Romania extends mandatory use of RO e-Factura to individuals identified by CNP

New fiscal rules that entered into force in January 2026 require individuals who carry out ongoing economic activities and are identified for tax purposes by their personal identification number (CNP) to use Romania’s RO e-Factura electronic invoicing system.

Under the changes introduced by Government Emergency Ordinance No. 89/2025, such individuals must apply for registration in the mandatory RO e-Factura register before starting their economic activity. Although the obligation became effective on 15 January 2026, the procedural framework for registration was published a few days later, on 20 January 2026, through an order issued by the National Agency for Fiscal Administration.

As a result, individuals conducting continuous economic activities must submit Form 082 in order to be enrolled in the system. Once registered, they are required to issue and transmit invoices to their customers—whether taxable or non-taxable legal entities—exclusively through the RO e-Factura platform. The tax authorities are expected to complete the registration process within three days of receiving the application.

Failure to comply with the new requirements may trigger financial sanctions. If invoices are not issued through the electronic system, suppliers may face penalties amounting to 15% of the invoice value in business-to-business transactions, or fines ranging from RON 1,000 to RON 2,500 in business-to-consumer cases.

The changes also have implications for companies working with individual suppliers identified by CNP. Businesses are required to ensure that invoices received from such suppliers are transmitted via RO e-Factura. Recording expenses based on invoices issued outside the system, such as PDF documents, may expose companies to penalties equal to 15% of the value of the respective invoices.

Given the scope of the new rules, both individual suppliers and their corporate clients may need to review existing commercial relationships and update internal procedures. Companies are advised to check their supplier lists and, where necessary, inform partners about the obligation to use electronic invoicing.

For further clarification on the application of these rules, Deloitte Romania has indicated that its tax advisory team is available to provide guidance.

Source: Deloitte Romania

Deloitte România expands advisory support for environmental and social transformation

fletcher@cijeurope.com
22 January 2026
Energy, Environmental, Indicators, Market Report

Deloitte România has outlined a broad range of advisory activities designed to help companies and public institutions adapt to growing expectations around environmental responsibility, social impact and long-term resilience, according to a recently published overview of its services.

The publication places Romania’s transition efforts within a wider international and European context, noting that both businesses and public authorities are facing increasing pressure to rethink how they operate, invest and plan for the future. Against this backdrop, Deloitte România positions itself as a partner for organisations seeking practical guidance as they respond to regulatory changes, investor expectations and public scrutiny.

A significant part of the firm’s work focuses on helping organisations define clear long-term directions that balance financial performance with environmental and social considerations. This includes supporting management teams in setting priorities, identifying key risks and opportunities, and communicating progress to stakeholders through structured disclosures. Deloitte also assists clients in reviewing internal rules and procedures, as well as delivering training programmes to build awareness and internal capabilities.

Another major area of activity involves helping organisations better understand and reduce their environmental footprint. Deloitte România works with clients to analyse energy use, emissions and operational impacts, and to develop step-by-step plans for reducing pressure on natural resources. These efforts are supported by analytical tools that allow companies to monitor progress and assess the financial implications of different transition options.

The firm also advises on access to funding linked to environmental and social objectives. This includes helping companies and financial institutions understand how sustainability-linked financing works, assess exposure to climate-related risks and align investment decisions with emerging regulatory frameworks. Support is also provided in relation to European funding programmes and other incentive schemes.

In addition, Deloitte România is active in projects aimed at reducing waste and improving resource efficiency. These assignments range from analysing packaging and procurement practices to helping organisations redesign supply chains and work more closely with suppliers. In the public sector, the firm supports local and central authorities in developing plans for greener cities, improved mobility and adaptation to climate risks .

The overview also highlights Deloitte România’s involvement in national and international working groups, as well as a portfolio of completed projects across sectors such as energy, real estate, retail and public administration. According to the firm, demand for this type of integrated advisory support is growing as Romanian organisations look for clear, practical solutions to navigate economic, environmental and social change.

Source: Deloitte România

Foreign investment flows across Gulf stock markets shift in late 2025

Equity markets across the Gulf region experienced a change in foreign investor behaviour during the final quarter of 2025, with overseas investors reducing their exposure after a period of strong inflows earlier in the year. Market data compiled by regional analysts indicates that net foreign transactions moved into negative territory during the quarter, reflecting more cautious positioning amid softer market conditions and lower energy prices .

