Zeitgeist Asset Management to revitalize historical building in Kraków
Zeitgeist Asset Management, a company specializing in development services and asset management for private and institutional investors, purchased two properties in Kraków from Orange. One of them is a historic building at ul. Wielopole 2, where the seat of the Main Post Office is located, the second one is a partially built-up plot at ul. Cystersów 21.
These are the next transactions of Zeitgeist in Poland, which since 2016 has come into possession of fifth properties, three of which are in Warsaw. The company manages a niche, often undertaking the revitalisation of older buildings. Completed projects are not intended for sale, but for rent in the form of apartments or adapted for hotel or commercial purposes. Zeitgeist Asset Management developed a similar business model in the Czech Republic, where it currently manages several dozen properties in Prague alone.
Transactions in Kraków are interesting for the market because the building at ul. Wielopole 2 is well recognizable among the residents. For 120 years it has been the seat of the Main Post Office. The investor assures and this is guaranteed in concluded contracts, that the post office will operate without any changes, regardless of renovation works. “In all our projects it is very important to respect the needs of the local community and to preserve the historical fabric of the buildings. Future renovation works will be carried out in a manner that ensures the smooth operation of the post office,” said Peter Noack, co-founder and managing director of Zeitgeist Asset Management.
Operations for the renovation of the building at Wielopole Street will begin at the earliest in 2022. The remaining time will be used to modernize the technological infrastructure of the second important tenant of this building – the Orange Company. Currently, talks have begun on the future development of the building's interiors, most of which are vacant and in need of complete renovation. The Cracow subsidiary of the architectural studio Baumschlager Eberle Architekten, headed by Marek Dunikowski, was invited to cooperate on the concept. It is known and awarded for its projects of many historical revitalizations.
Zeitgeist Asset Management, with its registered office in Prague, specializes in development services and asset management for private and institutional investors, mainly in the Czech Republic, Poland, Hungary and Germany. The company operates in various segments of the real estate market, with particular emphasis on projects that increase the value of investments resulting from renovations. Since its establishment in 2014, the company has been growing rapidly, managing assets worth €424 million, 452,000 sqm of land and 290,200 sqm of space for rent.
The most interesting examples of the company's implementation can be found in Prague, where Zeitgeist Asset Management has already invested in 25 projects. Revitalizations worth noting are: Křižíkova and Na Struze, which are examples of the restoration of splendour and the highest quality of historical interiors known to all Prague residents.