A Revolution in Investing or Just the First Step on the Stock Market Path?

AI-driven robo-advisors are expanding at a pace that, a decade ago, appeared unrealistic. Some market forecasts estimate the sector could reach a value of $3.2 trillion by 2033. Behind the promise of automation and low costs, however, remain questions that beginner investors may not know to ask — and that wealthier clients should not ignore, including algorithm transparency, data security and the limits of standardised advice. The central issue is when technology supports investment decisions and when it begins to replace them.

Robo-advisory platforms are increasingly viewed as a natural entry point for younger investors, particularly those with limited starting capital and straightforward financial goals. At the same time, critics note that new investors often lack the experience to identify what they should question, while decision-making algorithms can function as a “black box,” making portfolio behaviour difficult to interpret. Some experts also argue that the usefulness of fully automated solutions diminishes once assets exceed approximately PLN 100,000 or financial circumstances become more complex.

Democratisation of Investing

Platforms including Betterment, Ellevest, Wealthfront, Vanguard and Charles Schwab have reshaped access to investment services by offering automated portfolio management at a fraction of the cost of traditional advisory fees. Many allow accounts to be opened within minutes via mobile applications and often do not impose minimum investment thresholds.

“We are seeing a clear trend: younger investors, especially millennials and Generation Z, treat robo-advisors as a natural starting point. It’s a rational approach. With a small starter capital and simple investment goals, the algorithm will work perfectly. Automatic collection of tax losses, rebalancing of the wallet – these functions work without emotion and without interruption,” comments Radosław Jodko, investment expert for the RRJ Group.

The Black Box of the Algorithm

Despite the efficiency gains, specialists caution that enthusiasm for technology should not obscure its limitations. A recurring concern is the limited transparency of proprietary decision systems used by many platforms.

“The biggest problem is that decision algorithms remain non-public, making it difficult to understand why certain positions in the portfolio behave in a given way. Walking the trend wisely means knowing its boundaries. The Robo-Adviser will answer the questions you ask him. The problem is that a beginner investor often does not know what questions he should ask. Standardised risk questionnaires will not replace the conversation in which the advisor inquires about the life context, family plans or the specifics of remuneration,” explains Radosław Jodko.

The Digital Advisory Risk

As platforms scale, data-protection concerns are also increasing. Terms of service accepted with a single click may include provisions allowing data sharing with business partners or affiliates.

“In the world, we have seen one of the genetic companies whose database went to auction after bankruptcy. This shows that sensitive information can change the owner in a way that is difficult to predict,” Jodko notes.

“The investor should treat his financial data with the same caution as medical data. Therefore, it is absolutely worth reading the privacy policy before choosing the platform and checking who owns the operator,” he advises.

When the Algorithm Is Not Enough

Financial planning extends beyond portfolio construction and includes insurance coverage, inheritance structures, tax optimisation and education funding. Major life events such as marriage, divorce, childbirth or job loss often require flexible, individualised planning that automated tools may struggle to accommodate.

“A robot-advisor is an excellent tool, but a tool, not a strategist. For an investor with capital of less than 100 thousand zlotys and simple goals it will be sufficient. However, when the situation becomes complicated and the stakes increase, it is worth considering a hybrid approach: an algorithm for everyday management, a person for strategic decisions. This is not an ‘either-or’ question, but ‘when what,’” emphasises Jodko.

“I have no doubt that the market for robo-advisors will grow. The question is whether investors will learn to use it wisely, treating technology as support, not replacing their own financial education.”

High-Value Portfolios and Human Oversight

The situation differs for investors making regular deposits of several hundred thousand zlotys per month. In this segment, automated advisory tools typically become only one component of a broader financial strategy.

“With regular deposits exceeding 200–300 thousand zlotys per month, we enter an area where standard algorithms simply do not keep up with the complexity of the situation. Especially when we talk about structuring assets between jurisdictions, tax optimisation at the international level, securing company assets or planning succession in the generational perspective,” explains Radosław Jodko.