The pullback was visible across most Gulf exchanges, although not uniformly. Markets in Saudi Arabia and Oman continued to attract net inflows from abroad, partially offsetting broader regional outflows. In contrast, exchanges in Abu Dhabi, Kuwait, Bahrain and Qatar recorded net selling by foreign participants, with Abu Dhabi accounting for the largest share of withdrawals during the quarter .

Despite the weaker fourth quarter, the overall picture for 2025 remained constructive. Over the full year, international investors still added to their positions across Gulf markets, although at a slower pace than in previous years. Saudi Arabia remained the main destination for foreign capital, followed by Abu Dhabi and Kuwait, while Dubai and Qatar also ended the year with modest net inflows. Oman and Bahrain were the only markets to record net foreign reductions on an annual basis .

Short-term trends within the quarter highlighted differing dynamics between markets. Saudi Arabia and Oman saw consistent foreign interest throughout the final three months of the year. Dubai, meanwhile, shifted from selling pressure earlier in the quarter to renewed inflows toward year-end. Other markets displayed more mixed patterns, while some, including Kuwait and parts of the UAE, experienced steady foreign outflows over the same period .

Trading activity across the region continued to evolve alongside these capital flows. The number of shares changing hands increased year on year, indicating sustained participation, although the overall value of transactions declined, reflecting weaker price performance in some of the largest markets. Sector-level data suggests that financial institutions and property-related companies remained among the most actively traded, while industries such as materials and telecommunications saw reduced turnover toward the end of the year .

Taken together, the data points to a year in which foreign investors remained engaged with Gulf equity markets but adopted a more selective and cautious approach as 2025 progressed, with outcomes varying significantly by country and sector.

Skanska awarded €50m contract for second phase of hospital project in Turku

Skanska has signed an agreement with the wellbeing services county of Southwest Finland to deliver the second phase of a hospital development in Turku. The contract is valued at EUR 50 million, equivalent to approximately SEK 540 million, and will be included in Skanska’s Nordic order bookings for the first quarter of 2026.

The second phase of the project includes the construction of two hospital wings with six and nine floors respectively, providing a combined gross floor area of around 24,000 sq m. The scope of works also covers the construction of connections between the new buildings and the hospital facility completed in the first phase, as well as internal modifications at the points where the structures link to the existing hospital complex.

The development forms part of the expansion of the Turku University Hospital main hospital area and is intended to support psychiatric care services. The first phase of the hospital project was completed by Skanska in 2024.

Construction of the second phase is scheduled to begin in the first quarter of 2026, with completion expected in 2028.

ATL Immoinvest enters the Czech real estate market

The Vienna-based Central European real estate group ATL Immoinvest has expanded its operations to the Czech Republic, marking its sixth active market alongside Austria, Slovakia, Slovenia, Serbia and Bulgaria. The move forms part of the group’s broader strategy to grow its presence across Central and Southeastern Europe.

The company’s entry into the Czech market follows the acquisition of its first property in Prague, an office building located on Jindřišská Street. According to the group, further investments in the country are planned and will be implemented progressively as part of a longer-term portfolio strategy.

“ATL Immoinvest has acquired its first property in Prague, an office building on Jindřišská Street. Our strategic plan also includes further investments, which we will implement gradually. ATL Immoinvest’s goal is to create a high-quality and balanced real estate portfolio in the Czech Republic,” said Filip Rosa, CEO of ATL Immoinvest. He added: “Prague combines economic strength, political stability, and sustainable demand. Entering the Czech market is a logical step in our expansion in the CEE region, and as someone who comes from Prague, I am very proud of this moment.”

Prague is generally regarded as one of the more stable and transparent real estate markets in Central and Eastern Europe, supported by steady macroeconomic conditions, a resilient labour market and ongoing international investor interest. Limited availability of properties in central locations has contributed to relatively stable long-term values.

ATL Immoinvest stated that it continues to focus on markets characterised by transparent regulatory frameworks, predictable conditions and long-term development potential, with the Czech Republic fitting these criteria within its regional investment strategy.

