PPF Group, owned by the Czech billionaire Petr Kellner, is to rebuild one of the historical buildings in the Prague’s high end shopping boulevard Pařížská. PPF plans to refurbish the Pařížská 22 art nouveau building into high end boutiques and apartments according to the server e15. With a valid construction permit at hand, Kellner plans to newest reconstruction on Pařížská street. PPF has already rebuilt Pařížská 3 for Louis Vuitton, and sold the building immediately after that to a Komerční banka property fund. Retail rents have doubled in Pažížská over the past ten years, according to JLL.
