Zeitgeist acquires another property to extend the portfolio, and begins the reconstruction of its rented apartments in Prague
Prague, 21 November 2017
Zeitgeist Asset Management, a company specializing in property development and asset management services for private and institutional investors, has completed another acquisition of an apartment building in Prague, this time in Máchova Street, the district of Vinohrady. The company is currently planning to reconstruct all rented apartment properties that are in its portfolio in Prague in the period of the next two years. More than 150 of them are scheduled to be gradually reconstructed.
Zeitgeist Asset Management is planning to carry out complete reconstruction of all the properties under the company´s management, which, being located in the best residential areas of the historical Prague, have been leased out in the vast majority of cases. In addition to the buildings in the company´s existing portfolio, the scheduled reconstruction will be carried out in Máchova Street, where Zeitgeist has recently acquired the tenth property for a German pension fund. This six-storey building with ten apartments and a leasable area of 648 square metres dates back to the turn of 1902/1903, and is located in the area of block of houses in the district of Vinohrady. “Together with all the other buildings which are under our management in Prague´s attractive areas, we are also planning a major reconstruction there to provide proper housing standards to our tenants,” says Peter Noack, Co-founder and Managing Director of Zeitgeist Asset Management and adds: “In cooperation with renowned architectural studios, an emphasis will be also laid on building new infrastructures as well as providing a modern internal layout and design of the apartments, along with the commitment to preserving the historic heritage of the buildings.”
The first reconstructed apartment of 103 square metres is located in “Křižíkova 125” development, in the attractive Karlín neighbourhood. It is designed in a modern style, with the use of timeless materials in nice natural colours. During the construction works, all the distribution systems and surfaces, including flooring, underwent a complete reconstruction, and the apartment was fitted with a new bathroom and equipped with a new modular kitchen, coming complete with built-in appliances. As a result, a modern interior space has been created, with a large living area, facing an adjacent park and sunlit Lyčkovo Square. The relaxation area of the apartment, the bedroom, is directed towards the inner yard and a private garden.
About Zeitgeist Asset Management
Zeitgeist Asset Management, with offices in Prague, Warsaw 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 251 million EUR.