Indotek Group - Corporate Newsletter #4
In Indotek Group's latest newsletter:
Renovation of Focus Point and Mosaic Office
Demolition or renovation? Which is the more cost-effective, forward-looking, sustainable solution? Complete demolition of the old building and replacement with a new, modern one that provides the required functions at a high level, or renovation of the old building, which is an integral part of its environment, in line with the functional, technical, and comfort requirements of our time?
Indotek Group, as one of the leading companies in the Hungarian real estate market, has opted for the latter solution. In our view, the pursuit of sustainability must also play a key role in the world of our built environment, and the most effective means for this is the renovation of existing buildings and their re-use. In line with this idea, Indotek Group has extended its facelift program to office buildings, in addition to the shopping centers in its real estate portfolio. In 2022, we renovated Focus Point and Mosaic Office Building in Budapest.
Our aim was to renovate our office buildings to create a warm, welcoming, human-scale environment where our tenants feel at home and the impressive surroundings could also increase the demand for our buildings.
In the case of the Focus Point Office Building, we modernized the interior of the property: the entire reception area was renewed, a unique reception desk was created, quality Italian wallpapers were applied to the lobby walls. Additionally, the lobby ceiling was renovated, the elevator lobby was refurbished and the lighting system was also upgraded with unique lamps. To create a more open and friendly space, one of the largest wall paintings of Budapest downtown was placed on the inner firewalls, which made the building truly unique. The building formerly housed the Tolna Printing House, later the University Printing House, so as an industrial monument the exterior fa?ade of the office building was left unchanged.
Our company also modernized the Mosaic Office Building in collaboration with Stay In Hungary Kft 's team of interior designers. Thus, the interior of the building has been completely redesigned, with a new lobby and exterior fa?ade, which has been given a new look to symbolize the building's name (mosaic) and the diversity of its tenants. During the renovation works, which lasted for about a year, with Stay In Hungary’s team we successfully solved the various technical and organizational challenges that arose, so our tenants did not abandon us during the modernization works and the interior and exterior renovation, and thanks to the renewal, partner satisfaction also increased.
During the refurbishment of the office buildings, we also focused on energy and cost efficiency, installing state-of-the-art condensing boilers, and temperature control in common areas and corridors, supporting our tenants' energy cost-saving expectations.
Renovation of Pécs and Gy?r Plaza
In 2022, we finished the complete renovation of two shopping centers in our real estate portfolio, Gy?r and Pécs Plaza. In the framework of the renovation program launched in the spring of last year, our company modernized the exterior surfaces and the interior public spaces of the shopping centers in Pécs and Gy?r. As a result, the renewed shopping centers are able to continue operating with higher occupancy rates and to serve higher levels of customer demand.
As part of the overall upgrade, the interior and exterior of the shopping centers have been given a more modern look and new colours, thermal insulation, and a total of 6,573 square meters of new flooring.
In addition to the exterior renewal, the interior of Gy?r Plaza has also been refreshed: the walls and ceilings of the shopping center have been repainted and nearly 900 square meters of printed wallpaper have been applied to the walls. We have installed 3D wave lights and LED round lights in the atrium of the mall, and we have also renewed the toilets in the shopping center. The plaza's food court awaits visitors with a renewed false ceiling, new furniture, and atmospheric LED lighting.
During the reconstruction of Pécs Plaza, we renovated and repainted the fa?ade of the Pécs shopping center, dismantled the old advertising elements, and installed new illuminated LED signs. As a result, the facade of the shopping center in Pécs has been given a modern and renewed look.
As for the interior communal spaces, we also repainted the wall and ceiling surfaces and installed LED lighting as part of the lighting modernization. The toilets in the shopping center have also been completely renovated. The food court area has a completely new, modernized design with new furniture, seating, and LED mood lighting.
A total of 1,221 LED lamps, 120 LED tubular lamps, 108m of 3D LED corrugated lamps, and 1,094m of LED concealed lighting were used to create the new energy-efficient lighting system in the two malls.
