News Article Česká spořitelna Czech Republic loan PRS refinancing residential student housing Zeitgeist
by Property Forum | Investment

Zeitgeist Asset Management has obtained a loan from Česká spořitelna for the largest ever refinancing of its portfolio in the amount of €113 million (CZK 2.7 billion). In total, it concerns 23 properties with a total value of €220 million, located in various Prague locations. These are mainly residential properties with apartments for rent and private campuses for student accommodation.

"Congratulations to the whole team for signing the loan agreement and the excellent cooperation with Česká spořitelna. At the same time, I would also like to thank the representatives of bnt attorneys in CEE for their expert advice during the process," says Peter Noack, Co-Founder and CEO of Zeitgeist Asset Management.

"For us, the agreement means securing the stability of the portfolio for the next ten years. Thanks to the trust of Česká spořitelna, we can continue to increase the profitability of our properties and plan further expansion. We plan to more than double the current portfolio value in the Czech Republic to almost €500 million in the next three years," comments Michal Nečas, Managing Director at Zeitgeist Asset Management.

"Strengthening housing affordability in the Czech Republic is one of Česká spořitelna's key priorities. We are therefore pleased to be able to participate in the development of long-term rental housing and student housing thanks to the deepening of our cooperation with Zeitgeist Asset Management. This further expands quality alternatives to owning your own home and also strengthens flexibility on the labour market," emphasised Martina Jůzová, Česká spořitelna's real estate business manager. At the same time, she expressed her gratitude to the law firm Dentons, which represented Česká spořitelna in this transaction.

"Our company's portfolio is really broad and in line with the chosen leasing strategy, it achieves returns in both CZK and EUR. We are therefore very pleased that we have managed to agree with Česká spořitelna on the possibility of refinancing in euros. Thanks to this, we were able to take advantage of a lower interest rate and achieve very good conditions in terms of the current market situation," concludes Emil Schuber, CFO of Zeitgeist Asset Management.