Maximilian Mendel goes from JLL to Zeitgeist

October 2021

The head of the residential investment advisory team will lead the PRS fund's activities in Poland.

A strong transfer on the real estate market. As of the beginning of next year, Maximilian Mendel, currently head of the residential investment team at JLL (formerly of REAS, which JLL has absorbed), will become managing director of the Czech Zeitgeist Asset Management responsible for development in the Vistula region.

- We are entering a key moment of development, when the scale of our operations in Poland will outweigh what we have built in the Czech Republic. Including recent investments, our local portfolio of apartments for rent and student houses already comprises more than 800 units. I am glad that soon I will be able to entrust the helm of the company in Poland to an expert and visionary who has been creating the foundations of institutional rental here - commented Peter Noack, CEO and co-founder of Zeitgeist Asset Management. From January to October this year alone, Mendel's investment team at JLL, led by Mendel, closed six PRS transactions with a total value of over €550 million.

- My goal will be to build, under the Zeitgeist umbrella, a block of understanding between the main players in this market: developers, cities, investors and banks - so that for all parties, it is necessary and natural to engage in building PRS and student housing offerings. This will contribute to the sustainable development of cities and provide their residents with a wide, flexible choice of accommodation options, Mendel said.

Zeitgeist in Poland builds apartments for rent and dormitories. It specializes in acquiring properties for conversion. In the summer, it launched the redevelopment of an old office building in the Warsaw district of Solec, which will become a student residence. Its portfolio also includes: a complex of six buildings on Nowogrodzka Street in Warsaw (including the former seat of the Telecommunications and Telegraph Office from 1931), historic tenements on Długa Street and Wrzesińska Street in the capital city, as well as the former Main Post Office building and a plot on Cystersów Street in Krakow. The Fund has also commissioned a developer to build 210 apartments for rent in Gdańsk.

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