Pražák sells PPF land near Prague's O2 arena in big deal

The PPF group, controlled by Renata Kellnerová, is negotiating with billionaire Karel Pražák to buy several development companies and projects from his Kaprain group — a deal worth billions of crowns that concerns, above all, land around Prague's O2 arena.

The antitrust office has already opened a simplified review of the deal. It involves gaining control of the entities that own plots of land and commercial premises in the Harfa area near the Českomoravská metro station, next to the multipurpose arena owned by PPF. For decades, Pražák had controlled, through partners, the land and buildings surrounding the arena, while the O2 arena itself has remained PPF's property.

Tellingly, the two sides have a long history together: Karel Pražák and the late Petr Kellner were bound by close business ties. Tensions had recently arisen between the two groups, but the new deal points to a reconciliation and shared business interests.

PPF Real Estate is thus strengthening its position on the Czech property market, aiming to play a bigger role in the segment. PPF's director of corporate communications, Leoš Rousek, confirmed to CzechCrunch that these are “standard transactions” which the company does not comment on before they are completed. Kaprain spokesman Ondřej Pecharž took a similarly reserved stance.

Besides the land near the O2 arena, the deal also involves a change of ownership at the Oaks Prague golf resort, as well as plots belonging to the company Mototech Real in Prague's Stodůlky district. The total value of the transaction is estimated at billions of crowns, making it one of the largest deals on the Czech commercial property market this year.