Zeitgeist Asset Management, a company specializing in property development and asset management services for private and institutional investors, has expanded its portfolio by the acquisition of a new property for a German pension fund, administered by Institutional Investment Partners. The residential project is located in downtown Budapest.
The building is located on a plot of 3,520 sqm on Lonyay Street. Conversion of the building is going to start soon, it will transform the property into a residential building with a leasable area of 10,782 sqm. The conversion includes sensitive renovation of the original building together with the construction of new sections while preserving the building’s historical value.
“Entering the Hungarian real estate market we are further expanding our activities in Central and Eastern Europe,” says Peter Noack, Co-founder and Managing Director of Zeitgeist Asset Management Company. “Our quickly growing portfolio currently consists of 22 premium properties in four European countries. And further acquisitions will follow in the near future,” Noack adds.
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 the value of €262 million.