E15: PPF sold the problematic projects Trojmezí and Ice Bear

Visualization of the building Line at Victory Square

Prague - The PPF Group has sold problematic large development projects Trojmezí and Polar Bear in Prague. This was reported today by the newspaper E15. Allegedly, PPF also wants to dispose of the skyscraper project in Prague's Chodov. The group's spokesman Radek Stavěl only confirmed to the newspaper the sale of some plots, but did not want to disclose details. The aforementioned three projects have been facing disputes between developers and municipalities, and lawsuits have been filed over the Polar Bear.
According to E15, PPF sold over 40 hectares in the Trojmezí area for the construction of thousands of apartments and the office center project Line at Victory Square, known as Polar Bear, to former group manager Karel Pražák. He reportedly also wants to buy the project of two skyscrapers, Prague Eye, in Chodov, which are to be the tallest in the Czech Republic. "We confirm that the PPF group has sold two domestic plots designated for development and a third is in the process of being sold. We will not disclose details regarding negotiations and terms of sale," said the PPF spokesman to the newspaper.
According to the newspaper, the group is now focusing mainly on acquisitions and management of already completed properties in the domestic and foreign markets. PPF is retreating from large development projects in Prague due to problems with changes to the urban plan and opposition from municipalities against the developers' intentions, E15 writes.
In the case of the Trojmezí project, the city refuses to change the urban plan that would allow the green spaces to be built on. The Polar Bear is also a controversial construction. The building was supposed to complete the otherwise open block of houses, thereby fundamentally changing the appearance of Victory Square. According to the investor, it would bring services for residents alongside offices, but opponents point out the size of the building. The municipality of Prague 6 and the company Vítězné náměstí from the PPF Real Estate family recently filed lawsuits against each other in a dispute over the payment of rent for the plots for the Polar Bear.
The plan for the construction of the Chodov skyscrapers also has problems. The South Town municipality, according to E15, demands that the investor also rebuild the adjacent metro station with the project.