. USD 168 million) to shareholders through a share buyback program.
Transformation and a New Direction
The cessation of operations in 2023 also marked the beginning of a new phase in the Company’s development. In March 2023, the Management Board began a process of reviewing strategic options with the aim of identifying new directions for growth.
In 2024, efforts in this area continued. Changes occurred in the Company’s shareholder structure and governing bodies.
Strategy for the Future
In 2025, the Company adopted a new development strategy aimed at creating Poland’s first modern REIT-type investment fund. CPD S.A.’s goal is to build a real estate portfolio worth at least 1 billion zlotys by the end of 2028, thereby opening a new chapter in its operations.