CRESCO REAL ESTATE and WOOD & Company acquire residential project on Žižkov brownfield

fletcher@cijeurope.com
22 January 2026
Company News, Deals, Environmental, Residential

CRESCO REAL ESTATE, in cooperation with WOOD & Company, has completed the acquisition of a large residential development located on the former Žižkov freight station site in Prague. The transaction covers the first phase of a project that will transform one of the city’s largest brownfield sites into a new residential neighbourhood. In total, more than 1,100 apartments are planned across two phases, with the first phase comprising 520 units. Construction of the initial phase is scheduled to begin in the first quarter of this year, with an investment volume of nearly CZK 5 billion.

In addition to residential buildings, the project includes public amenities, green areas and shared public spaces. The development is intended to contribute to addressing Prague’s long-term housing shortage while continuing the broader urban regeneration of the Žižkov Freight Station area, which is regarded as one of the capital’s key redevelopment zones.

The project was acquired from FINEP together with a valid building permit, enabling immediate commencement of construction. The transaction also included an option agreement covering the second phase of the development.

“We are pleased to have found an investor with experience in large-scale residential projects and the ambition to build a high-quality project. FINEP has been working intensively on the preparation of this project for a long time, and we are convinced that its potential will be fully exploited in the hands of the new investor,” said Tomáš Pardubický, CEO of FINEP.

According to Aleš Svatoň, CEO of CRESCO REAL ESTATE Czech Republic, the project represents one of the group’s most significant investments in Prague. “We are continuing the work that FINEP has done in the area and want to further develop the project in close cooperation with the municipal district to create a fully-fledged urban district with quality housing, public spaces, and services for residents,” he said.

The plans have also been welcomed by representatives of Prague 3, which includes Žižkov. “For us in Prague 3, it is essential that the new investor does not change the agreed contributions to public facilities included in the planning agreement. These will amount to CZK 167 million and will be delivered in both financial and non-financial form,” said Pavel Dobeš, deputy mayor of Prague 3 responsible for the redevelopment of the former freight station area. He added that the project includes the construction of a five-classroom kindergarten with capacity for 125 children, along with a garden, which will be transferred to the district after completion, as well as a publicly accessible green promenade.

The architectural concept is being prepared in cooperation with QARTA Architektura, which has previous experience with brownfield regeneration projects in Prague. The design focuses on integrating the new neighbourhood into the surrounding urban structure while emphasising public space and residential quality.

CRESCO REAL ESTATE is building on its experience from other Prague developments, including the SO-HO Residence project in Holešovice, where more than 500 apartments are currently under construction. The company plans to continue developing the Žižkov site over the long term, with a focus on architecture quality, sustainable urban planning and mixed-use neighbourhood life.

The project is being developed jointly with WOOD & Company, which is partnering with CRESCO REAL ESTATE through a joint venture structure, similar to their cooperation on residential projects in Slovakia. “Our goal is to offer investors opportunities that combine an attractive location, high-quality project preparation, and long-term investment potential. The project in Žižkov meets all these parameters and allows investors to participate in the development of one of the most promising locations in Prague,” said Martin Šmigura, Local Partner at WOOD & Company. He noted that the scheme forms part of the WOOD & Company Residential sub-fund, which targets an annual return of 12–15% over a recommended seven-year investment horizon.

The Žižkov freight station area benefits from proximity to the city centre and is undergoing gradual transformation into a new urban district. The location already features active construction, with further infrastructure upgrades planned, including a tram line extension that will run adjacent to the new residential complex. Demand for housing close to central Prague remains strong, and the redevelopment of brownfield sites continues to be a core element of the city’s urban strategy.

“We have been interested in the dynamics of the Prague market for some time, and our experience with the SO-HO project in Prague, the first phase of which we have successfully completed and sold out, with the second phase currently under construction, has confirmed our desire to operate in Prague in the long term and to continue to seek out further investment opportunities here,” Svatoň concluded.

VIA Outlets enters Italian market with acquisition of Scalo Milano Outlet & More

VIA Outlets, the leading owner‑operator of the world’s most sustainable* fashion outlet centres, has acquired Scalo Milano Outlet & More, a modern, well-connected outlet centre located to the south of Milan. VIA Outlets has purchased 100% of Locate District S.p.A., the owner-operator of the centre, previously held by the Lonati Group.

The transaction marks VIA Outlets’ entry into the Italian market. It supports its inorganic growth strategy to acquire outlets selectively in high-potential markets and further elevate its portfolio through its proven 3R strategy of remerchandising, remodelling and remarketing. With this acquisition, VIA Outlets’ pan‑European portfolio expands to 325,000 sqm of gross lettable area (GLA) in 12 premium outlet centres across ten markets: Czech Republic, Germany, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden and Switzerland.

