Czech billionaire Vitek targets assets in Central Europe

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Czech billionaire Radovan Vitek plans to buy two real estate funds with assets valued at about €500 million ($652 million) in Central and Eastern Europe this year as part of a push to expand outside his home market. “It would be silly to have all my eggs in one basket, so the expansion abroad is a logical step as there are some interesting opportunities now,” Vitek said Bloomberg in an interview Wednesday at his flagship company, Czech Property Investments AS. Vitek said this month he’ll complete the purchase of Hungarian developer Ablon Group Ltd for $47 million. He declined to identify the real estate funds. He bought a 30% stake in Luxembourg-registered Orco Property Group in November, becoming its largest shareholder weeks after the developer finished a bond-for-equity swap to overhaul debt. Vitek said he’s also monitoring five other companies for possible purchase that have been in a distressed situation similar to Ablon, which is listed on the London Stock Exchange.

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