Hungarian property investor Indotek Group is extending its facelift program to its international retail portfolio, with the renewal of the nearly 50,000 sqm Promenada Mall in Romania. The company is carrying out the modernization of the shopping centre in Târgu Mureș in two phases.
The group will upgrade the interior and façade of the shopping center, as well as extend the current floor area. Furthermore, an important element of the modernization is the increase of the property’s energy efficiency, with the installation of around 5,000 sqm of solar panel, as part of an investment of nearly €1 million.
The overall investment budget for the upgrade of the shopping centre amounts to €15 million.
”Since the acquisition of the property in 2019, we wanted Promenada Mall to become an accessible and attractive destination for city residents and visitors in transit, both in terms of everyday shopping and going out opportunities. The experience of the last couple of years has proven that – despite the changing shopping habits, the rise of digitalization and of e-commerce – shopping malls still have an important role since the customers also see them as a community and meeting point," said Dániel Jellinek, founder and CEO of Indotek Group.
Indotek's portfolio in Romania also includes the Bucharest Business Center office buildings, located in the centre of Bucharest, and the Băneasa Business Center, located in the northern area. In addition, the company is planning further expansion in the region and is currently negotiating several potential acquisitions.
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