News: PPF expands into the real estate development market in USA
Press Release - PPF Real Estate Holding continues to diversify its business geographically, strengthening its position in the US real estate market. In a partnership with prominent American developer Aventon Companies, PPF is undertaking the construction of a residential complex in Orlando, Florida. The project follows the acquisition of the adjacent Orlando office building, SouthPark Center. The original PPF Real Estate's transaction in December last year secured the purchase of 12.5 hectares of land for future development.
Under the new development project, PPF Real Estate is the majority partner in a joint venture with Aventon Companies. The Aventon Opal project near the SouthPark Center project features more than 300 luxury residential units. As Aventon Companies fourth residential project in the area, the project is meeting Orlando's growing demand for quality housing.
The project at a glance:
- Construction of 4-5 level apartment buildings with front gardens anda community park.
- Design by architectural studio Scott + Cormia Architecture & Interiors
- Expected completion in 2023.
"PPF Real Estate is enthusiastic about the creation of a joint venture with Aventon Companies. We look forward to replicating this partnership in other investments in the Sun Belt region," said Aaron Smith, CEO of PPF Real Estate USA.
After one year of operations in North America, PPF Real Estate's total investment volume allocated to transactions and future business development in the US market has exceeded US 500 million.