Zeitgeist Asset Management obtained a loan from Česká spořitelna for the largest ever refinancing of its portfolio in the amount of EUR 113 million (i.e. CZK 2.7 billion). Altogether, it concerns 23 buildings with a total value of 220 million euros, which are located in various locations in Prague. These are mainly residential properties with apartments for rent and private campuses for student accommodation. Of course, there is also the Dunaj Palace on Národní třída or the Táborská 31 office building in Prague 4.
“I congratulate the entire team on signing the loan agreement and the excellent cooperation with Česká spořitelna. At the same time, I also thank the representatives of the law firm bnt attorneys in CEE for their expert advice during the process,” says Peter Noack, co-founder and CEO of Zeitgeist Asset Management.
“For us, the contract means ensuring the stability of the portfolio for the next ten years. Thanks to the trust of Česká spořitelna, we can continue to increase the profitability of our properties and prepare for further expansion. We plan to more than double the current value of the portfolio in the Czech Republic to almost EUR 500 million in the next three years,” comments Michal Nečas, Managing Director at Zeitgeist Asset Management.
In addition to the domestic market, the company operates in four European countries: Poland, Hungary, Germany and Italy. It deals with development activities and real estate management for private and institutional investors, while currently managing assets with a total value of EUR 800 million. It rents more than 500 apartments in the center of Prague under its own brand ‘Home by Zeitgeist’, and its subsidiary Zeitraum operates private campuses for students and serviced apartments near Wenceslas Square.
“Strengthening the availability of housing in the Czech Republic is one of the key priorities of Česká spořitelna. We are therefore happy that, thanks to the deepening of our cooperation with Zeitgeist Asset Management, we can participate in the development of long-term rental housing and student housing. This further expands quality alternatives to own housing, and also strengthens flexibility on the labor market,” emphasized Martina Jůzová, manager of Česká spořitelna’s real estate stores. At the same time, she expressed her gratitude to the Dentons law firm, which represented Česká spořitelna in this transaction.
“Our company’s portfolio is really broad and, in accordance with the chosen rental strategy, it achieves returns in both crowns and euros. We therefore very much welcome the fact that we and Česká spořitelna managed to agree on the possibility of refinancing in euros. Thanks to this, we were able to take advantage of a lower interest rate and, from the point of view of the current market situation, achieve very good conditions,” concludes Emil Schuber, CFO of Zeitgeist Asset Management.
