DWF advised on the full legal scope of the project. Advisory on the transaction covered due diligence of the real property, legal structuring of the project, negotiations of transaction documents (including set of security instruments) as well as signing of the deal. The transaction covered acquisition of shares in the SPV and was structured as a forward purchase with forward funding.
The transaction was led by Weronika Roesler (Counsel in the Real Estate Department) while Joanna Wojnarowska (Partner and Head of the Real Estate Department) provided strategic advice on the project.
Zeitgeist Asset Management, in cooperation Activ Investment, acting as a developer, plans to develop a complex of buildings comprised of a residential building with 182 serviced apartments and student housing building with 248 rooms. Upon completion of the investment, the project will be handed over to and operated by the investor's subsidiary – Zeitraum. For Zeitraum, this will be the second property – next to the student house at Koszykarska 33 in Cracow – in its portfolio of Polish projects for rent. The new project in the Krowodrza district is planned to be completed in the third quarter of 2024.
This is another transaction of Zeitgeist Asset Management in Cracow, next to three other projects, including revitalization of the Main Post Office building on Wielopole Street.
Zeitgeist Asset Management, founded in 2014, is a real estate developer and asset manager for private and institutional investors and acquires, develops, finances and manages properties for investors in Germany and Central Eastern Europe. The company has operations in the Czech Republic, Poland, Hungary, Germany and Italy. Zeitgeist is currently managing assets of approximately €800 million.