PPF is expanding its investment activity in Russia. While the group is poised to open its largest real estate project to date – a 108,000 sqm office center called Comcity – PPF owner, Petr Kellner, plans to expand his 130,00 sqm South Gate industrial park, located outside of Moscow. The third and fourth phase of South Gate are expected to cost CZK 2.5bn. The server ihned.cz writes that Kellner wants to make it one of the largest industrial parks in the country, with a total lettable area of 650,000 sqm. Kellner has a 60-percent share in the project. Volvo Trucks Center, Decathlon and John Deere are some of the companies that lease space in the park.
Comcity will be anchored by Rostelekom and Systematika. The first phase of that project cost PPF CZK 6bn. Kellner plans to build 430,000 sqm of office space in phases, eventually investing a total of €1bn (CZK 27.4bn).
