Czech-founded PPF Real Estate Holding has entered the United States market through its U.S. division, finalizing an acquisition of Mansell Overlook, a large office campus in the broader Atlanta metropolitan area. The acquisition is a steppingstone for future investments by PPF in the U.S. property market.
The transaction represents the largest sale in recent years in the specific region of Georgia state, North Fulton (38 km from the downtown of Atlanta). PPF Real Estate has worked on entering the U.S. property market for quite some time as it continually seeks to enhance the diversification of its portfolio.
Totalling approximately 61,000 sqm, Mansell Overlook includes four recently upgraded Class A office buildings featuring a combination of surface and structured parking and an 11-acre (45,000 sqm) parcel planned for future development.
“We are excited to enter the United States market by acquiring an institutionally maintained office portfolio that presents opportunities for added value. This acquisition will serve as the platform for future investments by PPF Real Estate in the U.S. real estate market,” said Aaron Smith, PPF Real Estate’s U.S. Managing Director.
Cushman & Wakefield has arranged the sale and financing for the transaction with the sale price exceeding $100 million. PPF Real Estate retains Cushman & Wakefield for management and leasing of the property.
