Asset and property management company Multi Hungary announced extensive refurbishment plans of Budaʼs Allee shopping center, with most of the work expected to be completed in 2020.
Multi says that it will upgrade and renovate the 46,700 sqm shopping mall while enhancing the tenant mix, interior and exterior design and customer services. The execution phase will commence in Q2 2020.
Allee offers more than 140 shops, a 13-screen multiplex cinema, restaurants, offices, a fitness club and parking for 1,200 cars. The complex attracts more than 18 million visitors each year. Multi says that the goal of the refurbishment is to secure Allee’s leading position in the increasingly competitive Budapest market.
The refurbishment plan is part of Multiʼs business strategy of repositioning the center. Over the course of last year, the company brought a variety of new brands to Allee, such as Reserved, Lindt, CK Jeans, Sloggi, Inglot, and Tissot.
The refurbishment concept was designed by Multi’s in-house architect group TT Design, while the construction plans will be prepared by local designer company Finta Studio. The new design will aim at modernizing Allee, as well as create a relaxing, feel-good space for its visitors. The project will cost approximately EUR 17 million, the press release says.
One of the key elements of the project is the renovation of the food court, bringing about a new look and offering a modern environment for its customers, Multi says. High-quality seating areas and additional services are also planned to support activities at the center, according to the plans.
The exterior of Allee, which opened approximately 10 years ago, will also be upgraded. Other parts of the project include the creation of space for cafés, restaurants, terraces, and kiosks. The playground, which serves as a community resource, will also be renewed.
Multi took over the asset and property management of Allee in January 2018 after winning an international tender.
"The renovation plans reflect Multiʼs multidisciplinary project approach," Rüdiger Dany, chief operations officer of Multi Corporation, says. "By offering a complete package of services, including architectural design, redevelopment, leasing and center management, Multi demonstrates that it is one of the most complete full-service retail asset managers in Europe.
"Continued critical analysis, reinterpretation and renewal of the retail assets guarantee value creation for the future. This way, we ensure that Allee remains a shopping center where retailers can thrive and visitors want to come back to," he adds.