Wealthier investors often require access to alternative asset classes such as private equity, hedge funds or commercial real estate, as well as coordinated advisory teams.

“Paradoxically, the larger the wealth, the greater the value of the human counselor. It is not only about financial knowledge, but about the network of contacts, access to off-market transactions and the ability to coordinate a team of specialists: lawyers, tax advisors, family office. The algorithm will not offer this,” adds Jodko.

Carrefour enters exclusive talks to sell Romanian operations to Paval Holding for €823 million

Carrefour has announced that it has entered into exclusive negotiations with Paval Holding regarding the sale of its operations in Romania. The move follows a strategic portfolio review launched by the retailer at the beginning of 2025. The proposed transaction is based on an enterprise value of €823 million.

Paval Holding is the investment vehicle of the Paval family, owners of the Romanian DIY retailer Dedeman. The group is one of the country’s largest privately held business structures.

Carrefour Romania operates a multi-format retail network of 478 stores, comprising 55 hypermarkets, 191 supermarkets, 202 convenience stores and 30 discount units. The Romanian business generated gross sales, including VAT, of approximately €3.2 billion in both 2024 and the 2025 estimate, accounting for around 3.5 percent of Carrefour Group sales.

Completion of the transaction is subject to customary regulatory approvals. Closing is anticipated in the second half of 2026.

Alexandre Bompard, Chairman and CEO of Carrefour, commented: “The sale of Carrefour Romania confirms the good progress of the portfolio review initiated in 2025. Following the major transactions completed over the past twelve months, notably the buyout of minority interests in Carrefour Brazil and the sale of Carrefour Italy, the Group is pursuing its transformation and refocusing on its three core countries. It is with this momentum that we will present the key pillars of our new strategic plan next Wednesday. I would like to thank all our colleagues at Carrefour Romania for their dedication, professionalism, and the service they provide to our customers, which have helped build a solid business. I am confident that the agreement reached with Paval Holding represents a great opportunity for their continued success.”

IULIUS on 25 Years of Development and Urban Regeneration in Romania

fletcher@cijeurope.com
13 February 2026
CIJ - Spotlight, CIJ Interview, Mixed-use, Residential, Retail

In this interview, Raluca Munteanu, Business Development Manager at IULIUS, reflects on the group’s 25-year evolution and discusses its approach to urban regeneration, mixed-use development and community-focused projects. She outlines the key milestones that have shaped IULIUS’ portfolio, the company’s long-term vision for Romanian cities, and the major regeneration schemes currently underway in Cluj-Napoca and Constanța.

CIJ EUROPE: Looking back at 25 years of activity, how would you describe the evolution of IULIUS Group’s portfolio and the main milestones?

Raluca Munteanu: The evolution of our portfolio closely reflects the development of the cities where we operate. We began 25 years ago by introducing modern retail to Iași through the first shopping mall outside Bucharest, and gradually shifted towards urban regeneration and mixed-use developments that integrate retail, offices, nature and lifestyle. Today, the IULIUS portfolio includes eight regional projects: the Iulius Mall network in Iași, Cluj-Napoca and Suceava; the mixed-use projects Palas Iași and Iulius Town Timișoara; Palas Campus; and two Family Market convenience retail schemes.

The Iulius Mall network marked our first major milestone, starting in Iași in 2000. These projects went beyond retail, becoming social destinations with a strong focus on community engagement and a constantly updated tenant mix. This experience shaped our long-term approach: developments are sustainable only when they are integrated into everyday urban life.

Palas Iași, opened in 2012, represented a turning point as Romania’s first mixed-use urban regeneration project, developed on an underused central site near the Palace of Culture. The model was later replicated in Timișoara through Iulius Town, which transformed a former industrial area into a new business district with offices, retail, green spaces and improved infrastructure. Together with the United Business Center office portfolio, these projects now host 145 corporate tenants and around 40,000 employees.