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Get to know Indotek Group’s Country Heads in Spain and Poland!
As a result of an intensive and conscious international expansion in recent years, our company is now active in the real estate markets of 13 European countries outside Hungary. To strengthen our market position and target different investment and development opportunities, at the end of last year we appointed Federico Hens Nú?ez as Country Head in Spain and Mateusz Siejka as Country Head in Poland.
Federico Nunez has gained valuable knowledge and experience in his career as Expansion and Real Estate Director and has successfully managed hundreds of real estate transactions. As Country Head of Indotek Group in Spain, Federico will be responsible for monitoring the Iberian market – Spain and Portugal – and for the management of various projects.
Mateusz Siejka joined us in early 2022 as Expansion Manager to support the successful completion of acquisitions in the Polish real estate market. During his first year at Indotek Group, Mateusz's responsibilities included identifying local acquisition opportunities and managing the associated tasks such as risk-taking, financing, and tendering. As Country Head, he is responsible for all Indotek Group activities in Poland.
Uncompromising energy efficiency in Indotek’s shopping malls
As the company with the largest real estate portfolio in Hungary, Indotek Group has been continuously carrying out renovations in the commercial properties in our portfolio for years, with the aim to increase the energy efficiency of the buildings in the long term, including improving air quality.
In 2022, our company used the air quality control system connected to the air handlers for the first time in the Nyír Plaza, which can reduce the electricity consumption of the air handlers by up to 20-40 percent, if necessary, with the help of built-in CO2 sensors and frequency converters. The use of the system will also reduce the energy consumption of the building, allowing significant savings for the operator and therefore the tenants. All this without affecting the comfort of our visitors and customers by operating the system at a lower frequency. The use of the frequency inverter system also has sustainability aspects, which are of great importance for the Indotek Group, as the lower energy consumption also reduces the ecological footprint of our company.
The pilot project in Nyíregyháza has proved to be so successful that we are planning to install the frequency inverter system in 21 shopping centers in our portfolio in the coming period.
Read more about the Indotek Group energy efficiency investment and the operation of the air conditioning system in the article of Magyar épít?k!
Handing over of the Dr Ferenc Hepp Rehabilitation and Regeneration Center
A key element of our company's business policy and corporate social responsibility activities is to create added value for society together with our partners, especially by supporting the well-being of the population. As part of the CSR-activities, our company also contributed to the modernization of the Dr Ferenc Hepp Rehabilitation and Regeneration Center of the National Basketball Academy in Pécs, which was inaugurated on February 17.
Named after the former team doctor of the Hungarian women's national basketball team, Dr Ferenc Hepp, the complex's modern diagnostic and therapeutic equipment is dedicated to the complete rehabilitation of sports injuries and the regeneration of athletes. In addition to the students of the National Basketball Academy, the facilities can be used by the entire Hungarian sporting community, as well as members of the Hungarian Defence Forces, can also use the facilities.
Our company contributed to the project worth more than HUF 1.2 billion, by donating a total of HUF 700 million in corporate tax, together with the other supporting companies.
The University of Pécs also reported on the inauguration ceremony of the renovated rehabilitation center in the following video:
Support for disadvantaged pupils
Our company is constantly striving to create quality properties from facilities with significant development potential, with a focus on sustainability and value creation. This approach also applies to social projects: we want to serve the well-being of society and helping mentor more students in the long term. Therefore, between February 1, 2022, and January 31, 2023, Indotek Group supported the progress of a total of 25 students as a contributor to the "Support for students in crisis" program of?St. Stephen High School Foundation.
The program was launched by the Foundation of St. Stephen's High School to help students in difficult financial circumstances who are doing well academically and have an average above 4,0. Students supported under the program received a total of HUF 40,000 in 2022.
In addition to the project, we are funding some programs to support the next generation of young people. For example, through the Bridge Programme and the Szabó Kálmán Talent Programme, we help disadvantaged young people studying in secondary school or university to develop, mentor, and nurture their talents.?