Zeitgeist buys another property in downtown Prague to expand its portfolio of rental apartments
Prague, 20 September 2017
Zeitgeist Asset Management, a company specializing in property development and asset management services for private and institutional investors, has made another step to become a leading player in residential rental properties in Prague. Following the acquisition of a complex of buildings on Karolíny Světlé Street in Prague's historic center for a German pension fund, Zeitgeist's portfolio in the Czech capital has grown to 9 apartment buildings.
The real estate complex recently purchased by Zeitgeist Asset Management is one of nine historic residential sites the company manages in the most upscale residential areas in Prague's historic districts. The cluster of buildings on Karolíny Světlé Street, which boasts as much as 4,180 square meters of rental space, is the most interesting part of Zeitgeist's portfolio from the historic viewpoint – the foundations of one of the buildings were laid as early as in the 14th century. Located in immediate vicinity of the complex is Rotunda of Saint Minor Cross, the oldest Romanesque rotunda in Prague, which is estimated to have been built at the end of the 11th century and which currently serves as a house of worship of the Old Catholic Church.
"Our objective is to carry out sensitive renovation to create a unique complex of rental apartments in the heart of Prague's historic center, which will meet the demands for modern living," explained Peter Noack, Co-owner and CEO of Zeitgeist Asset Management. With a portfolio of nearly 13,500 square meters of rental space valued at close to EUR 50 million, Zeitgeist plans further acquisitions with the aim of doubling the size of its portfolio of rental apartments in the Czech capital by the end of the year. "Because we have confidence in the prosperity of rental market in Prague, we plan to continue at the same rate not only this year, but also in the following years. Our goal is to build up a portfolio comprising over 500 rental dwellings between now and the year 2020," Peter Noack added.
About Zeitgeist Asset Management
Zeitgeist Asset Management, with offices in Prague and Berlin, is a real estate developer and asset manager for private and institutional investors in Czech Republic, Poland, Hungary and Germany. Zeitgeist manages assets in value of 249 million EUR.