“After expanding our activities to the development market in Romania in the commercial real estate segment, we were looking for further opportunities in development. The choice fell on residential real estate in the Czech Republic, where we have so far been rather cautious. The opportunity to cooperate with the developer Karlín Group and thus use the experience of the established company helped us to make a decision, “said Jiří Tošek, CEO of PPF Real Estate.
The first joint project will be Simply Holešovice with more than two hundred flats. He will build another premium housing in the Na Košince locality in Liben. It is this bank of the Vltava and the nearby Karlín that are the domain of architecturally valued projects by which Borenstein turned a neglected part of Prague into a modern office and residential district at the beginning of the millennium.
After that, Karlín Group focused more on smaller housing projects, but now it is returning in connection with large real estate groups. “In the PPF Group, we have a reliable and highly professional partner for the implementation of our upcoming projects, which are not limited to the Prague district, which gave the name of our group,” commented the alliance with PPF Borenstein.
Great changes await Prague in the coming years
He added that he had negotiated joint projects with PPF founder Petr Kellner two decades ago. “We talked about building something together. Finally, it was only after his death that we made our first deal last summer, when the company from the PPF Group bought Forum Karlín, ”Borenstein recalled. The multifunctional space was acquired from Forum Karlín, which was owned by producer Serge Grimaux together with Borenstein and Jan Ludvík from Karlín Group, Prague Entertainment Group.