Cushman & Wakefield has entered into a partnership with Zeitgeist Asset Management and taken over property management of the investor’s Polish property portfolio.
Zeitgeist Asset Management is a real estate developer and asset manager for private and institutional investors in Central and Eastern Europe, with offices in Warsaw, Prague, and Berlin. In Poland, Zeitgeist AM has acquired properties in Warsaw, Krakow, and Gdansk.
“We target well-located, often historic buildings in central locations of the largest cities. We acquire them to add value through redevelopment and refurbishment. We make finished premises available for short- or long-term rental. We currently have eight properties in Poland and are planning to make further investments and expand into regional cities. We chose to commission C&W to deliver leasing and property management services on account of their international reach and strong track record,” says Peter Noack, CEO, Zeitgeist Asset Management.
“I am delighted that we have established a business relationship with Zeitgeist AM, whose portfolio includes first-rate properties in prime locations with great potential for the future. We, for our part, will definitely be supporting the client in the implementation of all the plans for the buildings under offer, and we look forward to working out satisfactory solutions together,” says Zuzanna Paciorkiewicz, Head of Operations, Cushman & Wakefield.
Cushman & Wakefield will deliver property management services across five properties: at 24 Brzeska St., 45-47 Nowogrodzka St., and 44 Długa St. in Warsaw, and at 21 Cystersów St. and 2 Wielopole St. in Krakow.
“We are opening a new chapter in our business relationship with Zeitgeist Asset Management. The company’s portfolio comprises well-located buildings that will be refurbished and repurposed in the future. We are excited to be on this project – it will certainly be an interesting challenge,” says Grzegorz Dyląg, Head of Asset Services Business Space, Cushman & Wakefield.
“Ultimately, we will be remodelling and renovating all the acquired properties, but we also make sure that they generate income right from acquisition,” says Michał Okoń, Managing Director, Zeitgeist AM.
Cushman & Wakefield provides property management services on two properties in Krakow. The complex at 21 Cystersów St. comprises four office and warehouse buildings with 8,000 sqm of usable space, while 2 Wielopole St. is a historic building of the Main Post Office that contains more than 9,300 sqm.
“Zeitgeist’s Krakow buildings boast - before anything else - prime locations. The complex in the Grzegórzki district sits next to the Old Town. Additionally, Cystersów Street itself connects key arteries running to the city centre and such junctions as Mogilskie and Grzegórzeckie roundabouts. This area is seeing a growing number of modern apartment and office buildings developed, and the urbanisation of this district will certainly continue in the coming years,” says Dariusz Madej, Senior Negotiator, Cushman & Wakefield.
