Zeitgeist Asset Management enters the Hungarian market
Zeitgeist Asset Management, a company specializing in property development and asset management services for private and institutional investors, has expanded its portfolio by acquisition of a new property for a German pension fund, administered by Institutional Investment Partners.
The residential project is located in Budapest downtown. 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 buidling with a leasable area of 10,782 sqm. The conversion includes sensitive renovation of the original building together with construction of new sections, while preserving the building’s historical value.
“Entering 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.
The building is located in the centre of the 9th district called Ferencváros. This district, on the Pest side of the Danube River, is considered an educational and cultural centre of the city and it is also very popular among tourists. The biggest university in Budapest, the Great Market as well as entertainment facilities are all within a walking distance. Attractions like the Palace of Art, Museum of Fine Arts or the newly built National Theatre are the surrounding area. City transport is provided by metro lines, with a station just 350 m from the building, and tram and bus stops nearby.