Last year, INVESCO Real Estate decided to leverage its experience by purchasing one of the phases of its multifunctional Hagibor project on the border of Vinohrady, Stranice, and ikov from developer Crestyl – the Delta building, which aspires to BREEAM Very Good green certification. It includes 165 flats with layouts ranging from 1+kk to 4+kk that are intended solely for rental housing. Construction began in the fourth quarter of last year and is scheduled to be completed in the third quarter of 2024. Zeitgeist Asset Management will handle the entire project’s management during construction, as well as the subsequent leasing and management of the apartments.
“I am delighted that we have been able to convince such a renowned investor of our capabilities and know-how in the provision of institutional rental housing. We will now translate our almost ten years of experience in the market into mutual cooperation,” comments Peter Noack, co-founder and CEO of Zeitgeist Asset Management.
Michal Nečas, Managing Director of Zeitgeist Asset Management, adds. It shows that in addition to our development and property management activities for ‘captive’ private and institutional investors, we are able to offer the same quality of service to other investment funds.”
Tomáš Pícha, Director of INVESCO Real Estate, says: “I am very pleased that we have been able to expand our investment portfolio with this residential project. Already in the preparatory phase we approached Zeitgeist with the possibility of cooperation on mutual development of the product to best meet the local requirements of future tenants. Our residential strategy is long-term. We believe this sector offers great opportunity and has shown rapid rental growth over the last few quarters. Housing unaffordability and the current policy of high mortgage rates will lead to structural changes, so the rental housing sector will clearly be used much more than it has been. And since we want to develop our activities in this area, it was quite logical to approach one of the major players in this field.”
People can look forward to a wide mix of high standard rental housing in the near future. They will be set in the Hagibor district, which is being built by developer Crestyl near Želivského metro station. Two international architectural studios, Bogle Architects and Ian Bryan Architects, have collaborated on the project. In addition to the rental phase, it also includes freehold and office apartments, but there is also a strong emphasis on public space. Its concept is led by Michel Desvigne, the most prominent landscape architect of our time. There will be a large park with 2,000 newly planted trees, a pedestrian boulevard with shops and restaurants, a playground and connections to the city’s cycle paths.
The Hagibor Delta rental building will branch out from the 3rd floor into three towers. The largest and most luxurious apartments will be located on the top floor of tower “A”, which reaches 11 storeys. However, there will be a great view of Prague from the other apartments as well – this is guaranteed by the elevated location of Vinohrady, with which Hagibor is literally adjacent. Zeitgeist Asset Management is collaborating with Arkhe architectural studio on the interior design of the building. In addition to the choice of floor or layout, tenants will have a choice of two interior design options – light and dark. Some apartments will be equipped with a bathtub, others with a shower. Most of the apartments with 1 + kk and 2 + kk layout will be fully furnished. The tenants of these flats will not have to worry about moving and will be able to start living in quality immediately.
“Of course, we are also thinking about the sustainability of the building and the low operating costs of the tenants themselves. That is why we are targeting green certification. Hagibor Delta, for example, will have an external shading system on all sides, which will significantly help to achieve thermal comfort in the middle of the summer months,” concludes Michal Nečas.
