Zeitgeist Asset Management has purchased an office building at ul. Solec 22 in Warsaw and intends to convert into student halls. The office building has been acquired for a German pension fund from Solec 22 z.o.o.
Zeitgest plans to offer student accommodation in 149 rooms or small flats under its Zeitraum brand. The application for the building permit is in process, during which the 4,200 sqm of office space in the building will continue to be leased. Zeitgeist has recently completed a similar project in Prague, the U Průhonu student house project in the city’s Holešovice district.
“We are bringing to Warsaw a concept of student housing that we began in Prague, enjoying great success with it. We also want to offer students in Warsaw accommodation of a similar quality and affordability, thus expanding their choice. Public and private institutions are currently only able to provide roughly 16,700 beds. Plus, the existing dorms are old and unsuitable from a quality perspective. Even though the local universities are demanding major revisions to this system, which is not able to meet the high demand, so far this has been met without any great success,” explained Peter Noack, the Co-Founder and Managing Director of Zeitgeist Asset Management.