Another defining milestone was the decision to place nature and public space at the core of each development. Over time, we have created more than 18 hectares of urban gardens in Iași, Timișoara and Cluj-Napoca, introducing over 80,000 mature trees and shrubs into dense urban areas.

The latest phase includes large-scale regeneration projects in Cluj-Napoca and Constanța. In Cluj, Rivus is planned around a 5+ hectare urban garden connected to the Someș River green corridor. In Constanța, we are redeveloping 38 hectares of the former Oil Terminal platform, beginning with what is currently the largest private bioremediation process in Europe.

CIJ EUROPE: What makes IULIUS developments different on the Romanian real estate market?
Raluca Munteanu: We never start from the building, but from the city. As long-term owners and operators, our focus is on identifying what a place lacks and returning it to the community in an improved form. This is why our projects function as integrated ecosystems, combining offices, retail, services, cultural uses, events and green public spaces.

Community dialogue is another key differentiator. In Cluj, we launched the partedincluj.ro platform and conducted multiple consultation rounds to refine the project concept. In Constanța, the #OrașUnit platform was created to encourage local involvement. Co-creation with residents, authorities, NGOs, universities and local businesses is now standard practice throughout the project lifecycle.

Ultimately, each development aims to restore a meaningful part of the city to its residents.

CIJ EUROPE: What is IULIUS Group’s long-term vision for Romania?

Raluca Munteanu: Our long-term vision is to demonstrate that urban regeneration is the natural way to develop Romanian cities. For more than a decade, our major investments have focused on reactivating centrally located underused or industrial sites to generate economic, social and cultural value.
Urban regeneration, mixed-use development and integrated green spaces are not a niche for us, but our core business model. Starting with Palas Iași and continuing with Iulius Town Timișoara, Palas Campus, RIVUS Cluj and the Constanța regeneration project, we are addressing increasingly complex brownfield sites.
Such projects require balanced integration of uses, mobility and public space, developed in close cooperation with communities and authorities. As long-term investors, we take responsibility not only for our tenants and shareholders, but also for the cities themselves. Our portfolio exceeds €2 billion in value, with more than €190 million invested in green spaces, infrastructure and public facilities, and over 70 million visits registered annually.

CIJ EUROPE: What innovations or new approaches are being implemented in current projects?

Raluca Munteanu: Collaboration, sustainability and innovation define our current developments in Cluj-Napoca and Constanța. Both are complex urban regeneration projects shaped by extensive community dialogue and aligned with high sustainability standards, climate objectives and green financing requirements.
In Cluj-Napoca, the former Carbochim platform is being redeveloped as a mixed-use project centred on nature, culture and family-oriented leisure. A key priority was preserving industrial continuity by relocating and modernising the Carbochim factory, which remains operational. The 14-hectare site will be opened to the public, with a new urban garden connecting to the Someș River. Over 700 mature trees have already been prepared in a dedicated nursery. Developed with UNStudio and following extensive consultation, the €550 million project is close to receiving its building permit and is supported by more than €400 million in green financing.

In Constanța, an €800+ million regeneration project designed by Foster + Partners is underway on a 38-hectare former oil terminal site. A €29 million remediation programme addresses the site’s industrial legacy, alongside preparations for offices, retail, cultural facilities and extensive green spaces. Over 1,100 mature trees are being acclimatised in a nursery, and required archaeological studies are nearing completion. The project is expected to become a new economic driver for the city.

CIJ EUROPE: What is the scale of investments so far and what comes next?

Raluca Munteanu: Over 25 years, IULIUS has invested more than €1.3 billion in Romania, developing eight major projects across four cities. The portfolio includes over 320,000 sqm of retail space and approximately 242,000 sqm of class A offices, hosting around 145 companies and 29,000 employees. Contributions to public budgets exceed €330 million.

Palas Iași and Palas Campus have formed the largest business hub outside Bucharest, while the UBC networks in Timișoara and Cluj-Napoca helped establish new business districts in secondary cities. Urban gardens remain a key social and environmental component, with over €18 million invested and more than 1,000 public events hosted annually.

