The buyer of Köki Terminal shopping mall, Adventum International announced large-scale renovations for the South Pest shopping center. Real estate advisory company CBRE is set to assist the HUF 6 bln project via creating a new commercial and leasing concept.
According to a press release sent to the Budapest Business Journal, the 66,000 sqm GLA mall attracts some 19 million visitors annually. KöKi Terminal has more than 100 tenants, meaning that the recent purchase by Adventum was one of the biggest non-portfolio commercial real estate transactions of 2019 by value in Hungary. CBRE supported Adventum International during the acquisition process as well.
"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," said Dávid Szabó, CBRE Hungary’s senior real estate adviser. "Recreation and leisure services also play an important part in the new concept."
Stores will be renovated and expanded due to the latest industry trends, and some will move to new locations within the mall, the press release says.
"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 center," adds Szabó.
He also says that key services of the new complex will include joint-parking capacity, multiplex cinema, restaurants, coffee shops, and fitness & wellness clubs among others.
KöKi Terminal will also be significantly greener than it is now. Both Adventum International and CBRE say that they are committed to repositioning the mall as an environment-friendly and energy-efficient asset in line with market needs.
Zsolt Kákosy, director, head of property management at CBRE Hungary says, "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," he adds.