We Have Revitalized One Hundred Thousand Square Meters of Historic Buildings in the City Center – Sustainability That Increases Value

Belgrade, December 31, 2024. While business space construction in Belgrade is primarily reserved for New Belgrade, Marera Properties, part of Marera Investment Group, stands out with its pioneering approach to the revitalization of buildings in the city center. In a conversation with Bojan Ljubičić, Portfolio Director at Marera Properties, we uncover how they began their business journey, why they believe in the power of brownfield investments, and how they successfully merge contemporary needs with the preservation of cultural and historical heritage.

• How did you start with brownfield projects?

Recognizing the imbalance between the concentration of business spaces in New Belgrade and the need for modern facilities in the city’s historic core, we developed a strategy focused on brownfield investments. Our vision from the outset was to identify and leverage the potential of the city center, where two-thirds of the population lives, through a unique business model that combines the revitalization of unused spaces, primarily B and C class, and their transformation into modern A-class buildings. This model not only allows us to meet market demands but also creates sustainable development by revitalizing neglected locations. Our goal is not just to restore spaces but to create new value for the community and users, helping urban development while preserving the city’s identity.

• What are the advantages and challenges of revitalizing old buildings compared to new construction?

Restoring old and abandoned buildings is an ambitious undertaking fraught with numerous challenges: preserving the architectural value of the structure, reducing urban planning pressure, applying the latest technologies in buildings that are nearly 100 years old, fighting for new green spaces, and many others. However, the end result is well worth the effort and investment – revitalized buildings once again become vibrant parts of the city’s social and business life. Additionally, we have followed the global trend of the “15-minute city,” which emphasizes proximity and easy access to restaurants, shops, cultural, sports, and other urban amenities that are part of city life and represent a huge advantage for all our tenants. One of the greatest challenges of this process, however, is the limited freedom in shaping the space. Restoration requires adapting existing buildings to modern standards while maintaining their original dimensions and characteristics, which requires careful planning, adherence to legal norms, and innovative solutions.

• Marera Properties’ portfolio is very unique, thanks to the buildings it consists of. What does a successful renovation mean to you?

Since 2017, we have revitalized 100,000 m² of business space in the heart of Belgrade, transforming it into modern A-class buildings. We are proud of projects such as Bulevar 28, Bulevar 79, and M44, which have improved their surroundings and won prestigious awards from the city of Belgrade and architectural associations. Kalemegdan Business Center, with its stunning neoclassical architecture, has become the cornerstone of the business life in Lower Kalemegdan. The redesigned facades of these buildings preserve the spirit of past times, while the interiors are fully aligned with modern technical and technological standards, with a design approach that emphasizes their cultural and historical significance. These redefined spaces attract many companies that see them as the ideal environment for business success.

• What does it mean for your company to own one of the most recognizable symbols of the capital, the Belgrade Palace, which this year marks its 50th anniversary? How did you approach its renovation?

The Belgrade Palace is not just a business building; it is a symbol of cultural and historical heritage and an integral part of the urban identity of the capital. Over time, its shine began to fade, but for us, owning such a building is both an honor and a responsibility. We approached its renovation with exceptional care and dedication, aiming to transform it into a modern business space while preserving its authentic architectural value. This is also the largest investment in the Belgrade Palace since its construction. Today, it serves as a contemporary business center, the headquarters of domestic and international companies that recognize the value of operating in a space that successfully blends tradition with modern standards.