Looking ahead, we are entering a new investment cycle focused on urban regeneration, with a pipeline exceeding €1.3 billion, mainly in Cluj-Napoca and Constanța. This includes the €550 million RIVUS Cluj project, the €800+ million Constanța redevelopment, the ongoing remodelling of Palas Iași, new Family Market schemes and continuous upgrades across the existing portfolio. Beyond scale and volumes, our priority remains the long-term role these projects play in the life and development of their cities.

As IULIUS enters a new investment cycle, the focus remains on large-scale urban regeneration and long-term involvement in the cities where it operates. With major projects advancing in Cluj-Napoca and Constanța, the group continues to position mixed-use development and integrated public spaces as central elements of Romania’s evolving urban landscape.

Swiss Life Asset Managers Acquires 23,000 sqm Site for Logistics Development in the Netherlands

Swiss Life Asset Managers has acquired a 23,000 sqm greenfield site in Oosterhout, North Brabant, for the development of a logistics property with a planned lettable area of approximately 16,400 sqm. The project, named ‘Tilburg I’, is scheduled to start construction in 2026.

The site is located at Gooikensdam 10 in the municipality of Oosterhout, northwest of Tilburg in the south of the Netherlands. The development marks the entry of Swiss Life Asset Managers’ pan-European logistics pipeline ‘Roots’ into the Dutch market.

“The Netherlands is one of the most dynamic logistics markets in Europe, supported by the seaports of Rotterdam and Antwerp and a dense network of rail, road and waterways,” said Ingo Steves, Managing Partner Logistics at Swiss Life Asset Managers. “With ‘Tilburg I’, we are expanding our presence along the most important Dutch logistics corridor and sustainably strengthening the international expansion of our ‘Roots’ pipeline,” he added.

Oosterhout is situated within the logistics corridor of North Brabant and has direct access to the A58, A59 and A16 motorways, connecting the area to Rotterdam and Antwerp. Both seaports can be reached in less than an hour. The Oosterhout Container Terminal (OCT), an inland port located on the Tilburg–Moerdijk–Rotterdam route, is also in close proximity.

The planned property will provide approximately 14,000 sqm of warehouse space, 600 sqm of office and social areas and 1,800 sqm of mezzanine space. The total rental area of around 16,400 sqm will be divided into two units and can be leased to either a single tenant or multiple occupiers.

“With state-of-the-art facilities, flexible usability and excellent transport links, ‘Tilburg I’ will offer our customers a cutting-edge logistics property in a strategically ideal location for the Dutch and European logistics market,” said Michael Eberle, responsible project manager at Swiss Life Asset Managers.

The development is designed to incorporate heat pumps and allow for the installation of a photovoltaic roof system. The building is targeting BREEAM certification at the ‘Very Good’ level.

Financial sector increases focus on hidden risk in private and small-company markets

Financial institutions are placing greater emphasis on identifying early-stage risk across parts of their portfolios where reliable company information is limited, particularly in lending to small and medium-sized enterprises, private equity holdings and privately negotiated credit exposures. Analysts note that as these segments grow in size and importance, the absence of standardised disclosures can make it harder to compare assets and detect concentrations of vulnerability before they become material.

Industry observers say the challenge is no longer confined to niche investment strategies. Bank loan books, insurance underwriting portfolios and asset-management mandates increasingly intersect with privately held businesses whose reporting obligations are lighter than those of listed firms. This uneven availability of data can create blind spots in credit assessment, valuation models and scenario analysis, especially when institutions attempt to align internal risk frameworks across both public and private holdings.

Supervisory bodies in Europe and globally have, over the past two years, highlighted the need for stronger internal data governance and more consistent aggregation of exposure information. Their guidance generally points toward better integration of non-financial factors, improved documentation of counterparties and enhanced internal reporting systems capable of capturing risk trends across different business lines. The underlying concern is that fragmented information flows within institutions can delay responses to emerging pressures, whether related to sector downturns, environmental transition costs or liquidity mismatches.

