What CPD does

CPD S.A. (formerly Celtic Property Developments S.A.) is a Warsaw Stock Exchange-listed (ticker: CPD) Polish real estate company that historically developed residential apartments, office buildings, and commercial properties, with its flagship project being Ursa Smart City — a 220-hectare mixed-use development in the Ursus district of Warsaw covering 740,000 sqm of planned usable area, including 356 apartments across four buildings and up to 200,000 sqm of commercial/office space. The company monetized its entire asset base between 2022 and September 2023, selling all remaining units, divesting two rented office buildings, disposing of subsidiary shares (including Celtic Asset Management sp. z o.o.), and distributing PLN 78 million to shareholders via share buybacks. As of 2025, CPD has formally wound down historical operations and adopted a new strategy to create Poland's first modern REIT investment fund, targeting a real estate portfolio of at least PLN 1 billion by end of 2028. Historically, the company's go-to-market combined direct sales through on-site offices, third-party development partnerships (Unidevelopment S.A. for residential, Unibep S.A. as general contractor), and participation in property exhibitions such as Hala Torwar.

Name

CPD

Legal name

CPD S.A.

Website

https://cpdsa.pl

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

CPD S.A. is a Warsaw-listed Polish real estate company that fully divested its residential and commercial development portfolio by September 2023. It is now repositioning to launch Poland's first modern REIT fund targeting PLN 1 billion in assets by end of 2028.

Ownership category

akta.pro rank

Headquarters

HQ city

Warsaw

HQ country

Poland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Others

Revenue model

1. Real Estate Development: CPD S.A. historically generated revenue through development and sale of residential apartments, office buildings, and commercial properties. The company developed projects in the Warsaw market, including the Ursa Smart City residential project and office buildings such as Iris and Mokotów Plaza.
2. Property Rental: The company previously owned and rented office buildings in Warsaw before selling two rented office buildings in 2022 as part of its asset monetization process.
3. REIT Fund Management (future): In 2025, CPD adopted a new development strategy to create Poland's first modern REIT investment fund with a real estate portfolio valued at minimum PLN 1 billion by end of 2028.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

CPD S.A. is a Warsaw Stock Exchange-listed Polish real estate company that historically developed residential apartments, office buildings, and mixed-use urban developments, with its flagship Smart City Ursus project in Warsaw's Ursus district. Following the completion of asset monetization by September 2023 and distribution of PLN 78 million to shareholders, the company adopted a 2025 strategy to create Poland's first modern REIT investment fund targeting a minimum PLN 1 billion property portfolio by end of 2028.

Product overview

CPD S.A. (formerly Celtic Property Developments S.A.) is a Warsaw Stock Exchange-listed Polish real estate company that operated primarily in residential, office, and warehouse construction and development. Following the completion of its Smart City Ursus project and monetization of its assets by September 2023, the company completed all business activities and is now pursuing a new strategy to create Poland's first modern REIT fund with a target portfolio value of minimum 1 billion PLN by end of 2028. The company's historical product portfolio included the flagship Smart City Ursus mixed-use development project, office buildings such as Iris (part of Cybernetyki Office Park), Mokotów Plaza, and residential/apartment projects in the Ursus district.

Differentiator

Problem solved

Functional benefit

Products and services

• Smart City Ursus A large-scale mixed-use urban development project in the Ursus district of Warsaw, Poland, encompassing approximately 220 hectares of former industrial land. The project includes the Ursa Smart City residential phase with 356 apartments in 4 buildings, as well as planned commercial, office, and public-use buildings totaling over 700,000 m² of usable space, designed as a modern smart city with eco-friendly solutions including bike paths, EV charging stations, photovoltaic panels, broadband internet, and Wi-Fi zones.
• Iris Office Building (Cybernetyki Office Park) Office building that is part of the Cybernetyki Office Park in Warsaw, developed by CPD S.A. and sold in 2022 as part of the company's asset monetization process.
• Mokotów Plaza Office Building Class A office building in Warsaw's Mokotów business district, developed by CPD S.A. and sold in 2022 as part of the company's asset monetization process.

