CPI may take over R/E units of PPF

CPI has applied to the antimonopoly office (ÚOHS) to take over seven real estate units owned by PPF’s Cyprus-based Tenacity Ltd

Radovan Vítek wheeling and dealing on the phone foto: ČTKČeská pozice

Radovan Vítek wheeling and dealing on the phone

Czech Property Investments (CPI) has applied to the Office for the Protection of Competition (ÚOHS) for approval to take over seven real estate units owned by PPF Group’s Cyprus-based Tenacity Ltd. According to the Czech News Agency (ČTK), Radovan Vítek’s CPI is looking to obtain exclusive control over Prague companies Office Star One, Office Star Three, Office Star Four, Office Star Seven, Office Star Ten, Office Star Thirteen and Office Star Fourteen.

The report further stated that ÚOHS has already taken the case under consideration and will deal with the question of office space rental. Decisions in cases like this one usually come within 20 days of the application.

PPF spokesman Alexej Bechtin declined to confirm or deny the ČTK report, saying that the company comments on its transactions only after their definitive settlement.

Founded in 1991, CPI increased its net profit in 2010 to Kč 1.11 billion from Kč 302.6 million the previous year and has been very aggressive in expanding its property portfolio across a range of sectors to the value of around Kč  40 billion. The company owns 12,600 rental apartments, making it the second-largest provider of rental housing in the Czech Republic.