At the same time, commercial data and analytics providers are introducing tools designed to fill information gaps. These services typically combine alternative datasets, sector indicators and modelling techniques to generate comparable risk profiles for firms that publish limited financial detail. The objective is to help lenders and investors establish an initial overview of exposure across loan portfolios and investment holdings, allowing them to prioritise monitoring and due-diligence efforts more effectively.

Private credit and venture capital markets have been a particular focus of this development. As capital flows into non-public financing channels continue, investors are seeking clearer benchmarks and more transparent performance metrics. New index products and transaction databases have begun to emerge with the aim of offering reference points for pricing and performance evaluation, although coverage remains uneven and methodologies continue to evolve.

Risk specialists say the shift reflects a broader structural change in financial markets rather than a short-term trend. Growth in privately financed businesses, digital platforms and cross-border capital flows has increased the complexity of exposure mapping for large institutions. In response, many banks and asset managers are investing in systems that can screen counterparties more systematically, flag unusual patterns earlier and integrate qualitative indicators alongside traditional financial ratios.

While public markets still provide the most accessible information, the expansion of private and small-company financing means that a larger share of potential risk now sits outside conventional disclosure frameworks. For financial institutions, the task is increasingly about building consistent internal visibility where external transparency is limited — a process that combines technology investment, revised analytical methods and closer alignment between compliance, credit and portfolio management teams.

Source: CIJ EUROPE Analysis Team

Silverton Expands Restructuring and Asset Management Mandates in 2025

Silverton Group, an investment, asset and debt management specialist focused on commercial real estate, project developments and real estate-secured loans, expanded its restructuring and asset management operations in 2025.

During the year, the volume of project developments under management increased from approximately €1 billion to €1.5 billion by year-end.

Integrated restructuring and operational mandates

In 2025, Silverton broadened its restructuring and project development mandates, including several new assignments from institutional investors and financial institutions with a combined financing volume of around €400 million. The company’s activities focused on restructuring existing loans, reviewing financed projects and continuing support for developments where viable economic potential was identified.

Silverton also took on multiple asset management mandates linked to insolvency proceedings. These included the repositioning of a former corporate headquarters and the stabilisation and sale of a residential portfolio comprising more than 500 units.

Another mandate covers the restructuring and disposal of the full property portfolio of an insolvent automotive supplier in southern Germany. The assets include production facilities, warehouses and development land with a site area of approximately 45,000 sqm and around 18,500 sqm of usable space.

“The 2025 financial year clearly demonstrated that conventional restructuring models are often no longer sufficient. What the market now demands are integrated solutions that combine financing, asset management and operational execution. This is precisely where we position ourselves – as a partner that not only analyses projects but also takes on structural responsibility and actively drives them forward,” said Stefan Dölker, Managing Partner at Silverton.

“The rise in mandates linked to insolvency scenarios, NPL transactions and project takeovers underlines the extent of the market’s structural transformation. Our approach, which ties restructuring to operational responsibility, creates transparency, enhances strategic options and leads to improved recovery outcomes for creditors,” added Jascha Hofferbert, Managing Partner at Silverton.

Increased activity in the NPL segment

Silverton also expanded its presence in the market for real estate-secured non-performing loans (NPLs). In 2025, the company assumed management of NPL portfolios with a nominal loan volume of approximately €130 million, contributing to a rise in assets under management.

Platform expansion and financing advisory

Alongside operational mandates, Silverton developed a nationwide acquisition strategy targeting mixed-use, commercial and industrial assets.

The company also acted as a consulting and sourcing partner for a foreign bank in the origination of senior and whole-loan financing transactions.

Outlook for 2026

Silverton expects financing conditions to remain constrained in 2026, particularly for distressed project developments. The company anticipates increased demand for integrated restructuring solutions, including operational project takeovers and completions on behalf of creditors through Shareholding-as-a-Service structures.