Quantifiable outcome

• 30,000 potential residents in Smart City development
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• Unibep S.A.coreImplementation/ SI/ Consulting Partner · 10 November 2015Unibep S.A. was selected as the general contractor for the Ursa Smart City project. Under the agreement, Unibep constructed four modern residential buildings with underground parking, site development, and necessary accompanying works. The first phase included one residential building with 181 apartments and 13 service units, with construction completed in Q4 2016.
• Unidevelopment S.A.coreStrategic or Co-development Partner · 10 September 2014CPD S.A. partnered with Unidevelopment S.A. (part of Unibep S.A. group) for the development of Ursa Smart City project. Unidevelopment was responsible for residential development while CPD provided land assets. The partnership was formalized on September 10, 2014, with Unidevelopment handling construction and sales of residential units in the Smart City development in Warsaw's Ursus district.
• Hermanowicz Rewski ArchitekciminorStrategic or Co-development PartnerArchitecture firm responsible for the design of the Ursa Smart City residential estate. The firm created the architectural design for the four-building complex with 356 apartments.

Scale indicators7 records

Recent moves10 records

Expansion highlights3 records

Direct peers

• Globe Trade Centre (GTC): Central European commercial real estate developer and investor operating office and retail assets in Poland, Hungary, Romania, and the Balkans. Comparable as a publicly listed Polish/Central European real estate company with both development and investment activities — directly relevant as a REIT competitor.
• Robyg: Polish residential real estate developer focused on the Warsaw market (now part of Dom Development), historically active in the same Ursus-adjacent catchments as CPD. Comparable as a peer residential developer in Warsaw with overlapping target customers and geography.
• Echo Investment: Major Polish real estate developer with a diversified portfolio across residential, office, retail, and hospitality assets, listed on the WSE. Closely comparable to CPD's historical developer-plus-investor model and a natural competitor if CPD successfully launches its Polish REIT vehicle.
• Polski Holding Nieruchomości (PHN): Polish state-controlled real estate group managing a diversified commercial and residential portfolio, listed on the WSE. Comparable as a domestic Polish listed real estate platform with both investment and development activities and a relevant reference for a Polish REIT structure.

Broad incumbents

• Immofinanz: Listed Austrian commercial real estate company with a portfolio of office and retail properties across Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, and Poland. Comparable as a CEE-focused real estate investment vehicle competing for institutional capital and assets.
• Vonovia: Largest German residential real estate company and one of Europe's largest listed residential REITs. Comparable as a benchmark for residential REIT scale, governance, and investor expectations that CPD's planned REIT will need to meet to attract institutional capital.
• Atrium European Real Estate: Established Central European retail real estate owner and operator listed in Amsterdam, with a portfolio of shopping centers across Poland, Czech Republic, Slovakia, and Hungary. Comparable as a regional real estate investment vehicle and a likely benchmark for CPD's planned REIT structure and investor base.
• CA Immobilien Anlagen (CA Immo): Austrian commercial real estate company focused on office properties in Germany, Austria, and CEE. Comparable as an established CEE-focused listed real estate platform and a reference point for institutional-grade REIT-style operations CPD is targeting.

Emerging players

• MLP Group: Polish listed developer and owner of modern warehouse and logistics real estate, active in Poland, Germany, Austria, and Romania. Comparable as a WSE-listed Polish real estate platform with an investor-oriented capital strategy — a reference for how a smaller Polish listed entity can scale into a portfolio investment vehicle.
• Unidevelopment (Unibep Group): Polish residential developer that was CPD's co-development and sales partner on the Ursa Smart City project. Comparable as a Warsaw-area residential developer operating in the same Ursus catchment, and a potential operating partner or pipeline source for CPD's planned REIT vehicle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/celtic-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CPD