The planned investment stands at about EUR60 million and should be completed in 2024. The local portfolio of PPF includes Metropolis Center and Crystal Tower office buildings in Bucharest.
ARC will be ten-story tall and be located in the west of the city. Work is scheduled to begin in the second half of this year.
“Demand for quality office space is rising with the economic development of Romania and we can very clearly see this trend in Bucharest,” PPF investment director Juraj Šaštinský says.
PPF wants to use this opportunity to diversify and strengthen PPF Real Estate’s position on this market, he added.
Ziarul Financiar first reported about the deal in January.
Besides real estate, PPF also owns CME Media Enterprises, which operates PRO TV.
(English version by Loredana Fratila-Cristescu)