Despite the global pandemic’s detrimental effect, PPF Real Estate’s business proved resilient by suffering only a limited adverse impact. During the year, the company continued to consolidate its portfolio and sold a number of non-essential projects, particularly in Russia. The company took a significant step of enteering the US market with its first transaction signed in 2020 and completed in 2021.The acquisition of large office projects in Atlanta and Orlando, totalling over 170,000 m2, was worth more than USD 460 million. PPF Real Estate took on its first commercial property on the Polish market in 2021, when it acquired the New City project in Warsaw, with an estimated market value over EUR 100 million.
In the Netherlands, the company’s real estate investments comprise seven office buildings and a shopping centre with a total lettable area of over 150,000 m2 . In the UK, one of the projects being pursued by PPF Real Estate is a major office building refurbishment in the City of London. In London it also owns and lets three modernised Victorian houses.
In Russia, in 2021 PPF Real Estate offered leases on commercial properties that it either owned or co-owned with other major investors. These included the Metropolis office buildings in Moscow, co-owned with Hines, and a joint project with Radius Group to develop South Gate Industrial Park, which is a large logistics estate in the same region. In 2021, PPF Real Estate operated its own Nevsky Centre shopping complex in Saint Petersburg and a large-scale Comcity project in the Moscow region, offering retail space and offices with a total area of more than 115,000 m2.