Present on the Hungarian market for the last four years, real estate asset manager and advisor Lodge & Partners (L&P) announced expanding its activities through the establishment of a property management division, according to a press release sent to the Budapest Business Journal.
The company made the decision to provide such an activity under the conviction that it can further optimize asset operations for building owners and occupiers.
The 28,000 sqm Népliget Center is the first office building within the company’s portfolio to be operated by L&P property management division. According to the Budapest-based company, which also manages commercial real estate assets on behalf of institutional investors, it has become a priority for L&P to carry out this new activity as a logical next step in its growth plan.
"The performance of our client’s investments is strongly impacted by the professional and practical execution of property management, which for our tenants results in the full enjoyment of their premises and surrounding amenities," says co-founder and managing partner Jake Lodge. "The creation of our Property Management division is an outcome of the high expectations we have placed upon ourselves and is key to our business success.
"The ongoing COVID-19 epidemic has illustrated that property management needs to be highly adaptive to occupiers needs and bringing this service line in-house with a talented team is instrumental to meet both tenant and investor expectations," he adds.
The property management team will be led by Norbert Kovács who, along with his specialist colleague Andrea Fekete, is joining L&P from BNP Paribas Real Estate, where both worked and gained experience in the property and project management fields.
L&P intends to extend its set of services to select third parties and the launch of property management is a cornerstone to this expansion.
"Our goal is not to offer generic property management services but to provide tailored solutions to clients that value the bespoke effective and dynamic service lines that L&P can deliver," highlights co-founder Célestin Huot-Marchand.
In Hungary, L&P oversees a portfolio comprised of approximately 68,000 sqm spread across four commercial properties: Dorottya Udvar, Népliget Center, Krausz Palace, and Ullmann Palace, all of which are classified as “Category A” commercial properties.