Otto Ambagtsheer, CEO of VIA Outlets, said: “Entering the Italian retail market is a strategic milestone for VIA Outlets. As the home of global fashion, Italy is a priority market for outlets, and the urban, well‑connected location of Scalo Milano Outlet & More is an ideal platform to apply our 3R strategy and deliver greater value to guests and brand partners. Working closely with the centre’s existing management team, we will ensure continuity in its successful performance, invest in operational excellence and further refine the brand offer, elevating the guest experience and harnessing Milan’s momentum to drive the next phase of growth for the outlet centre.”

Scalo Milano Outlet & More was opened in 2016 and expanded by 9,000 sqm bringing the centre’s total GLA to approximately 44,000 sqm, positioning it among Italy’s larger outlet destinations. The centre offers an eclectic mix of over 180 national and international fashion and lifestyle brands including Adidas, Calvin Klein, Falconeri, K-Way, Liu-Jo, Nike and Patrizia Pepe. Together with a strong food offer and the dedicated Design District it creates an ideal all‑day destination for both residents and international visitors.

Situated in Locate di Triulzi, 15 minutes from central Milan and directly served by the S13 suburban line, Scalo Milano Outlet & More welcomed more than 4 million guests in 2025, underscoring its strong draw across the Milan metropolitan area.

Davide Lardera, CEO, Scalo Milano Outlet & More, said: “Joining the VIA Outlets portfolio opens a new and exciting chapter for Scalo Milano Outlet & More. Being part of a larger, like‑minded owner-operator gives us the scale to accelerate our premium brand offer, guest experience and sustainability investments. Together we can tap into pan‑European insights, digital capabilities and tourism reach to take Scalo Milano Outlet & More to the next level, while staying true to our beautiful local metropolitan DNA and our partnerships across Milan.”

dm-drogerie markt to distribute pharmaceuticals from CTPark Bor

dm-Pharmahandel s.r.o., the Czech subsidiary of dm-drogerie markt GmbH + Co. KG, will open a specialised logistics centre for the distribution of over-the-counter pharmaceuticals at CTPark Bor. The company will occupy a facility of nearly 7,100 sq m, which has been extensively adapted to comply with regulatory requirements for pharmaceutical handling.

The decision to locate the operation at CTPark Bor was driven by the site’s proximity to the D5 motorway, labour availability and established infrastructure. dm-drogerie markt has operated in the Bor area for several years, and the new project expands its activities at the site into pharmaceutical logistics, adding a new functional segment to the park.

“Over-the-counter pharmaceutical logistics requires precision and reliability at every step. Choosing CTPark Bor allows us to remain close to the German market while leveraging synergies with other dm businesses. CTP has managed to create an environment for us that combines these needs into a single functional whole,” said Michael Gräf, Vice President of Supply Chain Management at dm-drogerie markt GmbH + Co. KG.

The warehouse has undergone a comprehensive refurbishment to meet the technical and operational standards required for pharmaceutical distribution and to obtain the necessary licence from the State Institute for Drug Control. The facility is equipped with systems to ensure stable, monitored temperature conditions, supported by smart metering technology. Additional upgrades include enhanced IT systems, security and access controls, and electronically managed lockers, enabling the handling of sensitive products in line with regulatory requirements.

Sustainability measures form part of the park’s infrastructure. Energy supply is supported by a large rooftop photovoltaic installation, complemented by ventilation systems with heat recovery, water-saving technologies and infrastructure for electromobility.

“The Czech Republic’s western region has enormous potential that many companies are not yet aware of. Proximity to the German market, high-quality infrastructure, and a stable environment are strong arguments for many companies. Preparing such specialised premises is always a challenge, but at the same time it confirms that we are able to respond to the demanding requirements of our clients,” said Jana Hain-Schmiedberská, Business Developer at CTP in the Czech Republic.

CTPark Bor is located directly on the D5 motorway, approximately 15 kilometres from the Czech-German border, providing connections between Germany, Plzeň and Prague. The park offers units ranging from 3,000 sq m to 39,000 sq m, which can be adapted to different occupier requirements. In addition to logistics and e-commerce, the location also serves manufacturing companies, particularly those linked to the German automotive sector. The park includes CTP’s Clubhaus community centre, offering shared facilities for tenants, employees and the local community.

