Zeitgeist Asset Management has acquired 70 apartments in the Prague district of Barrandov from the developer Finep. The daily E15 covered the story, which is significant because the biggest Czech residential developers have been saying for some time now that large investors are interested in buying rental apartment buildings. Finep’s general director Tomas Pardubicky confirmed that “Around 20 funds were interested in our product. We negotiated further with six of them. We chose Zeitgeist for several reasons. The main reason was price.” Pardubicky said the investor’s willingness to take part in the creation of new standards for affordable residential was another reason. The price of the transaction was not revealed but is believed to have been in the hundreds of millions of crowns. “We believe in rental residential as a product and signing a contract with the biggest residential developer in the Czech Republic is an important step towards fulfilling this strategy,” said Zeitgeist’s director Peter Noack.
