Zeitgeist Asset Management has secured €113m to ensure the financial stability of its current portfolio for the next 10 years. The funds were provided by Ceska sporitelna, the Czech subsidiary of ERSTE Bank, advised by Dentos.The portfolio includes 23 buildings in Prague – consisting primarily of residential apartment buildings and student accommodation – with a total value of €220m.
Daniel Hurych, co-head of the Banking and Finance at Dentos, commented: “We are proud to support our clients’ strategies and solutions to overcome the current housing crisis in the Czech Republic. The proportion of household budgets dedicated to housing has risen dramatically over the last decade, and many families lack the necessary access to financing to purchase their own homes. We were grateful for the opportunity to join Ceska spoeitelna in this project, which will boost the availability of long-term rental and student housing in Prague.”