Silverton also plans to continue expanding its debt strategy, citing sustained demand for alternative financing solutions amid reduced activity from traditional lenders. The firm intends to broaden its institutional lending mandates, including through separately managed accounts (SMAs) and debt funds.

In the NPL segment, Silverton is currently reviewing transactions totalling around €50 million and expects market activity to increase over the course of the year.

Photo: Stefan Dölker and Jascha Hofferbert – Copyright: Silverton Group

Nordic Hotel Market Records Strong Investment Growth and Uneven Operating Recovery in 2025

The Nordic hotel sector recorded its most active investment year on record in 2025, supported by large portfolio transactions and improving operating performance across most countries, according to the latest regional market snapshot by CBRE. Transaction volumes rose sharply year-on-year, although the report notes that a significant share of the increase was driven by a single large portfolio acquisition and that pricing gaps between buyers and sellers remain evident.

Total hotel investment volume in the Nordic region reached approximately €1.85 billion in 2025, representing a 186 percent increase compared with the previous year. The number of transactions rose to 52. The largest deal was CapMan’s acquisition of the Midstar portfolio, comprising 28 hotels across Denmark, Norway and Sweden, described as the biggest hotel portfolio transaction ever recorded in the region. Even when excluding this transaction, overall activity remained substantially higher than in 2024, indicating broader investor interest in both city-centre and leisure-oriented assets. Prime yields at year-end varied by capital city, with Copenhagen at 4.5 percent, Stockholm at 4.75 percent, Oslo at 5.0 percent and Helsinki at 6.0 percent.

Operating performance trends showed continued recovery in most Nordic markets, although results differed by country and city. Denmark emerged as the strongest performer overall, with Copenhagen recording double-digit year-on-year revenue-per-available-room (RevPAR) growth in the final four months of the year and full-year RevPAR exceeding pre-pandemic 2019 levels. Other Danish cities including Aarhus, Aalborg and Odense also posted RevPAR figures above 2019 benchmarks, supported by both occupancy gains and higher average daily rates, despite significant supply growth in Copenhagen since 2019.

Finland presented a more mixed picture. While full-year RevPAR increased modestly in Helsinki, Turku and Tampere, only Tampere clearly exceeded its 2019 performance levels. Helsinki remained below pre-pandemic benchmarks, partly due to supply growth outpacing demand. Rovaniemi stood out as the strongest Finnish market, delivering the highest RevPAR in the country and recording substantial gains compared with both 2024 and 2019, supported by strong winter tourism demand and an expanding development pipeline.

Norway reported some of the highest relative growth rates in the region. All major cities achieved year-on-year RevPAR increases for the full year, with Stavanger, Bergen and Trondheim posting particularly strong improvements compared with 2019. Tromsø achieved the highest nominal RevPAR in the country, although short-term growth was moderated by the opening of a large new hotel that increased local supply. Overall, demand growth in most Norwegian cities exceeded the increase in available rooms, indicating continued expansion potential.

Sweden also recorded RevPAR growth across its principal cities, though performance varied. Stockholm and Gothenburg posted solid year-on-year increases, while Malmö’s growth was more limited due to a decline in average daily rates. On a full-year basis, all major Swedish cities exceeded 2019 RevPAR levels, with Uppsala showing the strongest relative improvement. Supply growth was most pronounced in Gothenburg, where it was accompanied by the highest demand increase among Swedish cities.

At a country level, Denmark achieved the highest overall RevPAR in 2025, becoming the first Nordic country to reach the €100 threshold. Norway followed with record-high national RevPAR and the strongest growth relative to 2019, while Sweden posted moderate but consistent gains. Finland remained slightly below its pre-pandemic national average despite year-on-year improvement. Across the region, the pipeline of new hotel rooms in capital cities for 2026–2028 remains comparatively limited, which the report suggests could support continued pricing power for operators while sustaining investor interest.

