CBRE Hungary helps transforming the South-Pest mall
CBRE Group Inc., the world’s largest commercial real estate service provider, represented Adventum International, buyer of KöKi. The South-Pest shopping mall and office complex has an exceptional location and size attributes. Its 66 000 sq m GLA attracts about 19 million people annually. CBRE Hungary above that provides Property Management and exclusive Retail leasing and advisory services for the 6 billion HUF renewal project.
As KöKi Terminal has more than hundred tenants, this was one of the biggest non-portfolio commercial real estate transaction of 2019 by value in Hungary. During the process, CBRE supported Adventum International on the buy-side. The new owners have a clear vision to re-vitalize the asset: South-Pest’s leading shopping mall and office complex needs a total transformation to reach its full potential as a popular experience centre, and CBRE’s novel commercial and leasing concept gives solid ground to this purpose.
Dávid Szabó, CBRE Hungary’s senior real estate adviser laid out a unique commercial concept for a truly new KöKi Terminal. It aims for creating a tenant mix that provides high-quality offers for all kinds of customer needs. “We envision a place that is enjoyed by the ones who just pass by for a quick shopping, as well as by people who are willing to spend more time and money. Recreation and leisure services also play an important part in the new concept.”
Stores will be renewed and expanded due to the latest industry trends, and some will move to new locations within the mall. “Tenant mix will be stronger as multiple new well-known domestic and international brands will open stores. One of the important changes is that processes will be implemented to reduce the ecological footprint of the shopping centre” - added Szabó, who also mentioned key services of the new complex such as joint-parking capacity, multiplex cinema, restaurants, coffee shops, fitness & wellness clubs among others.
Optimizing the tenant mix is important, but sustainable property management is just as crucial. Therefore, KöKi Terminal will be significantly greener than it is now with a long-term perspective, just as Adventum International and CBRE are both committed to repositioning as an environment-friendly and energy-efficient asset in line with market needs.
”I would mention that with KöKi we have even further enhanced our market leader position both in retail and overall – demonstrating that retail is a key area at CBRE and we are able to provide full service throughout Investment Properties, Project Management, Leasing, Research, Valuation, Marketing and Property Management. I would also add that it was a significant factor in the decision of Adventum that CBRE could utilize all the experience we have not just internationally, but locally in the management of Campona Shopping Center, Pólus Shopping Center, Arena Mall and the Stop.Shop portfolio.” - added Zsolt Kákosy, MBA MRICS, Director, Head of Property Management at CBRE Hungary.
FOLLOW us on LinkedIn for more news, insights and reports!
The domestic travel needs of Hungarians can be a lifeline for domestic tourism