PPF Real Estate will start building the Argentine Star in Prague 7 this year

Prague - The PPF Real Estate group plans to start construction this year on an office building named Argentinská hvězda in Prague 7. The project is scheduled for completion in 2014. The company announced this today. PPF did not disclose the investment amount.
     PPF is enticing the Prague 7 city council to consider the new administrative building, which is currently looking for a new headquarters. "We will start construction regardless of the decision of the Prague 7 city council. Although our offer remains valid for now, PPF Real Estate has simultaneously decided to begin negotiations with other potential tenants and will not tie the commencement of construction to the decision-making of the Prague 7 municipality," said Martin Tuček, investment director of PPF Real Estate responsible for the project.
     The building at the junction of Argentinská, Tusarova, and Jateční Streets is set to offer up to 28,000 square meters of office space for rent.
     In addition to Prague 7, the company is also preparing to construct a multifunctional building with an area of 18,000 square meters in Prague-Dejvice at Vítězné náměstí. In Bucharest, Romania, the company plans to develop a massive office complex with a usable area of 91,000 square meters. An even larger office project comprising 430,000 square meters of office space is being planned by the company in Moscow, the newspaper E15 recently reported.
     PPF Real Estate Holding manages services for 77 projects in Central and Eastern Europe. The volume of assets under the company's management is approaching the limit of 1.2 billion euros, or about 30 billion CZK.