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Passer wants to enter enter stock exchange with offices he built(Czech News Agency Via Acquire Media NewsEdge) Prague, Oct 20 (CTK) Billionaire and developer Radim Passer plans to buy back by the end of this decade real estate that he has built in Prague between Pankrac and Michle and sold to investors and then plans to enter a stock exchange with them, magazine Forbes has informed CTK. Passer is buying back for Kc800m a building where computer company Microsoft has its seat, according to Passer's statement for Forbes. Forbes has prepared the information for its server that it will launch tonight. Passer has been building the office complex for twenty years. He will gain tenants for the completed buildings and then sell the buildings to investors, mostly real estate funds. He uses the gained money for the construction of further buildings. In total, the project is to comprise over 300,000 square metres of offices and commercial areas, apartments and a park, Frobes says. Apart from Microsoft's seat, Passer wants to buy also several smaller buildings by the end of this year. He plans to take over another two to three office buildings next year and the same number in 2016. He wants to finance the purchase of the buildings from a bond issue which he will then swap for shares of a new company. The bonds for Kc500m are already on the market, Forbes says. The Prague office complex that Passer has built is now composed of sixteen buildings. Among the companies that have seats there are CEZ, UniCredit Bank, Skoda Auto, Hewlett Packard and O2. According to September's list of Czech billionaires, compiled by the Forbes magazine, Passer ranks among the 40 richest Czechs. His property is reportedly worth Kc3.2bn. Before this year's local elections in Prague, Passer backed new political movement For Prague and his brother Zbynek was at its head. The movement did not succeed in the elections. fs/er |