Zeitgeist Asset Management is expanding its portfolio of flats for rent in Poland. JLL advised the investor on the purchase of the property located at 34 Czyżewskiego Street in Gdańsk-Oliwa.
Zeitgeist likes historic buildings. These projects usually take 2-3 years longer to complete, but the additional time and efforts pay off. These are properties in very good locations, and their unique nature attracts tenants who want to live in buildings with a soul. In turn, a greenfield project allows us to have a say in the planning of the distribution of various functions, such as bathrooms, toilets, or the size of rooms in buildings, which is essential from the point of view of our business. Thanks to this, we can plan our properties for various types of clients",
says Peter Noack, Co-Founder and Managing Director at Zeitgeist Asset Management
Investors – both those who already operate in Poland and those who want to enter our market – are forced to deal with the build-to-rent model, because there are no portfolios of standing assets of appropriate scale that could be purchased. So far, this has caused significant limitations in rapid portfolio expansions, as only a few developers have decided to partner up with funds. In a situation where the pandemic may affect the dynamics of retail sales and significantly extend the commercialization process, partnering with investors using forward funding deal structures may become significant in protecting the financial liquidity of a development company.
comments Maximilian Mendel, Head of the JLL Residential Investments team
Residential Marketing & Communications Manager JLL