Source: CBRE Nordics

Office development activity resumes in Bucharest as projects under construction exceed 200,000 sqm

Office development activity in Bucharest increased over the past year, with the volume of projects currently under construction surpassing 200,000 sqm of gross leasable area, the highest level recorded since 2021. At least eight new office buildings are expected to be delivered by the end of 2028, according to the Bucharest Office Marketbeat Q4 2025 report published by Cushman & Wakefield Echinox.

The renewed construction activity follows two years of limited deliveries, which totalled approximately 15,000 sqm and corresponded to a single completed building. No new office projects were finalised in Bucharest in 2025, marking the first year without new deliveries in the city’s modern office market.

The largest scheme currently under construction is the second phase of Timpuri Noi Square, developed by Vastint in the central submarket. Other ongoing developments include ARC Project in the Grozăvești–Politehnica area, developed by PPF Real Estate with 30,000 sqm; Promenada Offices, part of the Promenada Mall extension in the Floreasca–Barbu Văcărescu submarket, developed by NEPI Rockcastle with 23,400 sqm; One Technology District in Dimitrie Pompeiu by One United Properties with 20,600 sqm; AFI Central Tower, a redevelopment of the former Bucharest Financial Plaza by AFI Europe with 28,000 sqm; and U-Center 3 by Forte Partners with 16,300 sqm. The most recently announced project is Green Court D, a 17,000 sqm building to be developed by Globalworth.

Limited deliveries in the past two years, combined with an increase in net demand excluding renegotiations, contributed to a decline in the vacancy rate to 12.1 percent, compared with 14.2 percent in the fourth quarter of 2024, representing the lowest level since the third quarter of 2020. The reduction in available space also contributed to rental growth in submarkets with constrained supply.

Gross take-up in Bucharest reached 85,000 sqm in the fourth quarter, while total leasing activity for 2025 amounted to 282,200 sqm, a decrease of 23 percent compared with 2024. Net take-up represented 53 percent of total demand, up from 44 percent the previous year.

In the Central Business District, prime rents increased by approximately 5 percent, reaching €21–22 per sqm per month, with higher values reported in smaller boutique projects. In other areas, benchmark rents ranged between €15–18.50 per sqm per month in central and semi-central locations and €9–13.50 per sqm per month in peripheral areas for existing buildings. Asking rents in projects currently under construction generally ranged between €18–22 per sqm per month, reflecting technical specifications and construction costs.

Bucharest’s modern office stock totals 3.43 million sqm, accounting for roughly 15 percent of office space among Central and Eastern European capital cities. Warsaw leads the region with 28 percent, followed by Budapest with 20 percent, Prague with 18 percent, Sofia with 11 percent, and Bratislava with 8 percent.

Mădălina Cojocaru, Partner, Office Agency at Cushman & Wakefield Echinox, said: “The tenants’ selection criteria currently extend well beyond the traditional parameters of space efficiency. Access to public transportation, proximity to residential areas, and a well developed network of services have become critical decision making factors. Equally important is the community which forms around a building, as well as the willingness of property managers to implement events and initiatives which activate and enrich the common areas. The office has evolved from a purely operational location into an ecosystem designed to support collaboration, organizational culture, and the everyday employee experience. Against this backdrop, the renewed activity in office development provides companies with the opportunity to secure spaces that not only meet functional requirements but also enhance their positioning and attractiveness as employers.”

Photo: Timpuri Noi Square developed by Vastint

Saudi and Badie Investment to launch SAR 500 million real estate fund for Riyadh tower project

Kamco Invest – Saudi and Badie Investment announced a partnership to establish a SAR 500 million real estate investment fund to develop the “Badie Tower” project along Riyadh’s Sports Boulevard.

The planned development is one of six towers permitted along the 135-kilometre Sports Boulevard corridor. The site is located opposite Imam Mohammad Ibn Saud Islamic University and is intended to include a metro station entrance connecting the Yellow and Purple lines within the building. The design is planned in accordance with the Sports Boulevard’s Salmaniyah urban code and will incorporate transport and infrastructure elements. The project forms part of wider urban development initiatives linked to Saudi Arabia’s Vision 2030 programme.

