Following the divestment of all its assets in Russia, PPF Real Estate Holding focuses on European markets, where it currently operates in the Czech Republic, Germany, the Netherlands, Poland, Romania, Ukraine, and the United Kingdom. The company centres on prime core real estate assets with predictable and stable yields, while continuing to diversify its portfolio beyond offices into other asset classes. In development, the strategy is focused primarily on sustainable and socially responsible investments, creating opportunities to build best-in-class properties with long-term hold potential.

In 2025, PPF Real Estate successfully entered the Czech hospitality market by completing acquisitions of three major hotels in Prague: Hilton Prague Atrium, the largest hotel in the Czech Republic and one of Europe’s leading conference venues; Four Seasons Hotel Prague, one of the most luxurious hotels in the city centre; and Diplomat Prague, a leading business hotel located next to the PPF Group headquarters.

Under an agreement with PPF Real Estate, Tomáš Otruba, a member of the PPF Group supervisory board, acquired minority stakes in these hotels. Investor Michal Strnad, owner of Czechoslovak Group (CSG), became a significant partner and minority co-owner in Four Seasons Hotel Prague, with CSG itself not being a party to the transaction.

Real estate development – key projects

In 2025, PPF Real Estate expanded its footprint in the US, entering the development market through an investment in the Gasworx project, a mixed-use development in Tampa.

Gasworx, located in a prime area adjacent to Tampa Midtown and in the historic Ybor City district, is a key component of the PPF Real Estate’s portfolio diversification strategy. The company has invested not only in the construction of the current phase, comprising approximately 500 apartments, 9,000 m2 of office space, retail units, and a public square, but also in the landbank required for further development, which could ultimately deliver around 450,000 m2 of floor area.

PPF Real Estate has also successfully completed the rezoning of land adjacent to its office project in Orlando, Florida, enabling the development of a mixed-use project with more than 2,400 apartments and approximately 93,000 m2 of commercial space.

In London, PPF Real Estate is progressing with the construction of its Ebbgate office project, located in the heart of the City of London on the banks of the Thames. Upon completion, it will deliver close to 15,000 m2 of super-prime office space.

In the Czech Republic, PPF Real Estate continues the transformation of the Prague Letňany Airport area into a modern urban district that will significantly shape the future of the capital. As the sole owner of this extensive site, PPF has both the capital strength and the long-term investment horizon required for coherent and sustainable urban development. The project is being developed in ongoing dialogue with the city boroughs and the City of Prague, with the aim of creating a modern urban district offering space for living, work, and leisure, and contributing to the wider metropolitan area.

In Romania, PPF Real Estate continued the construction of ARC, its new state-of-the-art office project in Bucharest, comprising a 30,000 m2 Class-A office building. ARC will be the first near-carbon-zero office building on the Romanian office market. Construction is scheduled for completion in Q4 2026.

Two residential development projects in Prague, part of a joint venture with an established local developer, progressed during the year, with one of them scheduled for completion in 2027.

In December 2025, PPF Real Estate Holding signed an agreement to sell its participation in The Westminster Hotel in London to the Spanish hotel group RIU Hotels & Resorts. The transaction was completed in January 2026.