Zeitgeist purchases Palác Dunaj on Národní třída, Prague, for German pension fund
Prague, 28 June 2017
Zeitgeist Asset Management, a real estate development and asset management company for private and institutional investors, has acquired another property for a German pension fund. The seller was EUROVIA CS. Palác Dunaj, which is located in the attractive Národní třída neighbourhood in the very heart of Prague has become the eighteenth property which Zeitgeist Asset Management acquired.
The construction of Palác Dunaj was completed in 1930. The building was designed as the then headquarters of Austrian insurance company Donauversicherung in Prague by Adolf Foehr, a German architect and a student of Jan Kotěra. The palace was one of Foehr’s best and most advanced works. It is a six-storey corner building with a central atrium which is clad externally with yellow travertine and two strips of white travertine in the upper sections. The building has a total leasable area of 8965 m2. The premises are leased by a number of major companies, including the Czech Bar Association and Fischer travel agency. The palace also contains an original and functional loop, or paternoster, elevator.
‘We decided to offer Palác Dunaj for sale because of the construction of our new headquarters in Krč, Prague 4, which will better meet our needs, both in logistics and practical terms. Our new building will contain a technology and laboratory centre and training site in addition to administrative premises,’ says Ing. Martin Borovka, Chair of the Board at EUROVIA CS.
Zeitgeist Asset Management is now planning a modernisation of the building while maintaining its historic value. ‘We would like to restore its architectural importance, so it can once again become a prestigious address,’ says Peter Noack, Zeitgeist Asset Management co-owner and CEO and adds: ‘Our objective is to increase the capital value and the cash flow through a long-term asset-holding strategy.’
Zeitgeist Asset Management currently manages a portfolio of eight historic buildings dating to beteen 1600 and 1920 for the German pension fund, located in the most exclusive neighbourhoods within historic Prague. ‘Prague is one of the strongest markets in eastern Europe and this acquisition is in accordance with our long-term vision and strategy. We expect to conduct a number of similar transactions in the near future,’ says Peter Noack.
About Zeitgeist Asset Management
Zeitgeist Asset Management, with offices in Prague and Berlin, is a real estate developer and asset manager t for private and institutional investors in Czech Republic, Poland, Hungary and Germany. Zeitgeist manages assets in value of 234 million EUR.