Mohammed Al-Faris, Chief Executive Officer of Kamco Invest – Saudi, said: “This partnership marks an important step in Kamco Invest – Saudi’s expansion strategy as we continue to pursue high-quality, institutionally structured opportunities within the Kingdom. The Sports Boulevard is a transformative national project, and our participation in developing Badie Tower reflects our commitment to investing in landmark assets that deliver long-term value to our clients while contributing to Saudi Arabia’s urban evolution.”

He added: “The project’s unique location, infrastructure integration, and scarcity value create a compelling investment proposition. Through this partnership, we aim to provide institutional and high-net-worth investors access to differentiated real estate opportunities aligned with the Kingdom’s long-term growth and diversification agenda. Expanding our clients’ access to alternative investment opportunities further supports their unique objectives, enabling us to structure customized solutions that suit their diverse investment needs and risk appetite.”

Dr. Abdulaziz Alangari, Chief Executive Officer of Badie Investment, said: “Badie Tower represents a rare opportunity to develop an architectural icon within one of the world’s most ambitious urban initiatives. Our collaboration with Kamco Invest – Saudi brings together investment expertise and development vision to deliver a landmark project that enhances quality of life and supports Riyadh’s transformation into a global destination.”

Dr. Alangari added: “We are committed to creating a development that integrates smart infrastructure, connectivity, and design excellence. This partnership reinforces our shared vision of building sustainable, future-ready assets that serve both investors and the wider community.”

According to the companies, the fund structure is intended to attract institutional and high-net-worth investors and forms part of Kamco Invest’s ongoing expansion in Saudi Arabia, with a focus on real estate and alternative investments aligned with national economic diversification goals.

Premium Point and Premium Plaza receive LEED Existing Buildings Platinum certification

BuildGreen and GTC announced that the Premium Point and Premium Plaza office buildings in Bucharest’s Piața Victoriei area have obtained LEED v4.1 Existing Buildings certification at Platinum level.

Premium Plaza, with a gross leasable area of 8,468 sqm, and Premium Point, with 6,354 sqm, are office buildings located in the Central Business District and have been part of GTC’s portfolio since 2016. Both properties were inaugurated in 2008 and 2009.

“The certifications obtained by Premium Point and Premium Plaza are a successful example of how Bucharest’s built environment can evolve and adapt”, said Răzvan Nica, CEO and Founder of BuildGreen. “GTC’s investments in optimizing the two buildings, inaugurated more than 15 years ago, resulted in achieving LEED Existing Buildings at Platinum level and demonstrate how the involvement of responsible developers with a well-established ESG policy contributes to the sustainable strengthening of Bucharest’s existing office hubs,” he added.

According to the companies, the certification followed upgrades aimed at improving energy performance and reducing consumption compared with similar buildings. Indoor environmental quality was also assessed, including air quality measurements and fresh-air rate calculations in line with international standards.

“As the first commercial developer in CEE to publish a comprehensive ESG report, GTC has consistently focused on sustainable development, recognizing our responsibility toward the environment, our immediate surroundings, and the local communities we are part of. This achievement also means that all GTC assets in Romania are now LEED certified. In Bucharest, we own four office buildings with a total leasable area of 62,000 sqm, each holding a LEED certificate at Gold or Platinum level – confirming the high quality of our portfolio on the office market,” said Gabriela Cîrstea, Asset Manager at GTC Romania.

Premium Point received the maximum score in the Water Performance category following measures to reduce water consumption, while Premium Plaza recorded high results in Waste Management due to improvements in separate collection and recycling systems.

The certification process lasted approximately three months and included on-site inspections and documentation reviews. Assessments covered indoor air quality testing, an ASHRAE audit of building systems such as HVAC, lighting and building management systems, as well as the analysis of energy, water and waste data over a 12-month period. Occupant feedback on mobility and in-building experience was also collected, alongside technical documentation related to refrigerants, procurement policies, material safety and ventilation standards.

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