PPF Real Estate to build two logistics centers in Rostov region for $97 mln
ROSTOV-ON-DON. March 12 (Interfax) - PPF Real Estate Russia, a subsidiary of Czech PPF, plans to invest $97 million in construction of two logistics complexes in Rostov region, the regional Agency for Investment Development said.
PPF Real Estate Russia plans to build a 20,000-square-meter commercial logistics complex in Aksai at a cost of roughly $20 million.
It also plans to build an 80,000-sq-m industrial-logistics complex for $77 million. The site has not been selected yet.
Implementation of the projects will create 1,050 jobs in the region.
PPF Real Estate Russia reached agreement on the projects with the Rostov regional administration at the MIPIM real estate trade show being held in Cannes on March 11-14.
PPF is a leading financial and investment group in Central and Eastern Europe. Its assets in Russia, which are worth about 11 billion euro, include PPF Real Estate Holding and large minority stakes in Polymetal , Home Credit and Finance Bank (HCFB) , home appliance and electronics retailer Eldorado and other organizations.