Amsterdam, 30 September 2022
Multi Corporation has completed the refurbishment of Allee Center in Budapest, enhancing the interior and exterior design, leading to an improved customer experience. The entire renovation cost amounted to almost €18 million, including a significant investment in sustainability to pave the way to carbon neutrality.
Allee Center is owned by Allianz, represented by Allianz Real Estate, and an investor represented by CBRE Investment Management. The shopping centre is managed by Multi Corporation. The refurbishment works started in 2020 and continued during the pandemic. As a result of the refurbishment, Allee secured its leading position in Budapest.
As part of the renovation, Allee’s food court has been extended and transformed. More space was created for additional restaurants and cafés to widen the food offering, and the seating capacity was doubled. Three distinct seating areas with different atmospheres were created.
Artwork was added to the shopping centre, inspired by the traditional Hungarian food and fashion culture. The centre’s cinema façade has been renewed and its restroom area has been enlarged and modernised, enhancing the shopping experience. The entire project was designed, coordinated and implemented by Multi’s in-house architectural design team.
Various sustainability measures have been implemented, including the installation of energy-efficient LED lights throughout the communal areas, thermal insulation foil on the glass roof, a 710 sqm solar installation, and energy-saving upgrades to the entire air conditioning system significantly reducing energy consumption.
As a result of the renovation, the asset is estimated to reduce its energy consumption by 1.8 million kilowatts of electricity per year, thereby lowering the building’s carbon dioxide emissions by an estimated 660 tonnes. Since 2019, Allee has exclusively been using electricity coming from renewable sources. Allee proactively encourages its tenants to implement sustainability initiatives in their stores.
Following the refurbishment, Multi Corporation received an ‘outstanding’ rating from BREEAM-In-Use for its building management of Allee Center, up from ‘very good’. It is the first shopping mall in Hungary to ever receive an ‘outstanding’ rating from BREEAM. The shopping centre overall obtained an ‘excellent’ rating in terms of asset performance.
The mall is located in the historical district of Buda and comprises of more than 140 shops, a 13-screen multiplex cinema, restaurants, offices, a fitness club and parking for 1,200 cars. The centre attracts over 13 million visitors each year and is one of the top shopping destinations in the Hungarian capital.
Luca Maganuco, Senior Managing Director of Multi in Italy, Hungary and Slovakia, explains: “Allee is the first shopping centre in Hungary and the Central Eastern European region to have undergone such a significant transformation to both increase the visitor experience and enhance sustainability. We are thrilled with the result and the ‘outstanding’ rating from BREEAM-In-Use.”
Lars Fröhling, Head of Asset Management North & Central Europe at Allianz Real Estate, said: “A positive user experience is fundamental within retail as the sector continues its recovery post pandemic. That we have been able to achieve this while simultaneously hugely increasing the asset’s sustainability, thereby contributing to our decarbonization goals, is very exciting.”
Philippe Brand, Senior Portfolio Manager at CBRE Investment Management, said: “The renovation has been transformational and Multi Corporation did a great job creating an enjoyable and engaging experience for customers, while at the same time improving energy efficiency and reducing carbon emissions in the shopping centre. We are incredibly proud that Allee Center provides the local community with an exceptional and highly sustainable shopping centre.”