ARTICLES LABELLED WITH TAG refurbishment

REM Group has acted as property advisors, project managers and now as property manager of the Korean Cultural Center (KCC) located at 30-34 Frankel Leo Street, in District II of Budapest. The building of more than 5,000 sqm was extensively refurbished to house the Korean Cultural Center as part of a relocation from their previous premises in the MOMentum Office building in District XII of Budapest.

Multi Hungary announced its extensive refurbishment plans for Allee shopping centre in Buda, in the most densely populated district of Budapest. Multi will upgrade and renovate the 46,700 sqm shopping centre, while enhancing the tenant mix, interior and exterior design and customer services. Multi will start the execution phase in the second quarter of 2020 and expects to complete most of the work still in 2020.

Immofinanz has successfully completed the repositioning and modernisation of its VIVO! Bratislava shopping centre. After a renovation period of nearly 12 months during full operations, the opening of the new shops was celebrated today. VIVO! Bratislava now has 170 speciality shops on 36,000 sqm of rentable space, with many new tenants. The food retailer Lidl and the fashion retailer LPP Group have joined as anchor tenants, and the overall offering has been increased by 20 new brands including, for example, Reserved, Mohito, House, Cropp and Sinsay. Immofinanz has invested roughly €25 million in the modernisation and renovation of the facility, which previously operated as the Polus City Center in Bratislava.

Siemens CR and CPI PG announced that they signed an agreement to extend the lease and complete a total renovation of City West office buildings in Prague - Stodůlky, where Siemens CR headquarters have been located since 2010. The contract has been extended until 2027 and will undergo extensive modernisation of offices, common areas, parking spaces and specific outdoor areas. The common goal is to improve and beautify the employee work environment, reflecting Siemens' development needs within its headquarters in the Czech Republic.

NEPI Rockcastle is investing €3.5 million in refurbishing the food court and entertainment area in Bucharest's Mega Mall shopping centre. The project, designed by Corvin Cristian Studio, targets an area of 10,000 square meters.

S Immo has completed the upgrade of the Sun Plaza shopping centre in Bucharest and reopened all reconfigured areas to the public. The €30 million remodelling has added 11,000 sqm of new retail space to the shopping centre.

First Property Group unveiled its development plans at the Krakow Business Park (KBP) in Zabierzow, Krakow, which are focused on improving and repositioning the park to drive visitors and investment to it and the local area. This follows First Property Group’s acquisition of the park’s principal operating companies and the agreement of heads of terms for their refinancing with Pekao Bank SA.

Apleona GVA coordinated the refurbishment works at Radisson Blu Wroclaw on behalf of owener Union Investment. The refurbishment works lasted two months. The 12,000 sqm hotel offers accommodation in 162 rooms.

One of the most important local players on the Hungarian market has closed two transactions at the end of 2017 and there are more in the pipeline for 2018. Balázs Czifra, Property Investment Director at Diófa Asset Management talked to Property Forum about his plans and expectations.

Last year, in a landmark deal, CPI Property Group has acquired 11 CEE retail assets from funds managed by CBRE Global Investors. Country Manager Mátyás Gereben talked to us about the company’s future plans for Hungary and revealed what’s in store for the five assets – shopping centres Pólus and Campona, the Andrássy Complex and two Interpsar stores – that were added to CPI’s Hungarian portfolio as a result of the €650 million deal.