Relevant property and Asset Management initiatives
Takeover of management of a distressed asset and successful stabilization and repositioning of the retail scheme, Improving all fundamental performance indicators.
- Compromised image of the shopping center for both tenants and customers
- Expiring leases
- Strong competition
- Significant amount of non-collected receivables
- Almost negative NOI
- Reframed retail proposition of the project as a retail park – family oriented, value for money offerings, synergy with neighbor big box retailers
- Target different tenant mix and retailers’ formats compared to the direct competitor
- Altered leasing approach, introducing more flexible terms and incentives to attract and retain interest from the retailers
- Focused on collection, negotiation of debt payment plans and ultimately removing non-performing tenants
- Increased marketing – set up events calendar, maintained active digital marketing and social media presence
- Prepared a plan for development of additional big-box project in the parking lot
- Successfully retained important anchor tenants, i.e. Jumbo, Sport Depot, McDonalds, MatStar and others
- Singed new leases and decreased vacancy
- Increased footfall and turnovers with two-digit numbers for two consecutive years
- Increased collection rate and decreased the balance of non-collected receivables
- Increased NOI with 30%
- Signed up tenants for the prospective big-box retail scheme
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