The building is located on a plot of 3,520 m2 on Lonyay Street. Conversion of the building is going to start soon, it will transform the property into a residential buidling with a leasable area of 10,782 m2. The conversion includes sensitive renovation of the original building together with construction of new sections, while preserving the building's historical value.

"Entering 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. And further acquisitions will follow in the near future," Noack adds.

The building is located in the centre of the 9th district called Ferencváros. This district, on the Pest side of the Danube River, is considered an educational and cultural centre of the city and it is also very popular among tourists. The biggest university in Budapest, the Great Market as well as entertainment facilities are all within a walking distance. Attractions like the Palace of Art, Museum of Fine Arts or the newly built National Theatre are the surrounding area. City transport is provided by metro lines, with a station just 350 m from the building, and tram and bus stops nearby.

About Zeitgeist Asset Management
Zeitgeist Asset Management, with offices in Prague, Warsaw and Berlin, is a real estate developer and asset manager for private and institutional investors in Czech Republic, Poland, Hungary and Germany. Zeitgeist manages assets in value of 262 million EUR.

For more information please contact:
Daniel Sommer
Crest Communications
Tel.: +420 778 543 041
E-Mail: daniel.sommer@crestcom.cz
Website: http://www.crestcom.cz

Ivona Kapinusová
ZEITGEIST Asset Management, s.r.o.
Tel.: +420 221 864 140
E-Mail: ivona.kapinusova@zeitgeist.re
Website: www.zeitgeist.re