Zeitgeist Asset Management, a company specializing in property development and asset management services for private and institutional investors, has expanded its portfolio by the acquisition of a new property for a German pension fund, administered by Institutional Investment Partners. The residential project is located on Lonyay Street in Budapest. The company will transform the property into a residential building with a leasable area of 10,782 sqm. The conversion includes the renovation of an existing building along with the construction of new sections, while preserving the building’s historical value. “By entering the 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. Further acquisitions will follow in the near future,“ Noack adds.
