CPI Hungary integrates property management services
CPI Hungary has brought all the property management activities of its domestic retail portfolio in-house, since besides property management and renting, the legal services are performed by the employees of the company, according to a press release sent to the Budapest Business Journal.
As a result, the company's workforce has grown by 40%, and there are no outsourcing services for any activity.
CPI says that it has high expectations for the full integration of retail management, as more efficient property management can contribute to increased tenant satisfaction, adding that the company's integrated, in-house portfolio management model has already delivered on expectations in the office market
The move will allow the company to respond more directly and quickly to tenant needs. The concentration of full-service management in one hand will also enable the company to manage market changes more effectively, which will in turn help to ensure that the interests of shops are served and their competitiveness maintained, the company adds
In 2017, CPI acquired a significant amount of retail real estate in Hungary, followed by the repositioning of shopping centers and smaller retail properties and the professionalisation of management. The efforts have paid off, as regional shopping centers are increasingly popular with visitors.
In addition, shopping mall Campona, part of the company's portfolio, will be renovated this spring as a family experience center. The revitalization project aims to meet new shopping trends and needs, with a refined interior design and a focus on entertainment.
"We believe that the best service to our tenants can be provided by carrying out all property-related activities ourselves. The satisfaction and loyalty of our tenants have already proven this in the office segment, where the integrated ownership approach has been successful since CPI's home-grown success in 2014, and we expect similar efficiency and growing tenant satisfaction in the retail sector. In the future, our tenants will be able to contact us directly, which we hope will increase the competitiveness of our stores," said Attila Madler, director of CPI Hungary Asset Management.
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