PPF Real Estate Holding has bought the Mansell Overlook office complex in Atlanta, USA. The sale price reached $ 100 million (about 2.1 billion crowns). This is the company’s first real estate transaction in the USA. The transaction occurred before PPF founder Petr Kellner’s death.
He died in late March in a helicopter crash in Alaska. One of the group’s shareholders, Ladislav Bartoníček, was entrusted with managing all activities in the group.
According to E15, according to information from the market, the value of the transaction even reached $ 142 million, about three billion crowns. “We are pleased to have entered the US market through the acquisition of a very well-managed property, which also provides a potential for further development. This acquisition will serve as a springboard for PPF Real Estate’s future investments in the US real estate market,” said the CEO. PPF Real Estate for the USA Aaron Smith.
The office complex includes four buildings with 61,000 square meters with outdoor parking, a parking garage, and undeveloped land for further construction.
The primary tenant of the office space is Yardi, the most prominent American supplier of software for the real estate industry. The premises are also rented by Berkshire Hathaway, a well-known American investor Warren Buffett, and the Humana health insurance company. In total, Mansell Overlook provides office facilities for more than 3,000 people.
In addition to office buildings and their facilities, the complex offers hiking trails, a large lake, outdoor terraces, a fitness center, a conference center, charging stations for electric cars, dry cleaners, and several restaurants within walking distance.
PPF Group invests in many industries, from financial services to telecommunications, media, biotechnology, real estate, and engineering. In addition to the Czech Republic, PPF operates in 24 other countries on three continents – Europe, Asia, and North America. PPF has its corporate ownership and management structure in the Netherlands. The critical holding company of the group is PPF Group NV, based in Amsterdam.
Until his death, the majority owner of PPF Group, NV, was the wealthiest Czech, Petr Kellner, who, according to the company’s annual report for 2019, controlled 98.93 percent of PPF. The group employs 98,000 people worldwide, and in the Czech Republic alone, PPF had around 14,000 employees at the end of last June. PPF Group reported a profit after tax of 935 million euros (24.5 billion crowns) in 2019, compared to 815 million euros a year earlier.