March 15, 2017

Zeitgeist Asset Management buys another apartment house in the heart of Prague

Zeitgeist Asset Management has acquired yet another apartment house for a German individual pension scheme fund, administered by Institutional Investment Partners.

The property is located in the Mlynářská Street, in Prague’s historical centrum district. The medieval St. Peter’s church from the 12th century, after which the former name of the entire city district Petrská derived, is situated in its direct vicinity.

The six-storey building encompasses12 apartments and four business premises, used by Immunology-Centre. The apartments are completely rented out.

Peter Noack, co-owner of Zeitgeist Asset Management, said: “This transaction is already the second acquisition on Prague’s house rental marketplace within the past six months; more yet are to follow. We had procured six buildings for this fund in the historic centrum of Prague at the end of the last year. We are currently willing to renovate to a high standard all short-term vacant apartments given the high tenancy rate. Furthermore, we shall be able to announce our first acquisitions for this fund in Warsaw and Budapest in the near future.“

The inner city rental housing portfolio combines urban living in the city with the quality of renovated buildings of the Prague Belle Époque. Mlynářská Street is just a few minutes’ walking distance from the Palladium shopping centre at the Revoluční Street or from the main shopping Street Na Příkopě.

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