HelloParks records leasing, investment and sustainability milestones in 2025

In 2025, HelloParks continued to expand its presence in Hungary’s industrial real estate market, while progressing its strategy focused on sustainability-certified logistics and industrial space. In its fifth year of operation, the company completed a major portfolio transaction, delivered new developments around Budapest and increased the volume of space compliant with EU Taxonomy and BREEAM standards.

The PT2 and PT3 warehouse halls at HelloParks Páty (Budapest West), providing a combined 84,000 sq m of industrial and logistics space, were acquired by the ERSTE Open-Ended Real Estate Investment Fund. Each hall comprises 42,000 sq m and meets the “Outstanding” level under the BREEAM New Construction scheme, while also complying with EU Taxonomy requirements. The transaction received the Real Estate Investment Transaction of the Year award.

During the year, all eight operational halls in HelloParks’ portfolio were verified as compliant with EU Taxonomy criteria, covering the full life cycle of the buildings from construction to operation. In addition, the company delivered two new BigBox-type developments in 2025: the 46,000 sq m FT3 hall at Fót (Budapest North) and the 42,000 sq m PT5 hall at Páty (Budapest West). As a result, the total completed area in the portfolio reached 500,000 sq m. A further 46,000 sq m is scheduled for delivery in 2026 with the MG4 development in Maglód, near Budapest Airport. According to the company, 79% of space that has received occupancy permits is already leased.

“Sustainability pays off commercially too, because our modern buildings not only enable efficient operations, but also make a significant contribution to our tenants’ ability to achieve their ESG goals,” said Rudolf Nemes, CEO of HelloParks. Anna Bencze, Sustainability Manager at HelloParks, added: “Our example can serve as a guide for the entire sector, allowing us to create an even greater impact on the sustainability of our environment,” noting that the company aims not only to meet regulatory requirements but also to set new standards.

From 1 January 2025, HelloParks has covered the full electricity demand of its portfolio with renewable energy, sourced from on-site solar installations and certified guarantees of origin. In the same year, the company’s megaparks in Fót, Maglód and Páty were awarded the Local Logistics Park title under a programme organised by Hungary’s Ministry for National Economy.

Leasing activity remained strong across the portfolio. In Maglód, tenant demand increased further, with HGL leasing an additional 10,000 sq m, bringing its total space at the site to 15,000 sq m. The MG1 and MG3 halls in Maglód together provide 91,000 sq m of leasable space and are fully occupied. At the same time, the PT3 hall at Páty received the Logistics Development of the Year award at the 2025 Real Estate Awards.

HelloParks marked its fifth anniversary together with employees, tenants, partners and investors. Since its launch, the company’s development programme has been structured around a sustainability-driven business model, resulting in the delivery of approximately half a million square metres of industrial and logistics space within five years, occupied by a mix of international and domestic companies.

Second phase of Panattoni Park Szczecin V secures logistics tenant

Panattoni has commenced the second phase of development at Panattoni Park Szczecin V in Szczecin, with nearly 14,000 sq m of new space currently under construction. As part of this phase, the developer has signed a lease for close to 4,300 sq m with an international logistics operator active across Central and Eastern Europe.

The tenant will establish a modern logistics centre in western Poland, expanding its contract logistics and distribution operations in the region. The new facility is intended to support customer service across key CEE markets and strengthen the company’s regional footprint.

“We are delighted that a renowned global operator has chosen our investment in Szczecin as the location for the further development of its operations in Western Pomerania. This is proof of the enormous potential of the region and our park – Panattoni Park Szczecin V – which perfectly meets the needs of international players,” said Weronika Mioduszewska, Associate Leasing Director at Panattoni. “The negotiations were conducted in an extremely professional manner and in a spirit of partnership. Thanks to mutual understanding and commitment, we have achieved a success which, I hope, will be the beginning of a long-term and fruitful cooperation.”

Upon completion of the second phase, Panattoni Park Szczecin V is planned to reach a total lettable area exceeding 30,000 sq m. The site is located approximately 6 km from the S3 expressway and around 20 minutes from Szczecin city centre and the German border.

The development is targeting BREEAM certification at the Excellent level. The park will include energy-efficient LED lighting, measures to reduce water and energy consumption, and infrastructure to support electromobility.

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